Jul
03

Manhattan Residential Co-op & Condo Sales Market Report Second Quarter 2012

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Today, we released our Second Quarter report for the Manhattan Residenital Co-op  & Condo Sales Market.  Manhattan Residential Co-op & Condo Sales Market Overview Q2 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Although Manhattan prices and sales remained stable, the decline in supply continued to present a growing challenge to the housing market.”

  • While price indicators showed modest declines from prior year levels, they were largely the result of a 6.7% jump in entry-level sales and a 3.6% increase in sales below $500,000. Median sales price declined 2.5% to $829,000 from $850,000 in the prior year quarter.
  • There were 2,647 sales in the second quarter, 8.1% higher than the 2,448 sale quarterly average over the past five years. The number of sales was essentially unchanged from the prior year levels, but there was significant disparity between co-op and condo results. Co-op sales increased 10.9% and condos declined 11.8% over the prior year quarter results.
  • Listing inventory fell 13.5% over the same period with new development inventory falling at a 20% pace, faster than 11.8% seen for re-sales. As a result, the monthly absorption rate fell to 7.9 months, the fastest market pace in more than 4 years.
  • Days on market—the number of days from the last price change, if any, to the contract  date—increased to 165 days from 136 days as falling supply helped sell off older inventory.
  • Listing discount—the percent difference between the list price at time of sale to the sales price—increased to 5.1% from 3.5% in the same quarter last year.

 

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