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Manhattan Monthly Market Report | June 2015

June 2015 Market Wide Summary

Market-wide contracts signed have been strong and consistent since February. There were 1,353 total contracts signed in June, a 16% increase over June 2014. Contracts have slowly but consistently been shifting toward more expensive product, a result of both market appreciation and available inventory.

Units priced between $1,500 and $2,000 per square foot represented 26% of total contracts signed this month, the highest percentage on record. Condos and co-ops both saw double-digit declines year over-year in average days on market and 32% of sales were above their last asking price, the highest figure in over a year and a half.

Total listings are flat compared to June 2014, but the percent of co-op listings is the lowest in over five years. Inventory continues to shift toward expensive product, with 32% of listings over $3M compared to just 15% of contracts.

The condo and co-op markets continued to diverge in June. Co-op inventory continues to fall while condo counteracts it with listing increases. Condo negotiability is increasing but co-ops on average are selling above ask.
Typically, the condo and co-op market negotiability are relatively similar and fluctuate in tandem. This month co-ops saw the continuation of a five month trend of decreasing negotiability, with the average June signed contract occurring at 0.9% above the last asking price. 

Condos have experienced more mixed changes in recent months, with an average discount of 1.5% in June 2015, contributing to the largest difference between condo and co-op negotiability in nearly four years. Condo listings are increasing while co-ops continue to decline, leading to a shortage of co-ops and an increase in the frequency and extent of bidding wars.

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