Market Wide Summary
Overall sales were down 17% year-over-year, with declines in both the co-op and condo markets. As is typical at the end of summer, listings jumped by 18% in September relative to August, led by the co-op market which increased 25%.
However, total inventory remains 6% below last year’s level. Co-op sale price was up while condo sale price fell versus September 2014. Studio and one bedroom units represented a greater share of sales this month versus September 2014, partially accounting for the decline in condo sale price year-over-year.
With an increase in co-op inventory month-over-month, buyer negotiability increased in the co-op market. 52% of total sales this month sold below asking price compared to just 40% in June, reflecting the increase in inventory and greater buyer choice. Days on market declined in both the condo and co-op markets versus last month and last year.
Condominium Market Snapshot
Condo sales were down this month, dropping 21% versus last year and 11% versus August. Condominium average and median price declined relative to last year. Average price per square foot increased a negligible 2% versus last September.
However, these overall figures misrepresent actual price trends, since larger units have declined markedly as a proportion of total units sold, skewing prices down. Two and three bedroom units represented 60% of total units sold this month relative to 72% of units sold in September 2014.
Average price per square foot increased year-over-year in every bedroom category except 3+ bedrooms, which fell by a modest 2%. The gap between last asking price and sale price narrowed versus last month and last year. The length of time it took for listings to reach contract declined to just 78 days, the lowest such figure since August 2014.
Cooperative Market Snapshot
Co-op sales were down versus last month and last year. Co-op prices rose relative to September 2014, with co-op average sale price up 10% and median price up 9%. Average price per square foot rose 8% versus last year. Two bedroom units experienced the most substantial price per square foot increase, rising 25% versus September 2014, followed by studios, which rose by 22%. While inventory rose versus last month, the co-op market continued its trend of year-over-year declines in inventory, dropping 15% versus last year. Negotiability - the difference between last asking price and sale price - increased from its nearly nonexistent level last month. The length of time from listing to contract signing declined versus last month and last year to 86 days.