Showing posts with label manhattan monthly market report. Show all posts
Showing posts with label manhattan monthly market report. Show all posts

May 13, 2016

Manhattan Monthly Market Report | April 2016

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Manhattan Monthly Market Report | April 2016

Market Wide Summary 

Overall sales were down 14% year-over-year, with declines in both the condo and co-op markets. Compared with April 2015, there was 10% more inventory listed in April 2016. Pricing was also down year-over-year across the market, with average sale price for condos down 7% and average sale price for co-ops down 19%.

Total inventory is up 10% from April 2015, with condo listings making up the majority of that inventory at 52%. Average price per square foot across both condos and co-ops decreased 5% year-over year, with the greatest year-over-year average price per square foot decrease occurring in three+ bedrooms in the condo market.

Further, the market is continuing to see a rising percentage of contracts signed below asking price, indicating that more buyers are finding the opportunity to negotiate

Condominium Market Snapshot

 The condominium market experienced an overall decrease in contract activity year-over-year. Average sale price for condos was down 7% since April of the prior year, but increased modestly versus March 2016. Median sales price grew from last month at 4% while remaining steady year-over-year. Average price per square foot throughout the condo market dropped 4% versus April 2015. Average price per square foot decreased for studios and three+ bedrooms, where the figure dropped 16% year-over-year for sales in both categories.

Average price per square foot for both one bedrooms and two bedrooms, on the other hand, increased 12% and 8%, respectively. Days on market held steady year-over-year, as listings remained on the market for an average of 99 days in April of both 2016 and 2015. Listed inventory rose 17% from last April, continuing an upward trend, while overall contracts signed in the condo market has decreased by 8% versus April of the prior year.


 Cooperative Market Snapshot 

Across almost all metrics, the co-op market declined year-over-year. Average sale price for co-ops experienced double-digit decreases versus both last year and last month while median sale price decreased by 9% compared to April 2015.

Average price per square foot in the co-op market also decreased 9% year-over-year, with the greatest decrease in the two bedroom market. Difference from last ask to sale remained relatively stable year-over-year at -1.6%, signifying minimal negotiability. While most metrics reflected a decline in the overall market, sales velocity for co-ops actually increased with days on market 14% lower than the prior year and 19% lower than last month. Listed inventory was up 4% versus April 2015 and 6% month-over-month. Overall contracts signed fell 16% versus last year and 5% month-over-month.

Manhattan Total Listings 

Total listings continued to increase year-over-year for the fourth consecutive month. Townhouse and co-op inventory each rose 4% year-over-year, while condo inventory increased 17% compared to April 2015. In line with previous months, the condo market continued to comprise over half of total listings, hovering at 52% for the second month in a row. April saw the highest number of total listings since October 2012.

Manhattan Total Inventory 

Market Share by Price Point In April 2016, listings under $1M made up 28% of market share versus 35% in April 2015. Following small month-over-month increases in February and March, the market share of inventory under $1M decreased versus last month. Listings above $3M comprised 34% of total inventory this month compared with 31% in April 2015. Listings priced at $1M-$3M expanded their market share year-over year to 38% of the total inventory, which can be partially attributed to the year-over-year increase in co-op inventory since April 2015 outlined in the co-op snapshot above.



Dec 18, 2015

Manhattan Market Report | November 2015

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Market Wide Summary

Overall Manhattan contract activity was level compared to last year yet lower than October, typical of past November trends. There was an uptick in new development sales, driven by sales at entry level and mid-market new developments. As a result, these sales contributed to the decline in overall condo average price. There were fewer total listings on the market than a year ago. However, overall inventory is only skewed lower due to the significant decline in co-op listings as condo inventory increased.

Inventory remains very limited, especially among units under $1M. This month buyers were still able to negotiate the asking price, yet only marginally in both markets. Discounts were the most pronounced in sales over $3M, corresponding to the category that has seen the most inventory growth and thus, more competition. The co-op market remains extremely tight and days on market continued to shrink for this product type. The opposite appears to be occurring in the condo market; days on market was higher than the same time last year.


Condominium Market Snapshot

Condo sales were down compared to last month, in line with previous Novembers, but remained level with last year. Listed inventory was 4% higher than the same time a year ago. Negotiability, on average, was 1.6% below the asking price, nearly unchanged from last month and last year. The length of time condos were on the market grew to 106 days, a 16% increase versus last year.

Average and median condo sale price declined year-over-year as market share shifted away from three+ bedroom sales. Price per square foot dropped 13% relative to last November. Studio price per square foot figure dropped 18%, but is often skewed by the low number of studio sales each month. Price per square foot figures for one and two bedrooms, which comprised 74% of transactions this month, both increased versus last year. Three+ bedroom price per square foot declined 32% year-over-year, which was skewed higher last November by several new development sales including a penthouse at Walker Tower.


 Cooperative Market Snapshot

Co-op sales were down slightly versus last year and held steady with last month. Listed co-op inventory declined 13% compared to last year, making November the twelfth consecutive month of year-over-year declines in co-op inventory. With low inventory, negotiability remains very limited at an average of 0.4% off the asking price. Days on market fell 28% versus last year to just 70 days.

Sale prices jumped year-over-year in all bedroom categories. The 61% price jump for three + bedroom units is explained by a high priced sale at The Carlton House. In spite of these notable price increases in each bedroom category, overall overage and median sale price changed little compared to last year, partially due to a shift away from two and three + bedroom sales in terms of market share.


Manhattan Total Inventory by Pricepoint

With the Autumn selling season winding down, total inventory declined 5% month-over-month. Inventory was down 3% compared to November last year, driven by the 13% year-over-year drop in co-op listings. Condo inventory expanded by 4% versus November last year, but declined from the two year high seen in October. Townhouse listings held steady with last year and grew a modest 2% compared to October.

Manhattan Total Listings

Manhattan listings below $1 Million continued their steady decline this month, dropping to just 30% of total listings, down from 38% last November. This decline in listings below $1 Million was matched by an increase in listings priced above $3 Million. At 34% of total Manhattan listings, listings above $3 Million now occupy a significantly higher proportion of total inventory than listings below $1 Million.

Nov 12, 2015

Manhattan Monthly Market Report | October 2015

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Manhattan Monthly Market Report | October 2015

Market Wide Summary

Manhattan contracts increased 22% from September, a larger than normal monthly boost than past Octobers. However, sales have been declining year-over-year since August, and were down from last October. Both condo and co-op buyers signed contracts faster than last month and last year, and 51% of buyers found success in negotiating the listing price.

More listings are on the market compared to last month, which is typical for October, but the total of 6,180 is 2% less than a year ago and inventory still remains very low. In fact, listings have hovered around 6,000 for nearly three years, while during the three years prior (2010 to 2012) listings averaged 8,400.

New development sales are gaining market share as more new properties enter the market. However, more moderately priced properties attracted buyers this month, dropping the average new development sale price to half the figure a year ago.

Condo median was 9% higher than last year, but average price was 10% lower. Co-op median price was 12% higher than a year ago, a figure that has been growing annually since August 2014. Strong demand for co-ops is not being met with enough supply.


Condominium Market Snapshot

Condo median was 9% higher than last year, but average price was 10% lower. Co-op median price was 12% higher than a year ago, a figure that has been growing annually since August 2014. Strong demand for co-ops is not being met with enough supply.

Price negotiability increased this month in the condo market. The average discount was 1.7%, while last year and last month the discount was under 1%. This figure is still very low relative to the discounts seen a few years a ago, but negotiability is increasing. 

This month, as with the past four, more than half of condo transactions were signed below ask. Overall average price declined 10% from last year, partially due to fewer sales of large residences, but due also to a significant increase in market share of one bedroom residences. 

The 9% median price increase was exaggerated by last year’s low figure, which was the second lowest median price in all of 2014. Time on the market for condos was 76 days on average, lower than both last year and last month despite more inventory available. One bedrooms in particular gained market share and sold the fastest. One bedrooms also had the largest price per square foot increase of any bedroom type versus a year ago.


Cooperative Market Snapshot

Co-op signed contracts were up 22% versus last month but down 20% versus the very strong October 2014 figure. Listed coop inventory was down 10%, the eleventh consecutive month of year-over-year inventory declines.

The co-op market further tightened as days on market fell relative to both last year and last month, to just 76 days on average. Average and median price grew versus last year with a 15% increase in average sale price, a 12% increase in median sale price, and an 8% increase in
average price per square foot.

Studio, one bedroom, and two bedroom units all had price per square foot growth, while three+ bedroom price per square foot declined minimally year-over-year.

New Listings by Price Category


Manhattan Total Inventory by Price Point

In preparation for the Fall selling season, sellers listed 4% more apartments and townhouses than in September. Compared to the same time a year ago, inventory is 2% lower. However, while total listings are down from last October, condo inventory is actually up 5%.

At 3,070 listings, condo inventory is at its highest level since July 2013. Since June, condo listings have been at or above 50% of inventory. Co-op listings were down 10% and have been declining for eleven consecutive months. Townhouse listings were down 3% compared to October 2014



Nov 17, 2014

Manhattan Monthly Market Report | October 2014

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Manhattan Monthly Market Report | October 2014

  • Price growth was most prominent this October in one bedroom co-ops, up 18% versus last October, due to increasing demand for more affordable product. 
  • Market-wide inventory has increased since last month as well as last year, although nearly all of this growth is due to condo listings as co-op inventory remains flat. 
  • Contracts signed are up 3% year-over-year overall, but again split by market: condo sales are down 8% while co-op sales are up 13%. The increase in co-op sales has kept pace with inventory, keeping co-op listings near historic lows while the decrease in condo sales has supplemented the growth in available listings.


Oct 22, 2014

Manhattan Monthly Market Report | September 2014

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Manhattan Monthly Market Report | September 2014

The Manhattan market came back strong in September. Year-over-year prices rose in all measures, in some cases by very significant percentages.

For the first time since January, September saw year-over-year gains in contracts signed in both the condo and the co-op markets. 

Average discount from asking price is up slightly for both condos and co-ops, but smaller than the discounts given a year ago. Days on market showed month-over-month increases, but this is likely a result of less buying activity through the month of August.


May 15, 2014

Manhattan Monthly Market Report | April 2014

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Manhattan Monthly Market Report | April 2014
  
April 2014 showed indicators of a market that is continuing to tighten; price negotiability shrank, days on market dropped in all categories, fewer units than ever before were signed below their asking price, and average price as well as price per square foot rose. 

Generally, smaller units saw bigger gains in price per square foot versus April 2013, particularly in the cooperative market where buyers may be looking at smaller units to find more affordable options. Condominium units saw strong year-over-year gains in all three price metrics, while cooperative unit prices held close to steady. This month had the lowest market share under $500K since we began tracking the statistic in November 2007. 

Inventory declined year-over-year by 10%, continuing the multi-year decline, however with a less dramatic drop than experienced over the prior 18 months. While cooperative units experienced another month of year-over-year decline, the condominium market saw the first month with a year-over-year gain in total listings in over four years. Likely a result of inventory which is still very low, sales volume declined again this month, down 12% versus April 2013 in the condo market and 8% in the cooperative market.


For property owners thinking of selling, there has never been a better or more advantageous time since before the financial collapse of 2008. 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 this report or about the Manhattan real estate market in general.


Apr 16, 2014

Manhattan Market Monthly Report | March 2014

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Manhattan Market Monthly Report | March 2014  

Market Wide Summary

Low inventory continues to drive strong competition for available units across the market, with year-over-year declines in listed units in both the co-op and condominium markets.
Also occurring in both markets and likely affected by inventory, days on market is down year-over-year and buyer negotiability has dropped. 

This month 31% of sales were above their asking price and just 49% were below their asking price. Contracts signed decreased year-over-year but relative to last month the number of contracts signed increased significantly, up 35% in condominiums and 24% in co-ops. 

The year-over-year decline in contracts signed could be due to several factors; the unusually inclement weather and the decline in available inventory are both likely to have impacted sales. 

Price growth was less robust this month than recent months, however average price and price per square foot had modest year-over-year increases in both the condominium and the co-op market. Compared to last month, prices declined in both of these metrics as well as in median price. 

This is at least in part due to market share by unit type: three+ bedrooms were responsible for only 15% of sales this month compared to 19% in March 2013 and 28% in February 2014.

 The Corcoran Report March 2014

Jun 10, 2013

Manhattan Monthly Market Snapshot | May 2013

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  • Condo and coop sales very strong
  • Number of contracts exceeded last years
  • Declining days on market
  • Length of time condos and coops spent on the market in May 2013 dropped by 37% from same time last year.

For property owners thinking of selling, there has never been a better or more advantageous time since before the financial collapse of 2008. For buyers looking to act in this market, swift and aggressive action is called for. 

Whichever you may be, or if you have any questions regarding your future and specific needs I invite you to contact me with your questions about this report and on the market in general.




Apr 15, 2013

Manhattan Monthly Market Report | March 2013

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Marketwide Summary

March proved to be a strong month for condo and coop contract activity. Condo sales increased 16% compared to March 2012 despite a 26% decline in inventory. Average sale price for condos was also up 18% compared to last year.

The co-op market also had a strong month with an 11% gain in average price over last year. Co-op contract activity increased 10% compared to last month, and 4% compared to last year despite a 28% year-over-year drop in inventory.


    



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Jul 20, 2012

Manhattan Monthly Market Snapshot - June 2012

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Jun 10, 2012

Manhattan Monthly Market Report May 2012

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