Manhattan condo prices reach a 19-year high

Manhattan condo sale prices are at a 19-year high — and 8.8 percent above levels from a year ago, a market report has found.

At the same time, Manhattan condo inventory in August fell for the third consecutive month. It's now 18.9 percent below the five-year average level, although it's 5.8 percent higher than one year ago.

"There's less inventory and higher prices," said Alan Lightfeldt, a data scientist for StreetEasy, which released the report.

Pam Liebman, CEO of The Corcoran Group, says the ultra-luxury market has fueled overall growth.

"While there is demand at all price points, much of the current inventory is at the higher end of the market, which is helping to drive prices even higher," she said.

Condo prices could keep soaring thanks to uber-luxury projects soon to come to market, such as 220 Central Park South.

But the red-hot market may be cooling.

It's taking slightly more time to sell condo units — an average of 63 days as of August, compared with 49 days this past spring.

"There isn't as much of a feverish frenzy as we experienced last spring, so buyers will have a little relief — though 63 days on the market is still a very short time," StreetEasy's Lightfeldt said.

During the last market peak, in September 2007, condos spent an average 112 days on the market.

And while inventory is still low, the fact that it has grown each month for the past three months — exceeding 2013 levels — is telling, too.

Manhattan condo prices ­increased by an average 0.4 percent from July to August.

In August, condo prices were the highest downtown, StreetEasy reported.

The Upper East Side saw the highest month-over-month price increase, 2.6 percent. Upper West Side prices grew 1.8 percent.

Midtown, however, was the only market where prices dropped in August — by 1.3 percent — thanks to the rise in inventory on streets like West 57th.

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