Douglas Elliman releases Fourth Quarter 2013 Report for Manhattan Co-op and Condo Sales


Manhattan_Sales_Q4_2013Douglas Elliman released the Fourth Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 4Q-2013 reported  here and summarized below was prepared by Miller Samuel for Douglas Elliman.

“The market was characterized by record fourth quarter sales volume, record low inventory and record condo prices.”

  • There were 3,297 sales, up 26.9% from the prior year period, to the highest fourth quarter sales total in 25 years.
  • With the surge in sales in the fourth quarter, inventory could not enter the market fast enough to meet demand, causing inventory to fall 12.3% to a record low of 4,164 from the prior year quarter.
  • The individual co-op and condo markets indicated that record low inventory and record high sales were finally pressing prices higher. Co-op price indicators showed robust price gains in the lower half of the market and the condo median sales price set a 25-year record high of $1,320,000.
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, slipped to 3.6% from 3.7% in the prior year quarter.
  • Days on market, the number of days from the last price change to the contract date, dropped by nearly half to 95 days from 177 days in the prior year quarter as supply evaporated.

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