Contract activity again dropped for both condos and co-ops, with condos experiencing a larger drop. Co-op pricing metrics declined slightly as compared to a year ago, but remained almost flat compared to last month. However, pricing metrics were up considerably for condos, with both average and median sale price up compared to last year, though this isn’t indicative of an overall market trend, as the average was skewed by several high-priced sales.

Listed inventory continued to rise, with co-op inventory growing at nearly three times the pace of condos. With a total of 8,204 listed units, total inventory is at its highest point since April 2012. Days on market fell for condos despite the rise in inventory, while co-op days on market grew by a quarter, in line with inventory gains. Negotiability increased for both product types annually, as growing inventory has driven greater discount prevalence.

Please do not hesitate to reach out if you have any questions about the Monthly Market 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 917-921-8002 or email at spashcow@corcoran.com.

Regards,
Stacey
 

 

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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.