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

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.



 
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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.



 
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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

 
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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.





 
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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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This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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