Dec 19, 2013

Manhattan Monthly Market Report | November 2013

Market Wide Summary

This month the condominium market experienced growth in both average price as well as price per square foot across all bedroom categories. 
November 2013 Manhattan Market Report marketwide
The co-op market declined by 10% year-over-year in average price, however median price and average price per square foot remained steady. In both markets larger units showed bigger price gains than smaller units. 

Also for both condos and co-ops, declining inventory paired with decreasing buyer negotiability and shorter average time on the market indicate a tightening of the market versus last year. Despite the diminishing inventory, contract activity increased year-over- year by 16% in the condo market and 9% in the co-op market, indicating strong demand.

Condominium Market Snapshot

The condominium market showed a strong performance in November 2013. Price per square foot grew in all bedroom categories by more than 19%. Larger units experienced bigger price per square foot growth with three+ bedroom units gaining a remarkable 30% year-over-year. 

Median price dropped 26% month-over-month, due to seasonal trends plus a smaller volume of two and three+ bedroom sales and an increase in one bedroom sales. Buoyed by higher-end sales in new developments, the average price increased by 6% year-over-year. Inventory continued to decline this month with a 12% drop since November 2012. 

Accordingly, buyer negotiability dropped from a 3.2% discount off last asking price to 1.3% and the average number of days on the market dropped 54%, from 187 to 86 days. These indicators together clearly support a tightening of the condominium market as supply and demand dynamics continue to drive price growth.

Cooperative Market Snapshot
November 2013 Manhattan Market Report coops
The co-op market showed strength during November 2013 with a continued trend of increasing price per square foot in all segments of the market. Units in the 3+ bedroom category saw the largest increase, with a 31% gain in price per square foot since November 2012. 

Two-bedroom units had the second largest gain, at 16% price per square foot increase year- over-year. Studio units gained 7% and 1-bedrooms saw the smallest gain in price, 4%. The limited inventory has tightened the market; the average number of days a property was listed on the market dropped significantly from both last month and last year, with 28% and 46% declines respectively. 

Average sale price dropped year-over-year by 10%, however median price and price per square foot held steady

November 2013 Manhattan Market Report


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