New Development Prices Rose, Inventory Dropped in March

As we look at March in the rearview mirror, StreetEasy has compiled the month’s new development market statistics for Manhattan, Brooklyn, and Queens. Let’s begin with Manhattan. The median listing price rose 9.1 percent compared to the price six months ago and 12.4 percent year-over-year. Inventory, meanwhile, has declined by 8 percent since March 2011, and there’s now only a 5.9-month supply of new development inventory, compared to 9.2 months at this time in 2011. The StreetEasy report also tracks the most popular buildings in each neighborhood, and this month, those included Manhattan House, The Cammeyer, The Laureate (the least shocking item on the list), One48, and Fifth on the Park.

StreetEasy’s take on the Brooklyn market:

Brooklyn inventory has dropped 8 percent since March 2011, and contracts have increased 37 percent. Most popular building roll call: The Edge, 500 Fourth Avenue, BellTell Lofts, and 315 Gates.

Here are the StreetEasy numbers for Queens:

Determined to be different from Manhattan and Brooklyn, inventory in Queens has risen 35.5 percent since March 2011. The number of price increases has gone up, too, by 22.2 percent. A few of the winners of the Queens building popularity contest: Murano, The L Haus, 148-09 Northern Boulevard, and Sky View Parc.