Showing posts with label Manhattan Monthly Market Report August 2017. Show all posts
Showing posts with label Manhattan Monthly Market Report August 2017. Show all posts

Sep 15, 2017

Manhattan Monthly Market Report | August 2017

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Manhattan Market Report | August 2017

Market Wide Summary 

Contract activity in August dropped year-over-year, as sales of condos and co-ops both fell. Pricing metrics for condos and coops saw mixed results in August, as average sale price increased by double digits for each, while median sale price declined for co-ops, but increased for condos. Similarly, price per square foot amongst condos saw a rise in pricing while co-ops saw a slight drop in pricing.

Amongst condos, an increase in inventory was met by a surprisingly large reduction in days on market. Meanwhile, co-ops saw both days on market and inventory increase. Negotiability remains prevalent in both markets, though condos saw lower discounts than a year ago, and co-ops experienced a slight increase in average discount.

Condominium Market Snapshot 

Condo sales dropped by 14% versus last year, the second largest decline in the condo market since January. Pricing rose versus last year, with average and median sale price both increasing. These price increases, though high, were driven exclusively by a dramatic 39% increase in the average price per square foot of three bedroom units. A sale in the West Village for nearly $12M coupled with two other sales over $5M contributed to this rise, as did a particularly low average sale price last August.

All other unit types, on the other hand, saw year-over-year declines in average price per square foot. Studios and one bedrooms saw the most significant drops, at 15% and 14%, primarily due to a large number of sales in Upper Manhattan. Annual changes in pricing metrics contrasted with monthly changes, as average and median sale prices along with average price per square foot all saw decreases versus last month. Listed inventory rose slightly over last year, with 2% more units on the market. Negotiability was slightly lower this August, as the difference from last ask to sale is the lowest it’s been since April.


Cooperative Market Snapshot

 Co-op sales were down slightly in August, falling 3% as compared to last year. Average sale price saw a 13% rise, largely as a result of last year’s abnormally low average sale price. Median price on the other hand was 6% lower than last year’s price. Average price per square foot declined as well, albeit very modestly.

There was a direct correlation with unit size and price change in August, with studios seeing price gains, one bedrooms seeing no change, and two and three bedroom units seeing declines in pricing. The decline in three bedroom price per square foot came largely as a result of an increase in sales of that unit type in Upper Manhattan, where almost a quarter of sales occurred in August 2017, compared to none in August 2016.

 Days on market rose 16% compared to a year ago, due to there being six sales over $5M as compared to just two last year, and these units spent an average of 223 days listed, compared to 152 days for the two units sold in that range last year. Negotiability was slightly greater than last month and last year, with difference from last ask to sale at -0.8% last month and -1.0% last year.


Manhattan Total Listings 

Total listed inventory rose year-over-year for the 19th consecutive month, as both co-ps and condos saw annual increases this month. For the third consecutive month, the annual increase in co-op inventory as a percentage outpaced the increase in condo inventory, an atypical occurrence relative to the last few years when new development drove condo inventory higher. Condo inventory however, still makes up well over half of available inventory, at 55.3%, the highest proportion since last August.



 
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