A report from the real estate group StreetEasy has found the total number of Manhattan homes for purchase has dropped to a 6-year-low.
The StreetEasy report says the total number of units available for purchase in Manhattan has dropped to 10,000 units during the first quarter of 2014, with an average price of $1.76 million. That is a 34 percent average price increase from $1.31 million in 2013 and unit quantity decrease from $11,551 available units.
"Buyers will have to act fast if they want an apartment because it will go away quickly and they should expect to pay either at the asking price or higher because of the competition," said Alan Lightfeldt, a data scientist for StreetEasy.
The neighborhoods that saw the sharpest decrease in inventory were the Upper West Side, the Lower East Side, and downtown Manhattan. Apartments are slightly more affordable in Central Harlem at around $470,000 and around $749,000 in Midtown West.
All is not lost for prospective home buyers in the city. Lightfeldt also mentioned, "We are anticipating a pretty tough season for buyers ... but if you look at trends historically there is a period of price stabilization or decreases after a surge."
[AM New York]