Market Wide SummaryOverall sales were down compared to last May, with declines in both the condo and co-op markets. For the second month in a row, both average and median prices were down year-over-year for condos and co-ops.
Relative to last year, average price per square foot decreased for condos, but rose 1% for co-ops. The largest year-over-year decrease in average price per square foot in the condo market was for two bedrooms, while one bedrooms had the smallest decline.
In the co-op market, average price per square foot for two bedrooms increased more than any other type, while one bedrooms also showed a modest uptick. Reflecting a large amount of overall inventory growth, days on market increased market wide from last year while difference from last ask to sale increased for both condos and co-ops year-over-year.
Condominium MarketPricing for most metrics was down relative to last May, while inventory and average days on market increased. Average sale price was up 3% month-over-month, but dropped 21% year-over-year due to multiple high-end sales last May.
Median sale price also decreased, down 3% from May 2015. Average price per square foot declined by 18%, again skewed by last May’s number of high end sales.
Studios had a year-over-year increase in average price per square foot, while all other bedroom types had year-over-year declines. Days on market increased 44% relative to May 2015 and 5% versus this past April, largely fueled by the 23% inventory growth year-over-year combined with a 20% drop in signed contracts.