Compass has recently released Q3’s industry-leading research data and the findings are good news for those invested in NYC. The market remains strong as indicated by four main data points: contracts signed, closings, pricing, and time on market.
There were 2,254 contracts signed in Q3, a 2% increase year over year (3% increase for condos and 1% increase for co-ops).
The number of condo closings increased 17% year over year to 1,380, 48% of which were in the $1M-$3M range and 222 of which were new development closings (compared with 96 new development closings during the same period last year). The number of co-op closings increased 12% year over year to 1,689, 42% of which were in the $500K-$1M range.
Median sale prices increased 7.7% overall for Manhattan: 16.1% in the Upper East Side, 4% in the Upper West Side, 17.5% in Midtown, 7.8% in FiDi/Battery Park, and 5.2% in Upper Manhattan. Downtown saw a 16.7% decrease in median sales price due in part to the surge of new development closings as well as sellers’ corrections of aspirational pricing leading to increased time on the market.
Time on Market
Time on market for Q3 increased from 50 days in 2016 to 60 days in 2017. In Q3, 26% of homes went into contract within one month and 50% of homes went into contract within two months. Based on the data from the last 12 months, it would take 6.9 months for all of the listings currently on the market to sell. An absorption rate of between 6-9 months indicates that supply and demand are equal, signaling a healthy market.
Read the full Compass market update here and read on for neighborhood-specific numbers.
NoLiTa and TriBeCa listings are still at the highest ppsf downtown, with NoLita’s current median ppsf jumping $500 since last month. Two Bridges is asking the lowest ppsf downtown.
Flatiron has overtaken Midtown South for highest ppsf in the area while Sutton Place remains in last place.
Lincoln Square remains in the lead among UWS asking prices.
West Harlem and Manhattanville are now the highest ppsf uptown while Inwood remains the least expensive uptown neighborhood.
Carnegie Hill currently reigns supreme in the Upper East Side.
Have a look at median prices by borough, and please let me know if I can help you buy, sell, rent, or lease any home in any of the 5 boroughs.