nyc BLOG estate

nyc BLOG estate

Manhattan Monthly Market Report | July 2015

Market Wide Summary

Despite summer typically being a slow time in Manhattan real estate, sales figures were strong in July with condo and co-op sales up 19% compared to last year.

Listed inventory dropped this month, despite a robust new development market. The condo and co-op markets continued to differ this month which contributed to varying experiences for condo and co-op buyers.

Seller negotiability is increasing in the condo market while conversely sales over asking price are increasing in the co-op market. The discount offered by co-ops relative to condos is attracting more buyers and thus discounts on co-ops were infrequent and the average time a unit stayed on the market dropped.

Prices in both markets were mixed, with co-op price indicators slightly more positive. Condos saw nominal year-over-year decreases in average and median price and average price per square foot. Co-ops saw strong increases in average and median price year-over-year but a decline in average price per square foot.

Both markets saw price per square foot increases among one bedroom units and price per square foot decreases among two and three+ bedroom units.

1 comment:

  1. This is a very helpful synopsis of the Manhattan housing market by home type. It it interesting that sales are strong despite the usual summer softening (which we normally see in Silicon Valley too).


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