Manhattan sales were very strong in February, up 19% compared to last year. Condos in particular saw a large rise in the number of contracts signed, up 31%. Inventory increased 4% year-over-year, but is still skewed disproportionately towards condos and units over $2MM, while units under $1MM are increasingly scarce. Prices fell in the condo market overall, while co-ops saw a 15% increase in median price compared to last year.
Market share changes show a growth in one bedroom sales in both markets, and a growth in two bedroom sales in the co-op market. In both markets the number of three+ bedroom sales declined, contributing to the lack of growth in most price metrics. Days on market shortened but average discount increased for both condos and co-ops. A large number of new buildings are expected to launch this Spring, which could fuel a further increase in sales.
I fully expect the spring market to be very active as inventory remains low, pent-up demand remains high for many market segments, interest rates are at near all-time lows, the economy continues to improve and both domestic and international buyers still recognize NYC as a safe haven for investment.
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,
explains the top 5 things to consider before renovating. Lee has been building his architecture and contracting business since 1987 and has completed over 900 projects in the New York City area including several for our clients.
