Manhattan Housing Market Trends: A Snapshot
Manhattan Housing Market Trends: A Snapshot
By Kim Williams of Sovereign Associates Inc.
The Manhattan housing market is continually evolving. Here, I've tried to distill the key trends from recent reports.
1. Stabilizing Prices
Manhattan's housing market is stabilizing. The median sales price fell by 0.4 percent in the third quarter. While it may seem like a small drop, it's a significant shift from previous quarters, which saw more substantial decreases.
2. Declining Listings, Rising Demand
In this current market, there are fewer listings, and this is boosting demand. Listings dropped by 6.1 percent from the previous year because prospective sellers are holding on to properties due to their low mortgage rates. As rates have risen over 7%, sellers are reluctant to sell and buy elsewhere. This scarcity of listings is driving up demand, a trend to watch closely.
3. Co-op Prices Soar
Surprisingly, average co-op prices in Manhattan have risen by 2.8 percent to a new record. This increase occurred despite a 25.1 percent decrease in co-op sales year over year, primarily due to low inventory. Listings have fallen for eight of the last nine quarters, reinforcing the allure of co-op properties.
In summary, Manhattan's housing market shows signs of price stabilization, driven by a decline in listings. The resilience of co-op prices is a testament to their enduring appeal. We're keeping an eye on these trends as they continue to shape Manhattan's dynamic real estate landscape.
