Manhattan Condos - New Developments - Conversions - Resales

Manhattan Monthly Market Report | April 2015

Market Wide Summary

In April 2015 the condo and co-op markets showed further separation in supply/demand dynamics. In terms of pricing, the co-op market responded to the still falling supply and continuously strong demand with significant price gains. The condo market did not see the same annual price gains, due to a decrease in three+ bedroom sales, increasing supply, and high current asking prices.

Days on market decreased for coops while the figure increased for condos. Negotiability remains low in both markets, however this month co-ops saw a very tight market with an average sale price a fraction above the last asking price. Market-wide contracts signed were up 7% compared to last year. Despite a 3% increase in total inventory, buyers may be hesitant to list their units because replacement options are limited at affordable price points. While sales under $2M represent 72% of the market, listings under $2M make up just 57% of inventory.

Condominium Market Snapshot
The condominium market remained stable with price changes under 5% in either direction this month. While average price and average price per square foot continued to increase, median price decreased by 4% relative to April 2014. Three+ bedrooms represented a smaller market share this April compared to last April, down from 29% of sales to 23%.

The decrease in three+ bedroom sales is the main driver of the median price decrease and suggests average prices may have had stronger gains. Indeed, within bedroom categories all but one bedrooms showed price per square foot increases compared to last year. Despite fewer sales, three bedrooms saw the largest price gain, up 15% to $2,446 per square foot. Inventory continues to increase in the condo market and the listings are still skewing significantly more expensive than condo sales.

Cooperative Market Snapshot

Co-ops showed strength for sellers in every metric in April 2015. All prices increased by double digits, with a 22% increase in average price versus April 2014. Median and average price per square foot also increased, 12% and 13% respectively. Within bedroom categories two and three bedrooms saw the greatest price increases. Two bedroom units increased 17% to $1,343 per square foot this month. One bedrooms, as with the condo market, saw a decrease in average price per square foot.

Buyer negotiability in the co-op market has been very small for quite a while but it disappeared entirely in April, with the average unit selling 0.1% above its last asking price. Supply is constrained while demand remains strong; inventory decreased, year-over-year by 3% but contracts signed are up 4% versus April 2014. Days on market came down 8% from last year to 79 days.

Manhattan New and Total Listings

At 6,004 listings inventory is higher than it has been for the last four months. Spring typically sees strong inventory growth. This month a significant 2,459 new listings were added to the market, 14% more than were added in April 2014. Due to the large number of new listings, total inventory increased 14% since last month and a 3% increase versus April 2014. Despite the gains inventory is still low historically.

Within the co-op market, inventory remains at historic lows, with annual listing decreases every month. Co-ops continue to represent a smaller share of inventory than of sales; just 48% of listings are co-ops compared to 56% of sales.

As always, I will continue tracking the residential market closely throughout 2015, and would welcome the opportunity to answer any questions you may have about the market report or the market generally. If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service.


©Mitchell Hall 2006-2016

All content/images, unless noted, are the property of Mitchell Hall & may not be used without permission. 

Blogging about Manhattan Real Estate since 2006

Mitchell Hall (Licensed as Mitchell J Hall)

Licensed Associate Real Estate Broker
Office (212) 877-6268 | iPhone (917) 312-0924

Manhattan Seller | Manhattan Buyer | New Developments | Market Reports | Neighborhoods


My Google Profile

Corcoran Group         Google +

          Call Mitchell Hall @ 347-921 HALL (4255)
Comment balloon 2 commentsMitchell J Hall • May 13 2015 06:22AM
Manhattan Monthly Market Report | April 2015
Market Wide Summary In April 2015 the condo and co-op markets showed further separation in supply/demand dynamics. In terms of pricing, the co-op market responded to the still falling supply and continuously strong demand with significant price… more
Speechless Sunday | SoHa
The Gateway Tower photo courtesy © Mitchell J Hall A beautiful day in So Ha South Harlem an old nyc neighborhood with a new style. Harlem was established in 1658 by the Dutch and named Nieuw Harlem after the Dutch city of Harlem. The SoHa… more
Upper West Side 10 Year Condo Stats
Upper West Side 10 Year Condo Stats The UWS extends north from Columbus Circle at 59th Street up to 110th St. and is bordered by Central Park West and Riverside Park. The Upper West Side is separated from the Upper East Side by Central… more
How to Buy in a New Development in NYC in 2015
It may be cold out now but Spring 2015 is right arounrd the corner. Looking forward to a brand new start? There is nothing better than a brand new home. Be the very first to live in your home and enjoy brand new infrastructure… more
Manhattan Monthly Market Report January 2015
Manhattan Monthly Market Report January 2015 Average price was up in both the condo and the co-op market compared to last year. Among condos, average price per square foot increased 13%. Co-ops saw a large gain in median… more
Manhattan Market Report | Third Quarter 2014
Manhattan Residential Real Estate Market Report | Third Quarter 2014 This report uses market-wide data based on transactions that closed in the Fourth Quarter 2014 (October 1 through December 31st) and compares it to closings that… more
Just Listed Strivers Gardens Condo in Harlem
2 Bedroom 2 Bath Condo at Strivers Gardens Overview Maps Photos Description Market Stats $560, 000 Condominium Main Features 2 Bedrooms2 BathroomsInterior: 987 sqft .. more
NY Citywide Market Report First Half 2013
First half sales and average sales prices of all homes in New York City have been rising steadily since the lowest point of the recession in 2009. In the first half of 2009, 13, 903 sales were recorded, with an average sales price of $652, 000… more
Wordless Wednesday | Apartments with Private Pools in Chelsea
An 11-story, 27-unit luxury development, the Soori High Line 522 West 29th Street is planned to rise near the High Line in West Chelsea Apartments will have 18-foot ceilings, private heated swimming pools, fireplaces in the living rooms,… more
Riverside Park's 30th Annual Spring Fair
Riverside Park's 30th Annual Spring Fair DATE: May 5, 2013 LOCATION: Riverside Drive & West 91st Street TIME: 10:00 AM - 4:00 PM MORE INFO: https://riversideparknyc. org/ai1ec_event/30th-annual… more