Co-ops had remarkable performance this month, with a 31% gain in average price up year-over-year to a record-setting $1.493M. Condos have been in the spotlight since 2013 as flashy new developments and staggering prices catch headlines but the co-op market has remained stable and strong, with healthy fundamentals in every category. Average days on market for co-ops dropped 16% compared to last December and co-op inventory is at the lowest point since we began tracking in November 2007, with just 2,235 units on the market; co-ops have not seen an annual increase in inventory in over three years. Condos also had a strong month with average and median price increases and a decline in days on market. Inventory is up 12% year-over-year from the trough at the end of 2013. Contracts signed were up significantly versus last year providing a strong finish for 2014 sales.
Condominium Market Snapshot
All metrics are positive in December for the condominium market compared to last year. Prices are up year-over-year by healthy percentages while days on market decreased, negotiability remained stable, and contracts signed increased. Within bedroom types only two bedrooms saw growth in price per square foot, up 12% versus last year. One bedrooms declined 3% and three+ bedrooms declined 5%. Contracts signed were up 8% over last year and were up 14% compared to last month, breaking the typical seasonal trend. Inventory increased by 12% compared to last December, which represented the inventory trough. As condo listings return to the market buyers will have more choices, however a continued lack of supply in the lower price brackets is preventing many buyers from entering the market.
Cooperative Market Snapshot
December 2014 was a notable month for the cooperative market with a number of milestones. The average sale price of $1.493M is 31% above last year’s average and the highest average price for co-ops since we began keeping record in November of 2007. Also reflecting strong demand, days on market dropped 16% compared to last December, to just 90 days to sell a unit on average. Simultaneously, co-op inventory is at the lowest point since we began tracking, with just 2,235 units on the market. The co-op market has not had a single month with a year-over-year gain in inventory in over three years. Contracts signed increased by 33% compared to December 2013 and were even compared to last month.