NEW YORK, March 27, 2015 /PRNewswire/ --
Key facts:
- Manhattan condo inventory fell
2.4 percent from January, hitting a record low of just 3,175 units
on the market.
- Condo sales prices were essentially flat, increasing 0.7
percent from January, but remain 7.8 percent higher than this same
time last year.
- Pending condo sales surged 27.5 percent during February,
rebounding from a seasonally slow January.
- The Midtown submarket had the greatest price growth in
February, increasing 1.9 percent from January, more than double the
Manhattan-wide rate.
As the Manhattan condo market
begins to thaw from its winter lull, Manhattan condo pending sales surged 27.5
percent from January to February. Fueled by pending sales activity,
condo inventory fell 2.4 percent from January, continuing a 4-month
decline and hitting a record low of just 3,175 units on the market.
Condos spent a median of 62 days on the market in February, 20 days
less than January.
With supply flying off the shelves, February has cleared the way
for the anticipated influx of inventory and home shopping activity
that typically begins in spring, according to the February 2015 StreetEasy Manhattan Condo Market
Reporti.
"February is typically a turning point between the declining
slow season, and the busy spring season," said StreetEasy Data
Scientist Alan Lightfeldt. "Inventory fell to a record low as
pending sales increased considerably after the slow winter months.
This was a 'spring cleaning' for the condo market as the market
readies for the spring boost in inventory that historically begins
in March."
Amid tight inventory, condo sales prices grew slightly in
February, increasing 0.7 percent from January and marking the
27th consecutive month of monthly price growth,
according to the StreetEasy® Condo Price
Indexii. Sales prices remain 7.8 percent higher than
this time last year.
Within the borough, the Midtown submarket had the greatest price
growth in February, increasing 1.9 percent from January, more than
double the Manhattan-wide rate.
The Midtown submarket also outperformed the rest of the borough in
inventory growth. While all other submarkets saw inventory declines
in February, the number of condo units in Midtown increased by 10.5
percent compared to this same time last year.
As the spring season approaches, condo sales prices are expected
to climb further, albeit at a slower rate than in 2014. According
to the StreetEasy Condo Price Forecastiii, prices are
expected to grow by 3.9 percent in 2015, significantly less than
the 2014 growth rate of 7.1 percent.
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)
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i
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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.
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ii
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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.
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iii
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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