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Prices, Contracts Rise, Inventory Falls for Manhattan Condos

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May condo sales bring early June market reports from the folks at StreetEasy, who released their latest Manhattan market report at midnight. Key stats: contract volume spiked 36.4 percent compared to May 2011, with the biggest jump happening in the Manhattan market. The median listing price also rose by 7 percent year-over-year, from $925,000 to $990,000. Inventory, though, went in the opposite direction, dropping 8.5 percent compared to May 2011. At the current rate of properties going into contract, it would take 5.8 months to absorb all of Manhattan's inventory.

StreetEasy's report also tracks the most popular listings and buildings of the month. The most popular listing this month? A studio co-op at 332 East 54th Street that was asking a mere $198,500. (The price has since jumped to $215,000.) The most popular building was Chelsea Green, which a tipster whispers is already about half sold.
The StreetEasy report tracks the median listing prices across neighborhoods:

And here's a fun graph showing median changes to list prices:

· StreetEasy [streeteasy.com]
· Market Reports coverage [Curbed]