Real estate listings master StreetEasy is out with the latest analysis (warning: PDF!) of Manhattan condo sale prices, and the results are in: as of August, they hit the highest mark in 19 years. Cue the deja vu, because they also hit a high in July, but the most recent numbers show a half a percent uptick from that evaluation, and an 8.8 percent increase from the same time in 2013. Note: StreetEasy uses an index to track the data, rather than just the prices alone, but the median sale price is $1,200,000.
In short, the problem is incredibly tight supply. "The total number of condos listed on the market in August fell by nearly 5 percent from July, a slow-down that typically occurs during the summer months," the report explains. But... "In an encouraging sign for buyers, August inventory was 5.8 percent higher than year-ago levelsthe largest year-over-year increase in nearly five years. A long road remains in the recovery of condo inventory, however, as the August level was nearly 20 percent below Manhattan's 5-year average."
The upshot is that as long as folks aren't putting their apartments on the market, inventory will stay low, and prices will stay high. Happy autumn, everyone.
· Market Reports [StreetEasy]
· Manhattan condo prices reach a 19-year high [NYP]
· Condo Resale Prices in Manhattan Reach Record Highs [Curbed]
· Market Reports archive [Curbed]