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
(Photo Illustration by The Real Deal with Getty)
New listings in Manhattan, Brooklyn rise for first time in 4 months
New listings in Manhattan, Brooklyn rise for first time in 4 months
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
Mortgage applications surge 25% in the new year as interest rates drop
Mortgage applications surge 25% in the new year as interest rates drop
Josh Zegen with 14 Fifth Avenue (Getty, LPC)
Madison Realty lands $105M loan for Greenwich Village condos
Madison Realty lands $105M loan for Greenwich Village condos
Home Sales, Housing Market, Redfin, Concessions
With buyers holding the cards, more sellers sweeten resi deals
With buyers holding the cards, more sellers sweeten resi deals
Benjamin Franklin overlaid on top of a house
C.R.E.A.M.: Cash rules everything around (the) market
C.R.E.A.M.: Cash rules everything around (the) market
(Photo Illustration by The Real Deal with Getty)
Deep freeze: Luxury home sales suffer biggest hit on record
Deep freeze: Luxury home sales suffer biggest hit on record
A photo illustration of SkyView Companies’ Dave Brickman (Getty, SkyView Companies)
How Flushing became a hotbed for development
How Flushing became a hotbed for development
(Getty)
Pending sales dip to second lowest on record
Pending sales dip to second lowest on record
arrow_forward_ios

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

Loading...