NEW YORK — New York’s condo market is in freefall.
The city’s condominium market dropped by nearly 50 percent between January and March, according to a Bloomberg survey.
Condo values fell for the second straight month in February.
New York, which has more than 70,000 condo units, is now down to 2,064 units, or about $2,000 less than last month.
The number of condos in Manhattan is down to 594 units, according the survey, which comes as the market has seen a resurgence in luxury condominium units.
The average price of a condo in Manhattan rose 2.9 percent last month to $2.2 million, according an industry report released Wednesday.
The report, which analyzed data from the New York State Department of Financial Services, shows the number of units in Manhattan has grown by almost 1,000 since January.
The price of new condos is up 6.6 percent to $5.3 million in March, the report shows.
The New York housing market continues to struggle to keep pace with the rising cost of living.
Sales in February were up 4.7 percent from a year earlier, according in the National Association of Realtors.
The median price of homes in Manhattan, which includes the East Village, East Harlem and the Flatiron District, was up 0.8 percent in March to $1.6 million.
A condo unit in Manhattan’s Little Italy neighborhood hit $1 million in May.
In March, New York saw a total of 1,957 condo units listed for sale, down from 2,972 units in March.