75° Good Evening
75° Good Evening
Real Estate

Manhattan condo openings dip in November: Report

Numbers 25,27,29, W. 19th street in the Flatiron

Numbers 25,27,29, W. 19th street in the Flatiron district of Manhattan. Photo Credit: Linda Rosier

The cold temperatures caused Manhattan condo inventory to dip in November, and that slide will continue to the new year, according to a real estate report released Tuesday.

Market listings site StreetEasy found that the total number of units fell 7.9% from October to November and sales prices were mostly flat during that time period.

This trend isn't surprising, according to StreetEasy data scientist Alan Lightfeldt, since October is typically when the final sales before the end of the year go through.

"Colder weather and modest price growth put a chill on condo sales activity in November," he said.

Lightfeldt predicted that the slowdown will continue throughout 2015. StreetEasy said December condo sales prices will fall 0.7% in December but they will rise 3.6% next year, he said.

Lightfeldt, however, said there is a silver lining in the future. The lower prices might entice owners to put their properties back on the market, he said.

"Greater inventory will give Manhattan buyers the opportunity to be more aggressive about negotiating asking prices," he said in a statement.


We're revamping our Comments section. Learn more and share your input.

News photos & videos