Showing posts with label Manhattan monthly market report September 2013. Show all posts
Showing posts with label Manhattan monthly market report September 2013. Show all posts

Oct 18, 2013

Manhattan Monthly Market Report | September 2013

Manhattan Market Snapshot |September 2013

Condos and co-ops experienced similar market conditions in September with year-over-year double-digit percentage gains in average sale price and average price per square foot. In addition, both property types saw significant year-over-year increases in median price.

Contract activity increased for both condos and co-ops compared to last September and the average days on market has seen a steep drop. Tight market conditions are evidenced by declining inventory compared to September 2012 and limited buyer negotiability. Despite slight month-over-month decreases in average price per square foot, the condo and co-op market experienced large gains compared to last September 

Condominium Market Report

In September strong sales in new luxury condo developments fueled large year-over-year increases in average price and average price per square foot. Average price per square foot increased year-over-year by 28% and was higher in every bedroom category compared to last September.

Average sale price remained nearly even with last month, but increased 37% over last September. Median sale price dipped slightly since last month, but increased 25% over last September. days on market was 43% lower than last September at 107 days. Listed inventory went up 7% over last month, a typical seasonal pattern, however it remains 38% lower than September 2012. Contract activity increased year-over-year by 37%.

Cooperative Market Report 

The co-op market experienced strong year-over-year growth in average price and average price per square foot. Average price increased 37% and average price per square foot was up 29% over last September. Median price increased 15% over September 2013, despite a slight month-over-month decline. 

Average days on market declined 52% compared to last September to just under three months. Co-op buyers experienced a lower discount this September as average discount from last ask to sale fell under 2% compared to 5% last September.

Similar to the condo market, inventory increased compared to last month, but remains 35% lower than September 2012. Despite the inventory decline, contract activity increased 59% year-over-year. Average sale price declined from August due to an increase in sales of smaller co-ops this month.

Manhattan Inventory 

Average price per square foot has increased market wide since last September. Sales of properties priced over $2,000 per square foot comprised 10% of Corcoran sales this September, the highest percentage ever. Last September, this price category represented just 4% of the market.

Sales of properties over $1,500 per square foot more than doubled in market share compared to last September. These properties comprised 27% of the market this September compared to just 13% in September 2012. Sales under $1,000 per square foot comprised 39% of the market this month, compared to over 50% of the market last September.


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