Hot stuffPrepare your pout for National Lipstick Day with our favorite lipsticks Honey Day at High Line and more things to do this week
Manhattan condo prices see rise despite increase in inventory: Report
The Manhattan condo market saw a spike in the number of available units and prices in July, according to a real estate report released Thursday.
StreetEasy's report said the despite the 5.4% growth of inventory between July 2013 and this year, the number of available units is 16.2% below the five-year average level of inventory. Costs are now at a nineteen year high.
The median sales price in July was close to $1.4 million, a 14.4% jump from the $1.2 million median price during the same period last year.
The real estate site's last report found the average asking price for condos and co-ops during the second quarter of 2014 was $1.24 million.
Home hunters looking to get a bargain on those units will have to save up. StreetEasy's latest report said 45.3% of the units listed in July were priced above $1.9 million and only 23% were priced below $914,000.
Greenwich Village had the highest median sales price last month with $3.3 while Chinatown had the lowest with $500,000.
The real estate group predicted that this price increase will continue until the fall.