Condos & CO-OPS Overview
A jittery
and apprehensive market characterized the nal quarter of 2016, resulting from
election anxiety; record-high prices that led to apprehension on the part of
buyers; and a low supply of inventory at the lower price points.
Closed
sales declined 12%, the average sales price increased 2% and the median sales
price dropped 9%. Closed sales for the fourth quarter of 2016 totaled 3,173
compared to 3,606 during the same quarter of the prior year. The overall
average sales price was $2,049,000, which represented just a 2% gain after
exhibiting several periods
of double-digit increases.
There have been some indications that the declining trends we began to see at
the very top end of market prices have spread into other price segments.
The under
$3mil market made up 83% of all sales activity and this segment had 13% fewer
sales, a 2% drop in the average sale price, and a 3% decline in the median sale
price. This is a sign of soft market conditions in the nal quarter of the year
as prior periods posted gains in this price segment. Overall condo sale prices
faired best despite having 22% fewer closed sales.
New
construction closings helped keep statistical measures rising with a 13%
increase in the average price and a 6% increase in the average price per square
foot. In the $3mil to $10mil price bracket, prices were also down with an
average sale price of $4,967,000, 2% lower than prior year.
The top
price tier segment, units sold over $10mil, had mixed results with 41% more
closings, an 8% increase in the average sale price and an 11% drop in the
median sale price.
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