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 price, which increased 23% compared to last year. Co-ops also saw a significant decrease in average price per square foot, caused in part by a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units.
Contracts signed were down 12% since last January, but sales in winter months are typically less robust and influenced by weather. The market is also being influenced heavily by a lack of affordable inventory; there are 12% fewer listings under $1M than last January, while overall inventory is up 7%. Listings for condo units continue to increase, and co-op units declined again year-over-year, with inventory remaining at historic lows.
Please contact me with your questions about the January 2015 Market Report and the current real estate market. I look forward to speaking with you.