NEW YORK—An increasing number of deals—including 48.1 percent more contracts in Midtown than the previous year—has led to higher prices and less inventory in many areas in Manhattan, according to StreetEasy’s May Monthly Market Report.
Contract volume (1,184 in May), or deals made, rose 36.4 percent overall in Manhattan, including downtown (43 percent, 359 contracts), upper west (41.4, 246 contracts), and upper Manhattan (31.1, 97 contracts). Coinciding with that, a 8.5 percent drop in inventory (down to 11,195) Manhattan-wide was seen most in upper Manhattan, from 1,287 to 1,113, and the Upper West Side, from 2,060 to 1,850.
Condominium inventory dropped to 5,109 from 5,673, with one-bedrooms (down to 3,900) and two-bedrooms (down to 3,262) dropping the most, while the number of four-bedrooms slightly rose to 967. Prices for all types of housing stayed pretty much the same as last year, including $425,000 for a studio, $695,000 for a one bedroom, and $1.4 million for a two bedroom. Housing with more than three bedrooms did rise markedly, from $4.95 million to $5.35 million.
Prices rose at least slightly in all areas of Manhattan, except for upper Manhattan, compared to the previous May, climbing overall from $925,000 to $990,000. Prices downtown (now $1.3 million) and midtown (now $939,000) increased the most.
All statistics are from StreetEasy’s report.
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