Oct 26, 2018

Manhattan Market Report | September 2018


Market Wide Summary 

Buyer hesitancy and continued uncertainty characterized September market conditions as evidenced by the overall decline in deal activity, longer days on market, and persistent levels of negotiability. The result of fewer sales drove inventory levels up to its highest level of any September since 2011.

Average days on market for condos increased significantly as listings lingered and hesitant buyers waited for better deals. Compared to last year, negotiability at the extreme high and low ends of the market has actually tightened but negotiability in the middle of the market ($1M to $5M) remains unchanged. Given the overall level of negotiability in the market, average price declined annually. Median price improved for both condos and coops for the second time so far this year.


Condominium Market Snapshot 

In September 2018, condo sales decreased 10% year-over-year, dipping to their lowest September level since 2011. Average price decreased 11% compared to a high September 2017 figure with several sales above $10M. Median price, however, increased 24% due to fewer sales at the low-end.

Average price per square foot declined 8%, off an unusually high September 2017 figure that was skewed by a sale with Central Park views. This sale also led to the 13% year-over-year decrease in the average price per square foot of two bedrooms. The average price per square foot for studios, however, increased 16%, skewed high due to two expensive sales at Essex House and the Jade.

Listed inventory rose 5% compared to last year and was at its highest level for September since 2010. Days on market increased 12% due to lingering listings finally selling. Negotiability remained very high but decreased year-over-year as fewer properties traded at a discount of over 10% compared to last year.

  
Cooperative Market Snapshot

Sales activity in the co-op market decreased 10% year-over-year. Pricing metrics varied as average price decreased 6% but median price increased 9%. Average price per square foot decreased by 10% due to fewer sales above $1,500 per square foot compared to last year.

The largest year-over-year increase in price per square foot was amongst two bedroom units which skewed higher due to a penthouse sale on the Upper West Side. Units with three bedrooms or more experienced a dramatic 36% drop in average price per square foot, off an unusually high September 2017. Listed inventory rose 23% year-over-year along with the decline in sales.

Average days on market decreased 9% off an unusually high September 2017 that was skewed from a listing on the market over 400 days. Negotiability increased as the average discount from last asking price to sale price increased to 2.4%, up from 2.2% last year.


MANHATTAN TOTAL INVENTORY

September 2018 marked the highest number of active listings of any September since 2011, fueled by year-over-year increases of 23% for co-op inventory, and 5% for condo inventory. Townhouse inventory grew 13%. This is the ninth consecutive month that co-op inventory has risen by double-digits year-over-year. The month-over- month increase for all product types is typical as may sellers often put their listings on the market in the Fall.

MANHATTAN NEGOTIABILITY FACTOR BY PRICE POINT

Average negotiability remains high in an oversupplied Manhattan market. However, nearly all price points actually saw year-over-year decreases in negotiability. The largest decrease occured in the $5MM+ price range. The average discount off the last asking price was 5.9%, down from 6.6% a year ago. The decrease in negotiability suggests that sellers have adjusted their asking prices given market conditions.


comments

0 Responses to " Manhattan Market Report | September 2018 "

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