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Manhattan Monthly Market Report | May 2017
Manhattan Monthly Market Report Marketwide SnapshotMay 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 occurred over $5M, including a penthouse at 56 Leonard.
Marketwide, 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 ... more
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