Market-wide contracts signed have been strong and consistent since February. There were 1,353 total contracts signed in June, a 16% increase over June 2014. Contracts have slowly but consistently been shifting toward more expensive product, a result of both market appreciation and available inventory.
Units priced between $1,500 and $2,000 per square foot represented 26% of total contracts signed this month, the highest percentage on record. Condos and co-ops both saw double-digit declines year over-year in average days on market and 32% of sales were above their last asking price, the highest figure in over a year and a half.
Total listings are flat compared to June 2014, but the percent of co-op listings is the lowest in over five years. Inventory continues to shift toward expensive product, with 32% of listings over $3M compared to just 15% of contracts.