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Inventory reaches six-year low in first quarter
Meanwhile average Manhattan home prices reached a 25-year record high
Perhaps no one in the New York City real estate industry will be surprised to learn that inventory in Manhattan and Brooklyn fell to a six-year low in the first quarter, according to data from StreetEasy and Douglas Elliman.
“Supply is not adequate to demand,” real estate appraiser Jonathan Miller of Miller Samuel told the New York Post.
And while after years of extremely limited building, long-stalled projects are seeing new life in Manhattan and Brooklyn, they almost exclusively cater to the luxury market, offering no relief to ever-rising prices.
Average Manhattan home prices in the first quarter reached a 25-year record high, according to the Elliman Report. Meanwhile, Brooklyn’s average sales price grew 7.3 percent, to $681,182, with new development prices up 3.5 percent, to $732 per square foot. [NYP] – Christopher Cameron