Market-wide pricing decreased in January from both last month and last year, largely due to a reduction in the size of residences that traded this January. Studio and one bedroom sales increased 19% compared to last year and 5% from December.
This increase caused the average size of residences sold to drop 16% from January 2011. Inventory is up from last month, due to the seasonal increase in new listings coming to market at the beginning of the year. Despite over 2,000 new listings, market-wide inventory remains 7% lower than this time last year. With less availability, discount from last ask to sale continues to tighten to under 5% for both condos and co-ops.
Negotiability Factor for Condominiums and Cooperatives
Over the past 18 months condo negotiability has been volatile, ranging from almost 9% to just under 4% while co-op negotiability has remained more narrow and stable. As market-wide inventory remains low, accelerated by diminishing condo inventory, negotiability for condos and co-ops has converged. This January market-wide average discount contracted to 4.2%
Manhattan Absorption vs. New / Total Listings
Listed market-wide inventory increased 5% from December but was 7% lower than last January. The number of new listings coming to market more than doubled from last month, which is expected at the start of the new year as sellers bring properties to market.
Notes: Statistics are based on Corcoran Group’s monthly signed contract data, with the exception of “Number of Contracts Signed” and inventory figures. 1 Number of reported signed contracts in Manhattan by all firms All material herein is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice.