The Real Deal New York

Manhattan condo prices hit 19-year high

Inventory in Manhattan 19 percent below five-year average
September 26, 2014 08:30AM

Condo sale prices in Manhattan are the highest they’ve been in 19 years, according to a StreetEasy market report.

Year-over-year, prices in August were 8.8 percent higher than in 2013. Meanwhile, inventory was down for the third consecutive month in August, according to the New York Post. Currently, Manhattan’s inventory is 18.9 percent below the five-year average level. It’s up 5.8 percent compared to last year.

The highest prices can be found Downtown, according to the report. In August, Upper East Side sale prices rose 2.6 percent since the prior month. Across town, on the Upper West Side, prices rose 1.8 percent compared to July. The only Manhattan neighborhood where prices dropped in August was Midtown.

Most of the inventory is at the higher end of the market, the Corcoran Group Chief Executive Officer Pam Liebman told the Post, which ups the prices further.

One sign the market may be hitting the top: According to the Post, condos were on the market for an average of 63 days in August. Last spring, this number was 49 days. [NYP] — Claire Moses