Market Report provided by The Real Estate Board of New York

The Manhattan condo market saw healthy price growth last month as stubbornly low inventory kept prices at record highs. The number of condos available for sale in January was only slightly more than last year, growing 3.7 percent to 3,880 units. Condo inventory has been stuck at near record low levels for much of the last two years, with January’s total 18.2 percent lower than Manhattan’s 5-year historical average. As a result of constricted supply, condo prices continued to climb in January albeit at a slightly lower rate. Prices grew by 8.8 percent from last year, according to the StreetEasy Condo Price Index (SECPI), closing the month 13.6 percent above previous peak prices set in September 2007. Annual growth rates had declined in 12 consecutive months prior to rising slightly in January, signaling that the condo market is returning to a more sustainable pace after the robust appreciation seen in 2013.