Manhattan sales inventory falls to historic low in NovemberStaff writer ▼ | December 30, 2015
Manhattan and Brooklyn inventory fell sharply in November in an anticipated and highly seasonal swing in the New York City sales market.
New York City Manhattan sales inventory fell farther than usual
The Upper Manhattan submarket saw the steepest annual loss of sales inventory across Manhattan and Brooklyn, falling 33.4 percent compared to last year. The Upper East Side and Upper West Side also experienced double-digit annual inventory decreases, falling 16 percent and 13.3 percent from last November, respectively.
In Brooklyn, sales inventory fell 3.2 percent from last year, led by year-over-year losses in the South Brooklyn submarket (6.6 percent) and East Brooklyn (4.5 percent). The loss in inventory was isolated to co-op units, which saw a precipitous 23.4 percent inventory decline from last year.
Newly-listed inventory was particularly sparse in November, as many sellers wait out the winter months to list their home in the spring.
In Manhattan, the number of newly listed units for sale fell 42.8 percent between October and November, which was slightly more than in recent years; Manhattan's five-year historical average monthly decline in November is 33.5 percent.
In Brooklyn, the number of newly listed units was 40.2 percent below last year's level.
Amid tight inventory, sale prices continued to climb in November. According to the StreetEasy Price Index, the median resale price in Manhattan rose 6.6 percent from last year to $992,111, the strongest annual growth since January 2015. The median resale price grew the fastest in the Upper Manhattan submarket (19 percent), followed by Upper West Side (9.5 percent) and Downtown (6.1 percent).
Brooklyn's median resale price in November rose 11.6 percent from last year to $552,324, according to StreetEasy's Brooklyn Price Index.
The strongest annual price growth was in the East Brooklyn submarket (18.1 percent), followed by Prospect Park (15.5 percent) and Northwest Brooklyn (13.6 percent).
According to the StreetEasy Rent Indices, Manhattan median rent in November grew by 5.4 percent from last year to $3,137. Rent growth in Brooklyn was slower by comparison, rising 2.7 percent from last year to a median of $2,644. Annual rent growth in the Prospect Park submarket led the borough in November, rising 2.7 percent to $2,644.
Looking ahead to December, resale prices in Manhattan are expected to increase by 0.5 percent to $997,100 over the next month, according to the StreetEasy Manhattan Price Forecast.
In Brooklyn, prices are expected to increase 1.3 percent to $559,232 over the next month, according to the StreetEasy Brooklyn Price Forecast. ■