Summary of Findings
- StreetEasy Manhattan Condo Market Index shows that the Manhattan condo market in April had a 1.4% increase from a year ago.
- Overall, contract volume jumped 36.4% this month, compared to one year ago. The Midtown market had the biggest increase in contract activity with 48.1% more contracts than the prior year.
- Inventory has continued to fall across all major markets – an overall decrease of 8.5% since last year. Upper Manhattan inventory continued to shrink the most with a 13.5% decrease.
- Listing median price rose 7.0% in Manhattan compared to a year ago. Midtown listing median price had the biggest increase with 6.7% since last year while Upper Manhattan price declined by 2.9%.
- Compared to the prior May, contract activity increased almost equally for starter apartments (studios and 1BRs) and for family apartments (2BRs and up) – roughly about 37%.
- With current contract activity, total inventory would be absorbed in 5.8 months, a 20.8% decrease from the 7.4-month absorption rate from a year ago.
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