The Real Deal New York

With 1.4 percent drop, Manhattan condo prices see biggest month-to-month decline in four years

But dip from March numbers follows record 2013, strong start to 2014
May 30, 2014 10:31AM

Manhattan condominium prices registered their biggest month-to-month decrease in almost four years in April, according to a new report from StreetEasy. The median condo price in the month fell 1.4 percent, compared to March. That put the median price at $1.3 million. The median price per square foot stood at $1,339.

The StreetEasy report says the dip may be a sign prices are set to fall a bit, or at least stabilize after the New York market broke records last year.

The modest decline from March’s numbers could be attributed, however, to the particularly strong start for condo sales in the first quarter of the year.

One worrying sign, however: the data also shows a growing gap between prices sellers are seeking and the amount buyers are willing to pay, according to a DNAinfo report on the StreetEasy data.

About 59 percent of searches on StreetEasy were conducted for mid-priced and low-cost condos, DNAinfo notes. However, almost half of condos on the market are listed in the top tier of $1.9 million or more. [DNAinfo]Tom DiChristopher

  • Really?

    Demand for condos has never been higher in Manhattan, suppy has never been lower. Seems like higher or stable prices are in order for the future…

    • Mike

      While demand remains high, buyers might not want to pay for what’s available, and many are willing to wait to see if the market cools off. The real estate market is cyclical because of this dynamic.

      • Really?

        There are plenty of buyers that will pay these prices, Manhattan is a bargain compared to the major international cities, London, Paris Tokyo…

        Lower condo prices seem highly unlikely unless there is another major screw up on “Wall Street” or the big “Banks” do something stupid again…