Jul
09

Douglas Elliman Releases Second Quarter 2014 Report for Manhattan Co-op and Condo Sales

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Douglas Elliman released the Second Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 2Q-2014 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

“Manhattan housing prices continued to press higher, driven by low inventory and seven consecutive quarters of year-over-year sales growth”

 

  • Manhattan median sales price increased 5.2% to $910,000 from the prior year quarter.  Much of the gain came from the co-op market, which comprised 59.5% of sales and a Q2_2014_Manhattan_Sales9% raise in median sales price.
  • The number of sales that closed at or above list price at the time of contract was 45.9%, the highest level reached since 51.6% in the third quarter of 2008.  Although the number of sales increased 6.3% from the prior year quarter for the seventh consecutive quarter, the increase was well below the 27.6^ average growth of the past 4 quarters.
  • The easing rate of sales growth, along with rising prices, has allowed inventory to expand.  Inventory expanded 18% to 5,659 from the prior year quarter with the gain largely attributable to the condo market
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, was essentially unchanged at 2.8% from the prior year quarter.
  • Days on market, the number of days from the last price change to the contract date, fell by roughly half to 96 days from the prior year quarter as languishing listings were sold off.

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