Are 3-bed New York properties really taking 91 days to sell?

[iris_shore]

I’m tracking three-bedroom New York properties between $888,000 and $1,332,000 in two neighbourhoods we like. The active listings suggest roughly 91 days to find a buyer, with many of the slower outliers carrying higher service charges.

Before we adjust our expectations, should we rely more heavily on recent completed sales? I’m concerned the live sample overweights stale listings while missing withdrawn properties and quick deals. The citywide average is too broad to help.

 

[grove.friendly]

Completed sales are the better starting point, but they answer a slightly older question because closing follows the accepted offer. Compare their original list date, price-cut dates and final price where available. Then keep withdrawn stock in a separate group rather than treating it as sold or ignoring it. Your 91-day figure may otherwise describe the properties buyers rejected, not the whole market.

 

[hana_tools]

If the boundaries are too broad, the 91-day result could lead you to set expectations for a market that does not really exist. A few blocks can change the building mix, service charges and likely buyers.

I’d still use completed sales, but only after separating renovated homes from those needing substantial work. If both groups show similar marketing times, the figure may be meaningful; if the delay sits mainly with tired properties, use condition-specific comparisons instead.

 

[kai_cole]

I wouldn’t discard the active sample. Completed deals show what cleared, but current listings show the competition a buyer faces now. The useful comparison is whether new-listing volume is replacing sold and withdrawn stock faster than buyers absorb it. Also use the median and the individual distribution, not just the 91-day average; one stubborn listing can distort a small sample.

 

[AdaHope]

Service charges may explain some outliers, but financing and seller motivation can produce the same pattern. A well-priced property may still linger if buyers have difficulty with the property or building, while an unrealistic seller can wait months without cutting. Note the first meaningful price reduction separately: days before and after that cut often tell a more useful story than total time online.

 

[grove.friendly]

Agreed on separating the stages. I’d make a simple table for each neighbourhood: active, under offer if visible, completed and withdrawn; then add condition, recurring charges, original price, latest price and dates. Don’t merge relisted properties without checking whether they are the same home, or the apparent days on market can reset and make the area look quicker than it is.

 

[grove.friendly]

One caveat to my own suggestion: completed-sale information may not reveal every concession or the buyer’s financing position, so final price alone is not a perfect measure of demand. I’d use the recent completions to establish a plausible range, then test each current listing against its nearest comparable properties. If the 91 days survives those filters, it becomes much more meaningful than the citywide number.