Markets & Economy

Manhattan condos hit new price peak

Despite record resale prices, price growth is expected to remain flat this summer

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Condo resale prices are at a record high in Manhattan -- but price growth is expected to remain essentially flat this summer. According to StreetEasy’s Condo Price Index, the value of condos sold in Manhattan during May was 11.6 percent above the market’s previous peak in September 2007. With only 3,778 units on the market, May 2015 offered the lowest number of available condo units recorded during any May month spanning the last five years. Total inventory declined 2.8 percent from April and was down 7.4 percent from May of last year. In the face of shrinking inventory, condo buyers have been eager to act and ready to pay high prices. "We're looking at a market that is ripe for bidding wars," said Alan Lightfeldt, data scientist at StreetEasy. "As supply continues to shrink and sellers hold on to the bargaining power, condo buyers can expect competition to remain fierce." The Midtown West and Lower East Side submarkets saw sale-to-list-price ratios of 100.1 per...