The final quarter of 2014 rounded out a banner year for price growth in the Manhattan real estate market. Manhattan condo prices rose 8.4 percent year-over-year to hit a record high in December, marking a 24-month rally in price growth fueled by low inventory. However, stabilizing days on market, slowing price growth, and a slight increase in discounted inventory indicates a cool-down in 2015.
Though condo prices hit a new record high and remain 12.5 percent above their previous record set in 2007, the fourth quarter marked the slowest rate of quarterly appreciation since the first quarter of 2013, according to the StreetEasy Condo Price Index[ii]. The median sale price for all property types jumped nearly 11 percent year-over-year to $942,000.
“For sidelined buyers wondering how much longer the market will continue to be constrained, relief may be on the horizon,” said StreetEasy data scientist Alan Lightfeldt. “Manhattan’s robust price growth amid anemic inventory is finally starting to come back down to Earth. The market will slow down for a much-needed breather in 2015 after last year’s Olympic sprint.”
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