Manhattan inventory hits record low in February: report

Only 3,175 apartments were on the market last month, according to StreetEasy

New York /
Mar.March 27, 2015 08:00 AM

It’s hard to walk more than a block in Manhattan without stumbling across a residential condominium project in the works, but until all that spanking new product goes live, the market will continue to be defined by scarcity. The city’s condo inventory hit a record low last month with only 3,175 units on the market, according to StreetEasy’s latest Manhattan Condo Market Report.

Meanwhile, pending sales rebounded in February — as is the norm after slow winter months — jumping up 27.5 percent since January.

“February is typically a turning point between the declining slow season and the busy spring season,” Alan Lightfeld, a data scientist with StreetEasy, said. The condo market usually sees a boost in March, he added.

March is historically the best time to list apartments in Manhattan, according to another report StreetEasy released earlier this month.

Condo prices, compared to January, stayed basically flat — prices increased 0.7 percent in February— but were still 7.8 percent higher year-over-year. The median sales price for condos in February was $1.2 million, according to the report.

The result, Lightfeld said, is that it’s going to be hard for condo owners to move to a different apartment at the same price point in Manhattan. “It’s a great time to sell,” he said, “but it’s difficult to buy in Manhattan.”

While condos have always taken longer to enter contract than co-ops, that gap is closing due to dwindling inventory, according to StreetEasy. Since February last year, the median time spent on the market for condos and co-ops have been within five days of each other.

In February, condos spent a median time of 62 days on the market, while co-ops saw a median of 60 days.

Despite the record cold, February still proved to be a record month for contracts signed for $4 million or more. A total of 116 contracts in that price range were signed in February, the highest level since at least 2007 and a 23 percent increase since 2014, according to the Olshan Luxury Market Report.


Related Articles

arrow_forward_ios
(Getty)
Weekly home listings hit record low
Weekly home listings hit record low
Inset: Jay Philip Parker, Alicia Cervera Lamadrid, Edgardo Defortuna
Real estate developers, brokers court Art Basel Miami Beach attendees
Real estate developers, brokers court Art Basel Miami Beach attendees
Bruce Eichner and the Community Church of New York at 40 East 35th Street (Google Maps)
Eichner to buy cash-strapped Midtown church for $70M, eyeing condo project
Eichner to buy cash-strapped Midtown church for $70M, eyeing condo project
(iStock/Illustration by Kevin Rebong for The Real Deal)
Watchdog org: Put home-sale commissions in buyers’ hands
Watchdog org: Put home-sale commissions in buyers’ hands
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
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
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
“Record-setting” market: Real estate powerhouses talk tech, infrastructure, development and hot housing market at TRD’s Miami event
arrow_forward_ios

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

Loading...