Manhattan Market Monthly Report | March 2014
Market Wide Summary
This month 31% of sales were above their asking price and just 49% were below their asking price. Contracts signed decreased year-over-year but relative to last month the number of contracts signed increased significantly, up 35% in condominiums and 24% in co-ops.
The year-over-year decline in contracts signed could be due to several factors; the unusually inclement weather and the decline in available inventory are both likely to have impacted sales.
Price growth was less robust this month than recent months, however average price and price per square foot had modest year-over-year increases in both the condominium and the co-op market. Compared to last month, prices declined in both of these metrics as well as in median price.
This is at least in part due to market share by unit type: three+ bedrooms were responsible for only 15% of sales this month compared to 19% in March 2013 and 28% in February 2014.