New Manhattan Condos Expected to Ease Inventory Shortage this Spring

While the weather did not let up, February brought a sunny disposition to Manhattan sales which increased 19% year over year as well as inventory, up 4% year over year. While this is great news for both buyers and sellers, it is mainly due to a dramatic increase increase in Condo sales (up 31%), most of which were deals over $2M. For buyers, there is a light at the end of the tunnel, as price per square foot was down for both Condo and Co-op sales in the city, and a large number of new buildings poised to launch this spring should give some relief to the inventory crunch. Likewise if you have been thinking of selling now may be the time to make a move, prior to these new offerings in the marketplace.

Corcoran's Monthly Market Snapshot: Manhattan