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.

Please do not hesitate to reach out if you have any questions about March Snapshot or the Manhattan market in general. I welcome the opportunity to be of assistance to you.  If you're interested in a confidential evaluation of your property I would be happy to help. Please call me at 917-275-4714 or email at cawright@corcoran.com.

Regards,
Carlin Wright
 

 

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