After a slow first quarter, the Manhattan condo market saw a boost of spring activity in April, with a wave of newly listed inventory driving overall inventory up nearly four percent from March.
Out of 3,623 condos on the market this month, 930 condos were new to market in April, the largest volume of new condo inventory to hit the market in one month according to StreetEasy records.
Buyers sidelined by tight inventory were eager to snap up what was newly available, with pending sales increasing six percent from March and 12.5 percent from this time last year, according to the April 2015 StreetEasy Manhattan Condo Market Report.
“The first quarter of 2015 was disappointing for buyers, with prices going up and inventory stuck at record lows,” said StreetEasy data scientist Alan Lightfeldt.
“This year’s spring rush arrived belatedly in April, bringing an inventory boost from sellers who waited to list until spring, which helped to soften price growth across Manhattan – conditions that offered some modest relief for hindered buyers. But, the reality is that prices remain high and competition as fierce as ever.”
April’s inventory boost helped prices moderate and remain flat month-over-month, the first time in 28 months that prices failed to post a monthly increase, according to the StreetEasy Condo Price Index.
The median sales price was down 6.3 percent from March, and down 5.2 percent from this time last year.
While not controlling for changes in the mix of inventory, the significant drops in median sale price also signal slowing price growth.
Median time on market remained low at just 48 days in April, which was three days shorter than in March, but nowhere near as low as last April’s record low of just 39 days.
Looking ahead to the final month of spring, condo sales prices are expected to fall 0.1 percent in May, according to the StreetEasy Condo Price Forecast.