Conditions for buying in Manhattan keep getting rockier — a new report from Streeteasy found that inventory of available homes for sale in Manhattan hit its lowest point since 2010 in the first quarter of 2015.
Compared to last year, Manhattan inventory dropped 2.3 percent in the first quarter. The findings represent a record low in StreetEasy’s data, which it started collecting five years ago.
The shrinking inventory is contributing to a steady rise in prices. The median sales price for the borough is up over 5 percent from last year to $946,000, according to DNAinfo.
“The Big Apple has turned into the extremely small, high-priced apple,” said Streeteasy Data Scientist Alan Lightfeldt. “Manhattan has shrunk to a shockingly small real estate market, and all eyes are on spring to ease the supply-demand imbalance.”
On the listings front, nearly half of Manhattan asking prices in the first quarter were over $1.29 million, and heavily concentrated in Downtown neighborhoods like Nolita, Tribeca, and Flatiron, according to the report.