Prices and other market fundamentals remained solid in May, despite another month of decreased year-over-year sales volume. The decrease in volume, down double digits in both markets, is
more reflective of the high number of sales in 2013 than of low sales this year. April and May
2013 were particularly active months with more total contracts signed than any other month
since June 2007.
Both the condominium and the co-op markets saw year-over-year growth in average price,
median price, and price per square foot. Versus last month, however, prices contracted in
each of these measures. On a longer range view, average price and price per square foot have remained relatively steady over the last six months, reflecting stabilization following
record-breaking price growth during 2013.
Larger condominium units once again experienced bigger price per square foot gains, with two
and three bedroom units growing significantly year-over- year. Inventory has started to replenish
in the condominium market, up 13% from May 2013. Co-op days on market was the lowest
this month since before the downturn, indicating a solid market despite slowing price