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Manhattan condo prices see rise despite increase in inventory: Report

Condo prices in Manhattan continue to rise.

Condo prices in Manhattan continue to rise. Photo Credit: Getty Images / Craig Barritt

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.


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