NEW YORK, Feb. 27, 2015 /PRNewswire/ --
Key facts:
- Just 310 Manhattan condos went into contract in January,
representing a 6.3 percent decline in pending sales from December
and the lowest monthly total in three years.
- Median time on market for condos increased 19 days from
December to 82 days, the longest time on market since February 2013.
- Condo inventory fell 0.5 percent from December and remains 18.2
percent below Manhattan's 5-year
historical average.
- Condo sales prices were essentially flat in January, increasing
0.8 percent from December, but remain 8.8 percent higher compared
to this same time last year.
The Manhattan condo market
continues to endure a freeze of activity during the winter months.
The seasonal slowdown kept Manhattan condo inventory and sales volumes
low in January, while condo sales prices remain high – nearly 9
percent higher than this time last year, according to the
StreetEasy® Condo Price Indexi. However, the rate of
price growth has been consistently decelerating over the last year,
signaling that the condo market is slowly returning to a more
sustainable pace, according to the January
2015 StreetEasy Manhattan Condo Market
Reportii.
Condo inventory in January fell 0.5 percent from December.
Inventory remains 18.2 percent lower than Manhattan's 5-year historical average.
However, the number of condos on the market is 3.7 percent above
this same time last year, indicating an overall trend of improving
inventory levels.
Pending sales in January fell 6.3 percent from December,
representing 310 condos that went into contract last month. This is
the lowest monthly total of pending sales recorded in three years
(January 2012). A reflection of
lower sales activity, condos in Manhattan spent a median of 82 days on the
market in January, 19 days longer than December and the longest
time on market since February
2013.
"Everything in Manhattan slows
down in the dead of winter, the real estate market included," said
StreetEasy data scientist, Alan Lightfeldt. "Buyers seemed to be in
no rush to close on properties in January, with condos lingering on
the market for a full 19 days longer than December. As the spring
selling season in March approaches, we expect the warmer weather to
send an anticipated boost in inventory and sales volume."
Looking ahead to spring, condo sales prices are expected to grow
by 4.9 percent in 2015, considerably less than the 2014 growth rate
of 8.3 percent and roughly a third of the 2013 growth rate of 16.6
percent, according to the StreetEasy Condo Price
Forecastiii. Slowing condo price growth is indicative of
a healthier market.
The full report and additional analysis from StreetEasy Data
Scientist Alan Lightfeldt can be viewed at
streeteasy.com/blog/market-reports.
About StreetEasy:
StreetEasy is New York City's leading real estate
marketplace on mobile and the Web, providing accurate and
comprehensive for-sale and for-rent listings from hundreds of real
estate brokerages throughout New York
City and the major NYC
metropolitan area. StreetEasy adds layers of deep, proprietary data
and useful search tools that help consumers and real estate
professionals navigate the complex real estate markets within the
five boroughs of New York City, as
well as Northern New Jersey and
the Hamptons. The company launched in 2006 and was acquired by
Zillow, Inc. in August 2013.
StreetEasy is a registered trademark of Zillow, Inc.
(ZFIN)
i The StreetEasy Condo Price Index (SECPI) provides a
measurement for how prices are moving in the Manhattan condo real estate market. It is
based on a repeat-sales method, which compares the sale prices of
the same properties over time. The SECPI is indexed to the year
2000 with a value of 100. A value of 200, for example, would
indicate that Manhattan condos are
trading at twice their 2000 price. Since the repeat-sales
methodology tracks price changes over time in the same unit, the
SECPI is a much more reliable measure for sale prices as it
controls for biases and errors created by variables such as
location, size, age, and condition.
ii The StreetEasy Manhattan Real Estate Market Report is
a quarterly overview of the Manhattan real estate market including
analysis on condos, co-ops and townhomes/single-family residences.
The report data is aggregated from public sources by a number of
data providers and real estate brokerages for all five major
submarkets within Manhattan, with
most metrics dating back to 1995. The reports are compiled by the
StreetEasy Research team. For more information, visit
http://streeteasy.com/blog/market-reports/. StreetEasy also tracks
data for the five boroughs within New
York City.
iii The StreetEasy Condo Price Forecast (SECPF) predicts
the change in Manhattan condo sale
prices one month out from the current reported period. By
incorporating the StreetEasy Condo Price Index, StreetEasy's
comprehensive database of listing prices and days on market - two
leading indicators to future condo prices - we are able to
accurately forecast next month's condo prices before the release of
publicly recorded sales data.
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visit:http://www.prnewswire.com/news-releases/winter-chill-continues-for-manhattan-condo-market-300042497.html
SOURCE StreetEasy