Manhattan Q4 Report: Coops Leading the Pack

After the typical holiday-lag in the market, new listings have been slow to hit the market, with eager buyers fighting over meager new inventory. I recently put a one-bedroom on the market in Hamilton Heights, which was the first new listing in the area since October. It was a first-floor apartment that needed some upgrades but we ended up with several offers within hours of the first open house.

Fourth Quarter Results confirm the lack of inventory -- key results from the Corcoran Report include:

  • Inventory challenges. Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product. The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.

  • Contract signings are up. Signed contracts rose 3% versus last year. A lack of affordable inventory sent buyers to the co-op market. Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.

  • High-end sales helped value reach new peak. Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.

Feel free to contact me with your questions about the Corcoran Report and the Manhattan residential real estate market.

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Isil Yildiz Team



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New York, NY 10011

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.