Market Wide Summary
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.
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
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
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.
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Mitchell Hall (Licensed as Mitchell J Hall)
Licensed Associate Real Estate Broker
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