Nov 16, 2013

Manhattan Monthly Market Report | October 2013

The market overall experienced a large increase in both average price and average price per square foot. These gains are caused primarily by high priced sales of large units in the condominium market.

In both condos and co-ops, two and three+ bedroom units saw double digit gains in price per square foot while smaller units showed more modest gains or small losses.

The market continued to tighten; days on market dropped year-over-year for both condos and co-ops. Inventory continued its decline as well, with a decline in listed units year-over-year. Despite these losses in inventory, contract activity remained strong, increasing by double digits in all categories.

Buyer negotiability remained low, with 24% of units selling at their asking price and 22% selling above it.

In October the condominium market continued its strong performance. Fueled again by strong sales in new luxury condo developments, which dominated the over $7 million segment, average price increased year-over-year by 43% and price per square foot by 25%.

By bedroom, studios dropped 5% in price per square foot while 2 and 3+ bedrooms gained 30% and 24% respectively.

One bedrooms held close to steady with a 3% gain. While new developments are adding inventory they have not been sufficient to stop the decline in listed inventory, which continued to fall this month by 19% year-over-year.

Unsurprisingly, days on the market also dropped by a significant 69% year-over-year. Contract activity increased year-over-year by 14% despite the inventory decline.

The co-op market remained strong, demonstrating gains in average price and price per square foot year-over-year. Average sale price increased by 9% and price per square foot by 6%.

However, the median sale price dropped since last October. This is due to a a slight increase this month in the percentage of smaller unit sales. Small units did not gain as much in price per square foot; studio  units gained 9% and one bedrooms remained flat at $802 per square foot.

The market continues to tighten for co-ops regardless; average days on the market dropped by 8% since last October and inventory fell as well, by 19% year-over-year. Contract activity increased despite the inventory decline, with 21% more sales than last October.


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