1Q Manhattan Market Report: Co-op Sales Up 29%; Condo Sales Down 24%

By Jordan • April 19th, 2011

1Q 2011 Showed More Sales Than Any first quarter since the 2008 credit crunch.

There were 2,394 sales that closed in the first quarter, up 4.3% from last quarter and 0.4% from a year ago.
The average sales price dropped 10.2% from last quarter and 6.7% from last year, to $1,331,306
The median sales price was $782,071, down 9.9% from last year
Listing inventory fell 5.3% from last year and represents the lowest first quarter number since 2007.
Days on the market crept up to 127, from 123 last year and 125 last quarter.
Price per square foot averaged $1,025, down 1.3% from last year.
The difference between asking price and selling price dropped to 4.5%, down from 8% last quarter and 5.3% last year.

The 28.7% increase in co-op sales, from 1,111 last year to 1,430 this year, is the largest total in more than three years.
Listing inventory increased 5%, attributable to spring listings.
The average sales price fell 13% from last quarter and 7.8% from last year, to $1,044,730.
The median sales price fell 6.2%, attributable to the continuing impact of the expired tax credit.
The average price per square foot dropped under $900.
Average days on the market were 119, 9 days longer than last year but 8 days shorter than 1Q listings overall
The difference between asking price all selling price was only 2.4%, an improvement from last quarter’s listing discount of 5.8%

Sales fell 24.3% from last year, attributable to the second lowest listing inventory in the past five years, down 14.5% from last year.
All price indicators increased from last year, with the median sales price up 8% and price per square foot up 5.4%
Days on the market average 140, 13 days longer than the overall average and 5 days longer than the condo average for last year.
The difference between listing price and selling price was 7.7%, an improvement over 10.4% from last quarter, but up a percentage point from last year.

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