Manhattan Condo Prices Dip, Inventory Inches Up
In May, Manhattan condo prices dipped as inventory increased, marking the fifth consecutive month of growth in inventory, according to the monthly StreetEasy Manhattan Condo Market Report.
The decline in prices was also met with increases in pending sales as buyers took advantage of the softening prices, but keep in mind that the condo market is still extremely expensive. Prices are 1.4% down this month and expected to continue to ease by another .3% next month, but they are still nearly 11% higher than last year.
The market has a long road ahead before it returns to normal inventory levels, but this Spring was certainly a welcome start for buyers. If you’re in the market for a condo, start your search now.