NEW YORK, May 22, 2015 /PRNewswire/ --
Key facts:
- Seasonal boost in newly listed inventory drove overall
inventory up nearly 4 percent from March.
- 930 condo units were new to market in April, the single largest
monthly increase of new inventory according to StreetEasy
records.
- Pending sales increased 6 percent from March and increased 12.5
percent from this time last year.
- Condo prices were flat from March to April, the first time in
28 months that prices failed to post monthly growth, according to
the StreetEasy Condo Price Index.
After a slow first quarter, the Manhattan condo market saw a boost of spring
activity in April, with a wave of newly listed inventory driving
overall inventory up nearly 4 percent from March. Out of 3,623
condos on the market this month, 930 condos were new to market in
April, the largest volume of new condo inventory to hit the market
in one month according to StreetEasy records.
Buyers sidelined by tight inventory were eager to snap up what
was newly available, with pending sales increasing 6 percent from
March and 12.5 percent from this time last year, according to the
April 2015 StreetEasy® Manhattan
Condo Market Reporti.
"The first quarter of 2015 was disappointing for buyers, with
prices going up and inventory stuck at record lows," said
StreetEasy data scientist Alan Lightfeldt. "This year's spring rush
arrived belatedly in April, bringing an inventory boost from
sellers who waited to list until spring, which helped to soften
price growth across Manhattan –
conditions that offered some modest relief for hindered buyers.
But, the reality is that prices remain high and competition as
fierce as ever."
April's inventory boost helped prices moderate and remain flat
month-over-month, the first time in 28 months that prices failed to
post a monthly increase, according to the StreetEasy® Condo Price
Indexii. The median sales price was down 6.3 percent
from March, and down 5.2 percent from this time last year. While
not controlling for changes in the mix of inventory, the
significant drops in median sale price also signal slowing price
growth. Median time on market remained low at just 48 days in
April, which was 3 days shorter than in March, but nowhere near as
low as last April's record low of just 39 days.
Looking ahead to the final month of spring, condo sales prices
are expected to fall 0.1 percent in May, according to the
StreetEasy Condo Price Forecastiii.
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 local 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 proprietary data and
useful search tools to help home shoppers 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.
Launched in 2006, StreetEasy is based in Manhattan's Flatiron neighborhood. StreetEasy
is owned and operated by Zillow Group (NASDAQ: Z).
StreetEasy is a registered trademark of Zillow, Inc.
(ZFIN)
i The StreetEasy Manhattan Condo Market Report is a
monthly overview of the Manhattan
condo real estate market. 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.
ii 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.
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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SOURCE StreetEasy