Manhattan co-ops are having a good moment this fall; according to the latest report by brokerage firm Douglas Elliman focusing on third-quarter sales in that borough, the median sales price for the market in the third quarter of 2017 set a record high for the first time in 28 years.
For the co-op market, the median sales price was a record $850,000 in this third quarter, an increase of 8.3 percent from last year--”The highest level reached since this metric was first tracked in 1989,” said Elliman. The average sales price was $1,427,544, a 10.8 percent rise over the same period in 2016. The number of sales was 1,876, a rise of 13.5 percent. Meanwhile, the listing inventory fell to 2,670, a year-over-year drop of 4.2 percent.
In surveying the condo market for third quarter 2017, Elliman said the median sales price was $1,700,000, an improvement of 6.3 percent in comparison to the third quarter of 2016. However, the average sales price was $2,725,706, a decline of 7.6 percent. The number of condo sales was at 1,493, a 12.3 percent boost over the same period last year; and the listing inventory was 3,445, almost a 1 percent drop year over year.
In its analysis, Elliman said: “The co-op market moved much more quickly than the condo market, consistent with the lower pricing of co-ops than condos and the 'softer at the top' housing narrative of the past several years.”
“The market is in good condition, with sales up sharply year-over-year,” said Steven James, CEO of Douglas Elliman New York in a press statement. “This activity is actually overpowering the re-sale inventory, which simply can’t keep up. Inventory has now fallen for two consecutive quarters after rising for twelve quarters. While this elevated activity is not spurring runaway price growth, prices in re-sales are definitely trending up.”