Manhattan condo inventory on the upswing

Sales inventory in new development projects across Manhattan, Brooklyn and Queens was down year-over-year in October, Crain’s reported, citing a Streeteasy.com report. But the number of these listings in Manhattan is on the upswing — rising more than 10 percent in the pat six months — even as they continue to fall in Queens and Brooklyn.

The inventory declines have increased prices, however. Broken down by borough, Brooklyn saw a 52.7 percent year-over-year fall in inventory to 276 from 583 a year earlier. In Queens the number declined 52.6 percent year-over-year to 108 from 228.

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All three boroughs have seen a rise in median listing price. Manhattan’s median listing price last month ticked in at $1.55 million, a 3.5 percent gain over the last six months and 11.5 percent up over the last year. Queens saw a similar year-over-year gain of 11.4 percent, bringing the median listing price to $667,000. Lagging slightly behind was Brooklyn, where median prices rose 9.4 percent year-over-year to $699,000. [Crain’s]Zachary Kussin

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Manhattan condo inventory on the upswing

Sales inventory in new development projects across Manhattan, Brooklyn and Queens was down year-over-year in October, Crain’s reported, citing a Streeteasy.com report. But the number of these listings in Manhattan is on the upswing — rising more than 10 percent in the pat six months — even as they continue to fall in Queens and Brooklyn.

The inventory declines have increased prices, however. Broken down by borough, Brooklyn saw a 52.7 percent year-over-year fall in inventory to 276 from 583 a year earlier. In Queens the number declined 52.6 percent year-over-year to 108 from 228.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

All three boroughs have seen a rise in median listing price. Manhattan’s median listing price last month ticked in at $1.55 million, a 3.5 percent gain over the last six months and 11.5 percent up over the last year. Queens saw a similar year-over-year gain of 11.4 percent, bringing the median listing price to $667,000. Lagging slightly behind was Brooklyn, where median prices rose 9.4 percent year-over-year to $699,000. [Crain’s]Zachary Kussin

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