Market Wide Summary
Contracts signed in January were down again, following already low sales activity in December. Most price metrics, however, saw increases, as average sale price jumped for condos and co-ops while median price grew for co-ops.
Average price per square foot rose for condos and co-ops, surpassing $2,000 per square foot for condos, an unusually high figure. Listed inventory continued the trend of annual increases, as both condos and co-ops saw annual gains.
Days on market increased by double-digits for both condos and co-ops, as average days on market for condos approached half a year. Negotiability increased for both product types, as the spread from last ask to sale was 4% for condos and 2.5% for co-ops.
Contracts signed in January were down again, following already low sales activity in December. Most price metrics, however, saw increases, as average sale price jumped for condos and co-ops while median price grew for co-ops.
Average price per square foot rose for condos and co-ops, surpassing $2,000 per square foot for condos, an unusually high figure. Listed inventory continued the trend of annual increases, as both condos and co-ops saw annual gains.
Days on market increased by double-digits for both condos and co-ops, as average days on market for condos approached half a year. Negotiability increased for both product types, as the spread from last ask to sale was 4% for condos and 2.5% for co-ops.
Cooperative Market Snapshot
Co-op activity dropped in January as well, though less significantly than condos, with sales down 12% annually. Average sale price increased 1%, and median sale price increased 16%.
Average price per square foot had a modest 4% increase over last year’s figure, as all unit types except two bedroom units registered annual gains. Two bedroom price per square foot dropped 6% compared to last year to under $1,200 per square foot.
Days on market continued to increase, rising above 100 days for the third time in a year, to its second highest figure in the same amount of time. Inventory experienced annual gains, expanding 19%, as 400 more units were actively listed than the year prior. Difference from last ask to sale price remained fairly consistent with last year, at 2.5%.
Manhattan Total Listings
Total inventory in Manhattan continued to creep higher, with condos, co-ops, and townhouses all recording annual increases. The co-op increase of 19% was more than double the 8% increase in condo inventory. Townhouse inventory after months of declines stayed level last month, and registered a 2% increase in January, the first increase of that magnitude since April 2017. Overall inventory increased 12%, the largest annual gain since December 2016.
Listed Inventory by Price point
As listed inventory has continued to build up, the nature of that inventory has also begun to shift, as slower sales in some segments and greater availability of that product pushes market share higher. Surprisingly, the segment with the greatest increase in inventory compared to last year is units listed under $1M. Listed inventory under $1M grew by more than 400 units compared to last year.
Conversely, the market segment with the least growth was the market over$3M, which had only 29 more listed units than last January.
Units priced from $1M to $3M grew by 281 units. In the past 12 months there have been more units priced over $3M on the market than their counterparts under $1M, often by a couple hundred units or more. However, that difference shrunk to just 42 units in January 2018, as compared to a differential of 425 units in January 2017.
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