More Homes, Fewer Sales, Lower Prices in Financial District

A lot of homes came up for sale in the Financial District of Manhattan and Battery Park in Q4 2016, but everything else, from home prices to the number of homes sold, shrank, according to data from CitiHabitat.

The inventory of homes for sale grew to 363, up 16% from the year before, as developers opened several new, luxury, condominium towers. But the number of home sales that closed dropped to 145, down 18%.

These new condominiums are swinging the sub-market, which has only recently become more residential. As the new condos compete with each other for buyers, units are taking longer to sell. An average listing spent 106 days on the market, up 11% from last year.

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