The real estate market continues to slow despite an economy that continues to move along..
A slower August as compared to July in real estate is to be expected. So year-over-year comparisons are often times more useful. Important highlights to note include:
Year-over-year, August sales activity amongst condos and co-ops decreased 9% and 4%, respectively. Pricing metrics for condos varied as average price remained nearly unchanged and median price decreased 7%. Co-ops saw across the board increases in price figures with average and median price increasing by 8% and 13%, respectively. The average price per square foot for co-ops also increased by 13% but remained flat for condos. Listed inventory for condos rose 9%, and co-op inventory rose 29%. Co-op listed inventory was at its highest level of any August since 2012. Average days on market for condos increased significantly as listings lingered and buyers waited for better deals. Negotiability was up year-over-year for both product types, as higher inventory and less buyer urgency continues to drive up that figure.
For condos essentially, sellers are holding on in hopes of getting their prices while the buyer demand cools, resulting in many fewer sales but prices haven’t dropped that much in certain segments. Important to note though that in August 2018, condo sales decreased 9% year-over-year, and at 307 signed contracts was the slowest August since 2011.
Go here for the full report: https://media.corcoran.com/pdf/reports/2018_08/Manhattan_08_2018.pdf