Home buyers in the Manhattan condo market appeared to be taking advantage of two months of modest inventory growth and faltering prices in October, giving pending sales of condo homes a 31 percent surge from September.

Amid the flurry of sales activity, condo prices fell 1 percent from September, according to the StreetEasy Condo Price Index, but remained roughly 10 percent above the year-ago price level.

Slowing price growth was triggered by recent and largely seasonal gains in supply. October condo inventory inched up 3 percent from September and was nearly 11 percent above the year-ago level. There were 4,405 condo units available in October – the greatest monthly supply in 24 months.

Seizing on the favorable conditions, condo buyers acted fast in October. Pending sales of condos surged 31 percent from September and were nearly 8 percent above the year-ago level. Units sold at a brisk pace as well, spending a median time of just 49 days on the market. This was 10 days less than September and 18 days less than last year.

Oct 2014 Condo Report

The spike in home sales activity followed a seasonal trend. October is historically the “last stop” for buyers and sellers before the winter months put a chill on home sale activity. Five of the last six Octobers saw double-digit monthly growth in pending sales of all homes – including condos, co- ops, and townhomes – ranging from 20 percent in 2009 to this year’s 40 percent.

But the good news for buyers may prove to be short-lived as we head into the coldest months of the year. Expectations of another colder-than-normal winter season in the New York region could reverse Manhattan’s recent and fragile inventory gains. Condo inventory remains historically low, with October’s supply nearly 9 percent below the 5-year monthly average.