Finding an available apartment in Manhattan is becoming increasingly more difficult, according to a market report released Tuesday.
Real estate listing website StreetEasy's quarterly inventory report found that there were 10,243 units on the market in the first quarter of 2015, the lowest number in five years. The number of available apartments shrunk 2.3% from the same period last year.
"With an already limited supply of listings, buyers should be ready for heavy competition and measured expectations for price discounts," StreetEasy data scientist Alan Lightfeldt said in a statement.
Low inventory led to higher prices, according to the report. Median sales prices in Manhattan jumped 2% from the fourth quarter of 2014 to about $946,000. This marked the third consecutive quarter of sales price growth in the borough, according to StreetEasy.
Despite the high prices, the real estate company said there is strong demand for Manhattan apartments this spring. Lightfeldt predicted that there would be a strong inventory growth in the second quarter.
"Manhattan has shrunk to a shockingly small real estate market, and all eyes are on spring to ease the supply-demand imbalance," he said in a statement.