Showing posts with label Manhattan market report. Show all posts
Showing posts with label Manhattan market report. Show all posts

Oct 26, 2018

Manhattan Market Report | September 2018

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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.


Aug 18, 2016

Manhattan Market Report | July 2016

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Manhattan Market Report | July 2016

Market Wide Summary

 Market indicators differed between the condo and co-op markets in July with the co-op market fairing better than condos. Average price was down significantly for condos but up for co-ops year-over-year, while median price was up in both markets. Increased median prices in both markets indicates that a small number of sales this month skewed the data for average price in the condo market, which will be reviewed in the subsections below.

Average price per square foot increased by almost a third for co-ops, but dropped 13% in the condo market. Listings, on average, spent a greater number of days on the market for both residence types. In line with preceding months, discounts were common across the market as difference from last ask to sale was -2.6% for condos and -2.5% for co-ops. Listed inventory rose annually market-wide, but dipped slightly from last month as the summer lull in new



Condominium Market Snapshot 

Average price was down 18% versus last year while median price was up 2%, indicating that average price in July 2016 was skewed by a small number of high sales. Overall, average price per square foot dropped 13% from last year, though three bedrooms, one bedrooms, and studios had year-over-year increases.

Condo listings stayed on the market 18% longer than in July 2015 and 11% longer than they did last month. Difference from last ask to sale was -2.5%, which was not far from last year’s statistic of -2.0%. While down versus last month, condo inventory is 26% higher than last July. Contract activity fell 21% year-over-year and 15% month-over-month.

Cooperative Market Snapshot 

Building on annual increases in last month’s co-op market, both average and median price were up year-over-year 9% and 12%, respectively. Average price per square foot rose 27%, which was anchored by an atypically high 36% increase in average price per square foot for 3+ bedrooms.

This increase is due in large part to a three bedroom sale on Park Avenue. All other bedroom types saw year-over-year increases in average price per square foot. Average days on market rose 17% versus last year and 12% versus last month, likely caused in part by a 9% annual increase in listed inventory.

Difference from last ask to sale was -2.5% this month, compared with 1.2% over ask in July 2015. The month-over-month change in difference from last ask to sale is again skewed by the Park Avenue sale. Overall contract activity was down 19% from last year and 18% versus last month.



Manhattan Total Listings 

Buyers had more options this month than in July 2015, as inventory across Manhattan increased by 18%. Total listings dropped, however, from last month, continuing a downward trend since total listings reached a post-2012 peak in May 2016. Across the market, listings were down 5% from June 2016. For the last fourteen months, condos have comprised over half the market share, and July 2016 continued that trend with condos making up 55% of total listings. As with condos and co-ops, townhouse listings also increased annually by 11%.



Manhattan New Listings by Price Category 

Following a full year of inventory increases, July 2016 marks the second consecutive month of year-over-year decreases in new listings. This month, 21% of inventory was made up of new listings, whereas in July 2015, new listings comprised 28% of total inventory. New listings across all price categories were down compared with last year, with the greatest annual decrease in the $5MM+ category, down 17%. Consistent with the percentage of new listings below this price point last July, 77% of new listings this month were under $3MM



Apr 15, 2016

Manhattan Market Report | March 2016

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Manhattan Market Report | March 2016

Market Wide Summary


Overall Manhattan contract activity dipped slightly compared to last year, but rebounded from last month’s atypically low number of sales. Condo sales declined by 5% compared to this time last year, while co-op sales dropped a modest 3%.

Average and median sale price declined year-over-year in the condo market. In the co-op market, average price held approximately level with last year while median sale price fell 8%. Price per square foot trends diverged in the condo and co-op markets, with average price per square foot down 7% year-over-year in the condo market but up 5% in the co-op market.

The length of time from listing to sale changed little in both the condo and co-op markets compared to last year, and was in line with the twelve-month average. Condominium inventory continues to increase, with listed inventory up month-over-month and year-over-year. The co-op market bucked its 16-month trend of annual declines in inventory, with total co-op listings rising year-over-year for the first time since November 2014.


 

Apr 2, 2016

Manhattan Market Report | 1Q- 2016

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Manhattan Market Report  | 1Q- 2016

The average sale price surpassed $2 million for the first time, reaching $2.089M, up 8% from last quarter and 15% from last year.

Average price per square foot also reached a record high, up 5% from last quarter’s record to $1,832 per square foot. All bedroom sizes had increases in median price, lead by three+ bedroom residences with a jump of 30% from last year.


























Oct 1, 2014

Manhattan Market Report |Third Quarter 2014

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Manhattan registered a solid Third Quarter 2014 performance as strong sales and persistently low inventory continued to drive prices ever-higher. But while price per square foot continues to rise across the market, other market dynamics are starting to shift.

The number of closed sales was the second highest figure seen in over five years. Because only Third Quarter 2013 was higher, Third Quarter 2014 registered a 10% year-over-year drop in sales. The number of sales is highly affected by two trends: limited inventory at low price points and the strength of the new development pre-sale market. Only 6% of closed sales this quarter were new development sponsor sales, a remarkably low market share, as most new developments today are still under construction.

Inventory is rising. Third Quarter 2014 was the third consecutive quarter to see a gain in active listings, the firstsustained, non-seasonal upward trend in inventory since 2008. With 10% more listings available now versus the same time last year, buyers are finally seeing more options on the market. However, the shift in inventory is not consistent, as co-op listings are actually still down 2% year-over-year. It’s condo inventory that’s growing—up 22% year-over-year—driven by new developments entering the market. A rule to remember: a market in equilibrium  has two times the number of available listings as quarterly sales.

Average price per square foot continued to climb, up 12% annually to $1,305 market-wide (condo and co-op, new and resale combined). Average price per square foot has now risen year-over-year for eleven consecutive quarters. Resale price per square foot performed strongly year-over-year with co-ops increasing 12% and resale condos increasing 7%. But new development far outpaced the rest of the market, with a 30% rise year-over year in price per square foot. The new developments closing this quarter tended to be larger residences, in more luxurious buildings and in prime locations.


Apr 3, 2014

Manhattan Market Report | First Quarter 2014

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Following an extremely strong 2013, closed sales in the Manhattan market remained numerous duringFirst Quarter 2014, up 25% year-over-year to over 3,200 sales. With a proportional increase
in sales at  the high end, the price per square foot and the average price both topped the Second Quarter 2008 peak.

Ultra-low inventory levels strongly contributed to this quarter’s substantial price appreciation.
Across the market, both the average price per square foot and median price increased by double digits
when compared to First Quarter 2013. 


Market-wide price per square foot averaged $1,276, exceeding the Second Quarter 2008 peak of $1,261 by 1%. Condominium values played a large role in that change; the average price per foot for resale condos reached $1,420, a 13% increase from First Quarter 2013. 

Year-over-year, the median price increased 12% for resale condos and 15% for resale co-ops. Larger units in particular continue to post significant price gains; three+ bedroom units gained 25% in median price market-wide this quarter, compared to an 8% gain in studio units.

Thanks to closings in major luxury properties, new development pricing also rose to new heights. Average price increased 69% to $3.285 million, median price 35% to $1.880 million, and price per square foot 40% to $1,776. With their outstanding popularity and intense demand from luxury buyers, new development products skew bigger than the rest of the market; 31% of new development closings this quarter were in three+ bedroom units. While new developments represented only 11% of market-wide closings, they drove some of the biggest price gains.


Despite the large increase in closings this quarter, signed contracts were down versus this time last year. This can be attributed in large part to limited inventory which in the First Quarter 2014 
was 17% lower than the First Quarter 2013 and the unusually harsh winter and lack of large new development projects opening this quarter also played a role. 




This report uses market-wide data based on transactions that closed in the First Quarter 2014 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight to twelve weeks after a contract is signed in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions.
  
For Manhattan property owners thinking of selling, there has never been a better or more advantageous time. For buyers looking to act in this market, swift and aggressive action is called for. 

Whichever you may be, I invite you to contact me with your questions about the First Quarter 2014 Corcoran Report and on the market in general.


 
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