The 1Q18 Manhattan Corcoran Report is out!
Key findings of the First Quarter report:
- It was a mixed quarter: The Manhattan market saw reduced sales, inventory on the rise and price statistics settling down. Meanwhile, days on market dropped slightly, indicating that appropriately priced properties are still finding buyers, while mispriced properties linger.
- Buyer hesitancy persisted into 2018 and we saw closed sales decline with the exception of resale co-ops: Closed sales declined 11% annually to 2,557 sales. Signed contracts contracted by 10% decline to about 2,700 sales. The bright spot in the market was resale co-ops, which saw closed sales rise 2% versus First Quarter 2017.
- Inventory increased annually for the ninth consecutive quarter: Inventory rose 10% year-over-year to 6,418 listings, the highest First Quarter level since 2012. The expansion of inventory was greater among smaller—and generally less expensive properties—rather than among larger residences, a shift away from the 2017 trend.
- Overall, average and median price statistics were below 2017 levels: Pricing trends did vary by product type. Manhattan saw a significant increase in market share of lower-priced resale co-op sales combined with a double-digit decline in the number of large new development closings to lower average and median price figures in First Quarter 2018.
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Manhattan market in general!!