Last month, prices for previously owned condos in Manhattan reached record highs, despite a slight uptick in citywide inventory.
According to StreetEasy’s monthly market report, condo resales traded at their highest in the history of the SECPI, with home value growth increasing to 1.1% over the month. That increase is a direct result of the low number of condos on the makret, despite a 5.4% increase in inventory from last year. That sounds like a lot, but given the fact that inventory in July was 16.2% below Manhattan’s five-year monthly average, it’s barely a drop in the bucket.
And who’s buying all these condos? Well, unsurprisingly, almost half (45.3%) of all units listed over the course of the month were priced above $1.9 million, with “bottom” and “middle-tier” condos rounding out the count at 23% and 31.7% of the market, respectively.