The Corcoran Group released their November 2016 snapshot and below is a quick summary:
Market Wide Summary
November marked significant improvements in the condo market, but the co-op market lagged. Condo signed contracts were up 8% from last year and 9% from last month, but co-op sales dipped 9% versus November 2015. There were notable upticks in annual average and median sales prices for condos, while the co-op market saw declines in both metrics. Average price per square foot rose a modest 3% in the condo market bu dipped nearly 20% in the co-op market, due in part to a significant drop in the average price per square foot in the market for three plus bedroom co-ops. Listings, on average, spent more time on the market than this month last year, driven by annual inventory increases over the past few months. Inventory increase further contributed to growth in negotiability favoring the buyer in both markets.
Manhattan Total Listings
Inventory crept up from last year, rising 11% to 6,485 total listings. Inventory was down 4% from last month and 5% from September, which had the second highest inventory of 2016. Despite growth in the condo and co-op markets, townhouse inventory was down 9% versus last year. Since August, townhouse inventory has been shrinking.
Manhattan Signed Contract Price
For the first time since June, average price increased y-o-y in the condo market. Further, Manhattan has seen strong average prices for the past three months.