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Winter causes Manhattan condo inventory and sales to fall

Staff writer |
The typical winter lull caused the Manhattan condo market to cool in November, with inventory levels and sales activity falling. Total Manhattan condo inventory declined 7.9 percent from October, in part due to a steep drop-off in newly listed inventory.

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There were 33.8 percent fewer condos listed in November than in October, according to the November StreetEasy Manhattan Condo Market Report.

Sales activity also slowed in November, with pending sales falling 26.1 percent from Octoberii. Condos that went into contract in November spent a median of 58 days on the market, 11 days more than October and 5 days more than last November. Amid the seasonal market slowdown, Manhattan condo sales prices increased only slightly in November, up 0.8 percent from October, but remained nearly 10 percent above year-ago levels, according to the StreetEasy Condo Price Index (SECPI).

As the slower winter months continue, StreetEasy predicts Manhattan condo sales prices will fall 0.7 percent in December. In 2015, StreetEasy predicts prices will increase 3.6 percent, which is half their 2014 pace, according to the StreetEasy Condo Price Forecast.

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