The number of available apartments in new developments in Manhattan, Queens and Brooklyn fell sharply last month, even though prices jumped in all three boroughs.
Brooklyn had the steepest fall in new-development inventory, with 343 apartments in August, a 38.4 percent decrease from the same month the previous year, Crain’s reported from a study by Streeteasy.com. Manhattan listings slid 17.2 percent year-over-year to 1,185, and Queens listings dropped 27.3 percent to 160. The figures do not include resales.
The scarcity of brand-new units could push prices higher across the residential sales market. The median listing price increased in all three boroughs, with the most significant leap in Queens, up 30 percent year-over-year to $669,500 in August. In Manhattan, the median went up 11.1 percent to $1.45 million, and in Brooklyn, the median was up 21.2 percent to $750,000.
Sales numbers shot up in Queens to 26 contracts, over three times the number from August last year. Manhattan had 101 contracts signed, up 26.3 percent, while Brooklyn witnessed a decline in sales, with a 27.3 percent decrease to 32 contracts in August.
The report predicted that the current inventory of new developments on the market in the three boroughs will take five months to be absorbed. By comparison, Manhattan had an eight-month supply at the same time last year, with a ten-month supply in Queens and a seven-month supply in Brooklyn.