July marked significant improvements in the co-op market, but the condo market lagged. Co-op signed contracts were up 13% from last year, but condo sales dropped 11% versus July 2016. However, pricing metrics were far more favorable for condos, as average and median sale price saw increases, while co-ops saw average and median sale price both decline versus last year. Inventory was nearly level with last year, as listed condo inventory stayed virtually the same, while co-op inventory saw only a 2% increase. Negotiation continued to remain prevalent, with the discount from last ask hovering around 3% for condos, and 1% for co-ops. There was an increase in days on market for both condos and co-ops. 

Please do not hesitate to reach out if you have any questions about the July 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 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,
Lynn Nguyen, Jane Martin, Cindy Kitch and Sara McNeil.