Manhattan condo inventory on the upswing

Sales inventory in new development projects across Manhattan, Brooklyn and Queens was down year-over-year in October, Crain’s reported, citing a Streeteasy.com report. But the number of these listings in Manhattan is on the upswing — rising more than 10 percent in the pat six months — even as they continue to fall in Queens and Brooklyn.

The inventory declines have increased prices, however. Broken down by borough, Brooklyn saw a 52.7 percent year-over-year fall in inventory to 276 from 583 a year earlier. In Queens the number declined 52.6 percent year-over-year to 108 from 228.

All three boroughs have seen a rise in median listing price. Manhattan’s median listing price last month ticked in at $1.55 million, a 3.5 percent gain over the last six months and 11.5 percent up over the last year. Queens saw a similar year-over-year gain of 11.4 percent, bringing the median listing price to $667,000. Lagging slightly behind was Brooklyn, where median prices rose 9.4 percent year-over-year to $699,000. [Crain’s] — Zachary Kussin