Q1 2019 Manhattan Real Estate Market Report

Buyers Have the Edge – April 1, 2019

PLEASE NOTE THE SALES CHARTS LAG:
There is about a two month lag to publish sales data due to the ACRIS filing lag.
Charts published too soon will be incomplete & inaccurate.

Price / Square Foot (January 2019)
Down 1.6% from December 2018
Down 5.6% from March 31, 2018

Average Price Per SF - Condos vs Co-ops

Median Sales Price for January 2019
Down 3% from December 2018
Down 7.7% March 31, 2018

Median Listed Price - Condos vs co-ops

Monthly Closed Sales (January 2019 Sales Volume)
Down 6.6% from December 2018
Down 12.4% from March 31, 2018

Number Of Properties Sold - Condos vs Co-ops

Median Listing Discount (January 2019)
Up 6.2%
Down 1.6% from December 2018
Up 72.2% from March 31, 2018
Sellers need to be more negotiable to get a deal done.

Listings With Price Drops - Condos vs Co-ops

Sales Over Asking Price (Sold Above Ask in Q1 2019)
11%.
Down 15.4% from February 2019
Down 45% from March 31, 2018

Absorption Rate (January 2019)
6.1%
Down 4.7% from December 2018
Up 38% from March 31, 2018
The market is more sluggish.

Off Market (as of March 22, 2019)
Down 4.6% from February 2019
Up 29.5% March 31, 2018
More Sellers are taking listings off the market because they are not getting the bids.
This number rises when the market is weak.

Median Days on Market (as of April 1, 2019)
109 days
Up 10.1% March 1, 2019
Up 28.2% March 1, 2018

Supply Inventory (as of April 1, 2019)
Up 7.2% from March 1, 2019
Up 15.5% from March 1, 2018

Listings Inventory - Condos vs Co-ops

Monthly Contract Activity (Contracts Signed in March 2019)
Up 23.3% from February 2019
Down 13% from February 2018

Contracts Signed - Condos vs Co-ops

Source: urban digs & OLR market pulse

*Graphs are reflection Q1 2019 numbers.