Blog about NYC real estate by NYC Broker Mitchell Hall. Homes, architecture, neighborhoods, new developments, market reports, trends and more...

Manhattan Market Report | March 2016

Manhattan Market Report | March 2016

Market Wide Summary

Overall Manhattan contract activity dipped slightly compared to last year, but rebounded from last month’s atypically low number of sales. Condo sales declined by 5% compared to this time last year, while co-op sales dropped a modest 3%.

Average and median sale price declined year-over-year in the condo market. In the co-op market, average price held approximately level with last year while median sale price fell 8%. Price per square foot trends diverged in the condo and co-op markets, with average price per square foot down 7% year-over-year in the condo market but up 5% in the co-op market.

The length of time from listing to sale changed little in both the condo and co-op markets compared to last year, and was in line with the twelve-month average. Condominium inventory continues to increase, with listed inventory up month-over-month and year-over-year. The co-op market bucked its 16-month trend of annual declines in inventory, with total co-op listings rising year-over-year for the first time since November 2014.


No comments

All related comments are welcome. Spam will be deleted.

Powered by Blogger.