Third quarter data is hot off the press with not too much hoopla surrounding it. Here are the overall takeaways, courtesy of Streeteasy:
- Co-op price declines: The $575k median price of co-op resales decreased 2% from Q2 and 12% from last year, on the market for 120 days on average (up 19% from last year)
- Condo price declines: The $938k median price for condo resales increased 5% from Q2 but decreased 15% from last year, on the market for an average of 126 days (up 9% from last year)
- Transactions up: Not surprisingly, closings were up 68% since Q2 but down 22% from last year, with co-op resales accounting for 55% of all Q3 volume.
- Decreasing inventory still 25% higher than 2008: of the approximately 10,000 listings on the market at the end of Q2, 52% were condos and 47% were co-ops, an interesting ratio considering that condos make up approximately 35% of all Manhattan sales inventory.
- Contracts signed and broken: Q3 showed 2,632 contracts signed (up from 2,477) and 142 contracts broken (up from 132 in Q2)
