Buyers searching for luxury homes in Manhattan are short on options.\u00a0<\/p>\n
Listings for high-end condos and co-ops fell 27 percent annually in the first quarter, hitting the lowest level in nearly two decades, according to a report by appraiser Jonathan Miller,<\/a> backed by data from StreetMatrix.\u00a0<\/p>\n Inventory in the luxury sector \u2014 defined in the report as the top 10 percent of the market \u2014 sharply declined late in the first quarter, beginning when the U.S. entered its war with Iran. Miller said listing levels, in small part, were likely also affected by a flurry of activity<\/a> at the end of last year and early this year.<\/p>\n \u201cIt\u2019s a combination of a robust high-end market in 2025 and product is being sold out,\u201d said Miller. \u201cBut I also think the weight of uncertainty caused luxury market sellers to take a breath until they get their arms around what\u2019s happening.\u201d<\/p>\n Listings also declined across the market overall, with the number of available co-ops and condos falling 17 percent year-over-year, while the supply of townhouses dropped more than 33 percent to its lowest level in four years.\u00a0<\/p>\n He added that he expects inventory at the upper end of the market to rebound, but the lower end will be bogged down by factors like the war\u2019s effect on mortgage rates.\u00a0<\/p>\n