Corcoran just released their market research for August 2017. Their summary:
Contract activity in August dropped year-over-year, as sales of condos and co-ops both fell. Pricing metrics for condos and co-ops saw mixed results in August, as average sale price increased by double digits for each, while median sale price declined for co-ops, but increased for condos. Similarly, price per square foot amongst condos saw a rise in pricing while co-ops saw a slight drop in pricing. Amongst condos, an increase in inventory was met by a surprisingly large reduction in days on market. Meanwhile, co-ops saw both days on market and inventory increase. Negotiability remains prevalent in both markets, though condos saw lower discounts than a year ago, and co-ops experienced a slight increase in average discount.
Manhattan Total Listings:
Although inventory trended down in August this was no surprise as this is a seasonal event and expected by the marketplace. Stale listings were either pulled from the market or many new listings were held back in anticipation of a release date in September. The Meier Team expects inventory to increase by 5 to 10% in the coming months.
Total listed inventory rose year-over-year for the 19th consecutive month, as both co-ops and condos saw annual increases this month. For the third consecutive month, the annual increase in co-op inventory as a percentage outpaced the increase in condo inventory, an atypical occurrence relative to the last few years when new development drove condo inventory higher. Condo inventory, however, still makes up well over half of available inventory, at 55.3%, the highest proportion since last August.
The market still remains firm supported by buyer interest and historically low interest rates. As Brian mentioned in a previous post, the market participation during the summer months would dictate the direction of the real estate market for the balance of the year. We had respectable activity during the summer bringing overall inventory down to 5,600 units. This starting point, post-Labor Day, should present a firm enough market to see a pricing variance of plus/minus 3% — basically a market that continues to trend sideways.