Condos & CO-OPS Key
Findings of the Second Quarter Report:
The second quarter of 2016 concluded with
a record high overall average sales price and a hefty increase in the median
sales price. However, other market indicators – i.e. rising inventory, a falling
number of closed sales, longer days on the market and greater listing discounts
– are demonstrating that the market may be entering a transitional phase.
Although there is robust buyer demand for
properties under $3mil, weakness at the very top end, together with external
market forces, are undermining confidence. While this quarterly examination of
sales data displays strong year-over-year growth in certain sectors, the clear
advantage held by sellers over the last few years appears to be dissipating in
the face of rising supply and softening demand.
With 3,169 closed sales in the second
quarter of 2016 (11% fewer than prior year), the overall average sales price
was $2,116,000, a 17% increase over the prior year. The overall median sales
price also had a significant year-over-year gain, posting a 15% increase to
$1,140,000. In the examination of sales data by the three distinct price tiers
– less than $3mil; $3mil to $10mil; and over $10 mil – rising average sales
prices were evident only in the lowest price segment.
For all properties sold under $3mil, the
average sales price was up 5% and the median sales price was higher by 7% with
nearly 13% fewer sales. Units sold under $3mil accounted for approximately 85%
of the total units sold this quarter. In the $3mil to $10mil price bracket,
prices were essentially flat while closed sales fell 7%.
The top price tier segment, units sold
over $10mil, market measures were weakest. With fewer record setting sale
prices in the top 1% of the market, the average sales price for units sold over
$10mil fell 19% while the median sales price was 15% lower than prior year.
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