In November 2014 strong year-over-year price growth resumed in the condo market; median price, average price, and average price per square foot all saw double-digit gains. Price gains, however, in part reflect the increase in quality of available inventory and lack of lower-priced options, in addition to appreciation. The co-op market continued to see steady overall price growth since last November with price per square foot up 4% and average price up 11%. The market still suffers a surplus of high priced inventory and dearth of product under $3MM; just 3% of sales this month were above $5MM while that price bracket makes up 18% of current inventory. 

Market-wide inventory has increased since last month as well as last year, although nearly all of this growth is due to condo listings as co-op inventory remains flat. Contracts signed are down 6% year-over-year overall, but again split by market: condo sales are down 19% while co-op sales are up 5%. The increase in co-op sales has kept pace with supply while the decrease in condo sales has augmented the growth in available listings. With no change versus November 2013, co-op listings remain near historic lows. This month saw co-ops take the highest percent of sales (60%) compared to condos since January 2012.

There are many ready, willing and qualified buyers looking to purchase right now, but with limited inventory they can't find the right property.  You may be surprised by what your home is worth in this market.  If you're interested in a confidential evaluation of your property I would be happy to help. Please call me at 212-937-7011 or email at dek@corcoran.com.

Regards,

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The Deanna Kory Team is: Deanna Kory, Ileana Lopez-Balboa, Stacey Pashcow, Jane Martin, Christine Morgan, Lynn Nguyen, Carlin Wright, Cindy Kitch and Sara Dye.