The Real Deal - New York Real Estate News

Home listings in the tri-state area are finally beginning to bounce back from record lows. On Long Island, May brought a glimmer of hope for those interested in buying a home. Listings on the peninsula — excluding those in the Hamptons and the North Fork — ticked up almost 1 percent year-over-year in May, according to a report compiled by Miller Samuel for Douglas Elliman. That held true for both single-family homes and condo units.

For months, Compass agent Diana Sutherlin has been running like a bartender at last call. Catering to a diverse clientele looking for a new residence on New Jersey’s Gold Coast — condos and waterfront homes in Hoboken, Jersey City and Weehawken — Sutherlin’s life has been dominated by cash offers and bidding wars as determined buyers, including those relocating from New York City, race to close a deal before interest rates and prices rise further.

Buyers in Manhattan and Brooklyn pulled away from the market last month, allowing for a much-needed increase in new inventory. After months of healthy increases in contract signings in Manhattan, they declined 7 percent for co-ops and increased just 2 percent for condos from May 2021, according to a report by Douglas Elliman compiled by Miller Samuel. Not all contracts lead to sales, but they indicate where sales numbers will go in the coming months.