The number of properties on the market in Manhattan saw a record decrease last month, while prices to own or rent continue to go up.
The New York City sales market went through a sharp decline in sales inventory in Manhattan and Brooklyn in November, with Manhattan reaching a downfall of 13.3 percent — the largest annual decline since 2013, according to a recent market report by StreetEasy.
Between October and November, there was a combined loss of 1,214 units for sale in Manhattan — making it a monthly decline of 14.3 percent. In total, the borough’s total sales inventory fell to 7,293.
The submarket categorized as Upper Manhattan saw the biggest drop with a 33.4 percent annual decline, the report said.
For Brooklyn, the total sales inventory declined by 3.2 percent from last year and was isolated to co-op units, which went down 23.4 percent.
“Lower inventory is to be expected at this time of year, but the magnitude of inventory loss in Manhattan last month was greater than anticipated,” said Alan Lightfeldt, StreetEasy data scientist. “Buyers will be chasing after fewer available units this winter, ensuring the markets will remain competitive and the discounts buyers were hoping for in this traditionally slower season might not happen. But, price growth in the New Year is expected to be a fraction of what we saw in 2015, offering some relief on the horizon.”
As homeowners wait to the reach the busier season for selling in the spring, the number of newly-listed units have declined —42 percent in Manhattan and 40.2 percent in Brooklyn.
Manhattan also saw a decline in its rental inventory with 0.6 percent — making it the first annual decrease for the borough in more than four years — and Brooklyn a decline of 4.8 percent.
This decrease in inventory allows the prices to go up at a faster rate, according to the report.
Manhattan’s median sales prices went up an annual 6.6 percent reaching $992,111 — the strongest growth since January — and for Brooklyn sales prices increased 11.6 percent to $552,324.
The price for rent followed right behind with Manhattan median rent in November growing by 5.4 percent to $3,137 – biggest growth since 2012 — and in Brooklyn median rent reached $2,644.