Even amid a slowdown in the Manhattan real estate market, co-op sales in that borough performed well in the fourth quarter of 2018 compared to condos, according to a new report by Douglas Elliman released today.
The brokerage firm said in a statement that the median sales price and number of sales for Manhattan co-ops outperformed condominiums in this most recent quarter. For co-ops, the median sales price was $790,000, an increase of 2.6 percent year-over-year; the number of closed sales was 1,412, a 5.3 percent jump from fourth quarter 2017.
In contrast, the median sales price for Manhattan condos was $1,479,235, an almost 10 percent drop from the same period a year ago. Meanwhile, the number of closed sales was 1,020, a 13 percent decline year-over-year.
Overall, the median sales price in fourth quarter 2018 for both Manhattan co-op and condo sales was $999,000, a 5.8 percent decline; the number of closed sales was 2,432, a 3.3 percent dip.
“This was the 5th consecutive quarter where sales declined year over year,” said the report, “although the rate of decline has been steadily easing.”