The number of apartments for which new construction applications were filed hit a one-year low in January, according to the Department of Buildings data. The month only added 842 new units to the pipeline. The dip in applications started in September as land has become increasingly more expensive.
While the number of super luxury condos might come back to more normal levels, the inventory of listed homes priced under $1 million in Manhattan appears stable, and relatively low, even as the median price of a condo was over $1.6 million in the last quarter of 2015. The under $1M segment is expected to remain strong — the median price of homes for this segment is currently: $750,000.