Feb 18, 2017

Manhattan Monthly Market Report | January 2017


January 2017 Manhattan Monthly Market Report 

Market Wide Summary

The new year kicked off with a handful of positive market dynamics as sales in both the condo and co-op market saw annual growth. The co-op market saw better metrics, including year-over-year improvements in average price and average price per square foot, growing by 14% and 6%, respectively. In the condo market, by contrast, average price, median price, and average price per square foot were down compared to last year. Total inventory rose versus January 2016 for both condos and co-ops, while negotiability also grew more pronounced over the same period of time. Listings in the co-op market sold faster than in the condo market, in which average days on market grew 37% compared to last year.

Condominium Market Snapshot 

For the second consecutive month, condo sales grew by double digits year-over-year. Average and median sale price, on the other hand, both decreased compared to last year, by 19% and 11%, respectively. In line with those statistics, average price per square foot was also down 19%, anchored by a steep decline of 35% in the three bedroom market. Last year’s average price per square foot, however, was unusually high due to sales at the Puck Penthouses and the Baccarat, rendering this month’s average price per square foot more in line with historical norms. Adhering to a trend seen throughout 2016, days on market increased sharply versus last year, by 37%. There was also more negotiability this year than last, again favoring the buyer. Inventory was flat with December 2016, but grew 14% from the supply last January.


Cooperative Market Snapshot 

Indicators in the co-op market were generally positive in the first month of 2017 despite an increase in supply. For the first time since August 2015, co-op sales rose year-over-year. This rise in contract activity coincided with annual growth in average sales price while median sales price remained relatively unchanged from last year. Average price per square foot also rose by a proportionate 6%. The markets for two bedrooms and studios saw increased price per square foot versus last year, while that of one bedrooms and three bedrooms decreased by 3% and 11%, respectively. There was more inventory available this year compared to last year, which is one factor that may have contributed to increased negotiability in spite of a dip in average days on market.


Manhattan Total Listings

Inventory increased to 5,866 total listings versus last January, which is a 12% increase. The metric was nearly unchanged from last month, whereas January inventory is typically up from the prior December. Condos made up over 54% of the market, which is the twentieth month during which condos made up the majority of the market share. Townhouse inventory held steady with last January at 364 listings, but is the lowest total number of townhouse listings seen since this time last year


Ask vs. Sale Price Comparison 

Nearly 70% of listings sold this past January traded below asking price, which is the highest number of sales below ask since January 2013. Throughout 2016, over half of units on the market were sold below ask, in contrast with 2015 in which most months saw the majority of units sold at or above ask. Between 2008 and 2013, there was a long streak of time during which it was common for over 80% of units to be sold below ask, so this past January’s high percentage is far from that.

Please do not hesitate to reach out to me if you have any questions about The Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.


comments

0 Responses to " Manhattan Monthly Market Report | January 2017 "

Post a Comment

All related comments are welcome. Spam will be deleted.

 
HOME

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2016 © nycBLOGestate.com © BlogEstate.nyc Al l Rights Reserved