The Corcoran Report
Manhattan Monthly Market Snapshot
Market Wide Summary:
May was an improved month for condo and co-op sales in Manhattan, as contracts signed of both reached their second highest point in the last year. Inventory remained virtually unchanged versus last year, with just a 1% rise overall. Inventory grew in the condo market but fell for co-ops. Every price metric for both condos and co-ops saw annual increases with some significant gains.
Listings spent more time on the market for both the condos and co-ops, as days on market rose by 10% and 28%, respectively. Negotiability was still present market wide as the average sale was made slightly below ask.
Condominium Market Snapshot:
After April’s double-digit decline in contracts signed, May experienced a slight increase in condo contract activity of 4% year-over-year. Average price and median price both reached record highs in May, rising by 30% and 29%, respectively. This rise was largely attributable to a handful of high-priced transactions occurring over $5M, including a penthouse at 56 Leonard.
Marketwide, the average price per square foot increased by 14%, with all bedroom types increasing except for studios. The trend of annual increases in days on market continued in May, as the average number of days increased 10% versus last year, the 16th consecutive month of annual increases. Negotiability, on the other hand, is similar to this time last year, as buyers continue to expect discounts, especially at the high end.
Cooperative Market Snapshot:
Co-op sales saw a slight rise in the number of transactions over the last year, with a 2% increase. This rise in sales and lack of new units coming to market led to a 1% decline in inventory. For the second consecutive month, all price metrics increased, with average and median sale price increasing 9% and 10%, respectively. Average days on market grew 28% from last year, largely as a result of sales of more expensive inventory that had lingered on the market. While discounts are common, they remain minimal within the co-op market, with sale price only 1% below asking price, on average.