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

New York /
May.May 30, 2014 10:31 AM

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


Related Articles

arrow_forward_ios
(Getty)
Weekly home listings hit record low
Weekly home listings hit record low
Skyline Tower in Long Island City and 200 East 83rd Street (Hill West, Rockefeller Group)
Manhattan logs busiest month for new development sales since April
Manhattan logs busiest month for new development sales since April
The year-over-year rise in home prices was just below the 19.8 percent annual rise in August. (iStock)
Home prices up 20%, but buyers, take heart
Home prices up 20%, but buyers, take heart
Corcoran’s Julian Johnston, Luxe Living Realty’s Dora Puig, One Sotheby’s’ Jeff Miller, Douglas Elliman’s Dina Goldentayer and Douglas Elliman’s Oren Alexander
WATCH: Top luxury brokers go head to head at TRD’s Miami event
WATCH: Top luxury brokers go head to head at TRD’s Miami event
The report shows the small uptick among single-family homes, townhomes, condominiums and co-ops. (iStock)
After rebound, existing home sales growth slows in October
After rebound, existing home sales growth slows in October
(iStock)
Manufactured home construction projected to hit 15-year high
Manufactured home construction projected to hit 15-year high
So much for that lull: bubble worries return for Canadian property
So much for that lull: bubble worries return for Canadian property
So much for that lull: bubble worries return for Canadian property
(L-R) Four Seasons Sotheby’s International Realty's Gary DiMauro, Redfin's New York market manager Matthew Frary; Four Seasons Sotheby’s International Realty President Laurie Mecier-Brochu and CEO Alan DiStasio are expanding their Hudson Valley footprint (Redfin, Four Seasons Sotheby’s International Realty)
Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in
Battle for Hudson Valley heats up as Sotheby’s, Redfin seek to cash in
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...