Photo: Robert Clark
After inching towards a record high last year, the median sales price of a co-op finally reached a 28-year high as sellers offered buyers steeper discounts in order to make a sale.
The median sales price of a Manhattan co-op rose 8.3 percent annually to $850,000 in the third quarter, the highest on record since the data was first tracked in 1989, according to a report released yesterday by New York brokerage Douglas Elliman.
The listing discount, or the difference between the original listing price and the sale price, rose to 9.5 percent in the third quarter, up from 2.6 percent the same period last year.
“Sellers traveled further to meet buyers on price,” explains Jonathan Miller in the report, CEO of the appraisal firm Miller Samuel, Inc. and author of the Elliman report.
Meantime, the number of co-op sales increased 13.5 percent annually to 1,876 last quarter, up from 1,653 recorded last year. But while the number of sales was up, listing inventory fell 4.2 percent from last year in the third quarter.
Over the last quarter, the overall Manhattan housing market saw rising prices, dwindling inventory and the highest number of quarterly sales in two years.
The median sale price of a Manhattan apartment, including both co-ops and condos, rose 9.3 percent annually to $1.1 million, falling short of the record set the previous quarter.
And, at the same time, the average price of a Manhattan apartment decreased 1.3 percent annually to $2 million.
The new construction median price dropped 23 percent from last year to $2.8 million in the third quarter.
“Because the first wave of new development activity from 2011 to 2014 was skewed much larger in size and higher in price than the second wave, new development median price is beginning to to fall as the shift in mix to smaller units takes hold,” says Miller.
Over the last quarter, the total number of sales rose 13 percent from last year as inventory shrank 2.4 percent. This was the largest number of quarterly sales since 2015.
Apartments took an average of 101 days to sell, 22 days longer than the same time last year.
Click here to read the entire report.