The number of Manhattan condos that entered sales contracts rose 31% in October from September, the largest monthly gain since May 2013, according to a report released today by the real estate site StreetEasy.
Manhattan also had the highest inventory supply since October 2012 last month, according to the report, with 10.5% more condos on the market than a year ago.
The flurry of activity can be attributed to sellers trying to unload inventory before the winter, according to the website.
“October is the last stop for buyers before the winter months put a chill on home sales, which sellers and buyers appeared to take advantage of this year with boosts in both inventory and contract activity,” said Alan Lightfeldt, a data scientist at StreetEasy.
However, despite the rise in October numbers, condo inventory in Manhattan is still at a historical low. Inventory last month was 9% below the five-year monthly average and is expected to go down further as the weather gets cold.
On the flip side, prices should fall as well, StreetEasy predicts.
The website’s Condo Price Index forecasted that condo prices would fall 2.4% in November. (HEATHER SENISON)
