Manhattan begins to see rise in apts. for sale
The number of apartments for sale in new development projects in Manhattan, Brooklyn and Queens fell from October 2011 to October 2012, according to a report released by StreetEasy Thursday. In recent months, however, the report notes that the number of new listings has risen in Manhattan, although it has continued to slip in Queens and Brooklyn. Meanwhile, the median listing price continues to rise in all three boroughs, with the steepest increases occurring in Manhattan and Queens. In Manhattan, the median price hit $1,547,500 last month, up 3.5% over the last six months and 11.5% over the last 12. In Queens, the median listing price stood at $667,000 last month, up 11.4% in the last 12 months. In Brooklyn, median prices were slightly less buoyant, rising 9.4% over the past 12 months to $699,000. Helping to boost prices is the decline in the number of units on the market over the last year. The steepest decline occurred in Brooklyn, where inventory fell by 52.7%, to 276 in October from 583 a year earlier. Over the same period, inventory in Queens slipped to 108 from 228 a year earlier, a decline of 52.6%. Manhattan's inventory fell 23.5%. Since April, however, inventory in Manhattan has begun to bounce back a bit, rising 10.2% over the six months. "I think inventory will go back up," said Sofia Song, the vice president of research for StreetEasy. "I expect new development inventory to increase in 2013." The new Manhattan projects she pointed to include Philip House at 141 E. 88th St., on Lexington Avenue, and 200 E. 79th St., on Third Avenue.
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