NEW YORK—Residential real estate prices increased in New York in the month of October, while inventories declined, according to a StreetEasy report released Wednesday.
The changes are not directly related to Hurricane Sandy, said Sofia Song, vice president of Research at StreetEasy.
“Right now, we’re not seeing so much of a direct impact of Sandy on any sales activity,” Song said in an email. “The real estate sales market is not like the stock market where you see impact almost immediately.”
In Manhattan, the median listing price increased 3.5 percent over the past six months, and by 11.5 percent year over year, the report said. Meanwhile, the number of properties on the market decreased by 17.2 percent over the last six months and 23.5 percent since last year. The median listing price is 11.5 percent higher than a year ago, and now sits at $1,547,500.
The Upper West Side and Upper Manhattan showed the biggest declines (about 41 percent) in inventory.
There was also a 32.4 percent drop in new contracts compared to six months ago in Manhattan, which is still 58.6 percent higher than a year ago.
The number of new contracts also decreased in Brooklyn: by 58.8 percent in the last six months and by 52.3 percent in the last 12 months. Inventory has declined 52.7 percent since a year ago.
In Queens, the median listing price is now $667,000 which is 0.4 percent higher than six months ago, and 11.4 percent higher than a year ago. The inventory in Queens has declined 45.5 percent in the last six months, and by 52.6 percent year over year.
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