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Apartment Sales Inventory Reaches All-Time High
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The month of May saw spikes in both pricing and inventory of for-sale apartments in Manhattan, Brooklyn and Queens, with inventory citywide reaching all-time highs, according to StreetEasy. In particular, Manhattan inventory of condominiums, co-ops and townhomes rose 16.7% year over year, the largest annual increase since StreetEasy began keeping track.
Inventory was also up Y-O-Y by double-digit percentages in Brooklyn and Queens, with annual increases of 23.4% and 42.8%, respectively. The year set a new record even for May, when sales inventory often peaks.
Meanwhile, the number of recorded sales fell for the third consecutive month. Recorded sales dropped in every submarket across Brooklyn, Manhattan and Queens, with the largest annual dips occurring in Upper East Side, Midtown and the Rockaways.
Despite the additional inventory, StreetEasy’s price index rose in all three boroughs since last year. Prices in Queens increased the most: up 9.1% to a new high of $544,587.
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- ◦Sale/Acquisition
