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July Was a Good Month for Manhattan's Starter Apartments

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If you've already paid your rent, read your horoscope, and checked the Shake Shack custard calendar for August, there's one other way to ring in the new month: with the StreetEasy Manhattan market report for July. It was released at midnight, and it shows a 22.3 percent increase in contract volume compared to July 2011. Starter apartments did particularly well, with a 30.5 percent increase in contract signings for studios and 1BRs. Continuing a trend we saw in the most recent quarterly report, inventory also fell in July, by 12.6 percent since last year. The median listing price in Manhattan rose 10.7 percent since last July.
The StreetEasy report also also tracks the most popular listings and buildings. In July, the most popular building was The Sheffield, also a big seller in the first quarter. The most popular listing was #8R at 205 Gramercy Park, which, according to the brokerbabble, has an accepted offer.

Here's one more chart:

· Market Reports coverage [Curbed]