Contract activity increased for both condos and co-ops compared to last September and the average days on market has seen a steep drop. Tight market conditions are evidenced by declining inventory compared to September 2012 and limited buyer negotiability. Despite slight month-over-month decreases in average price per square foot, the condo and co-op market experienced large gains compared to last September
Condominium Market Report
In September strong sales in new luxury condo developments fueled large year-over-year increases in average price and average price per square foot. Average price per square foot increased year-over-year by 28% and was higher in every bedroom category compared to last September.
Average sale price remained nearly even with last month, but increased 37% over last September. Median sale price dipped slightly since last month, but increased 25% over last September. days on market was 43% lower than last September at 107 days. Listed inventory went up 7% over last month, a typical seasonal pattern, however it remains 38% lower than September 2012. Contract activity increased year-over-year by 37%.
Average days on market declined 52% compared to last September to just under three months. Co-op buyers experienced a lower discount this September as average discount from last ask to sale fell under 2% compared to 5% last September.
Similar to the condo market, inventory increased compared to last month, but remains 35% lower than September 2012. Despite the inventory decline, contract activity increased 59% year-over-year. Average sale price declined from August due to an increase in sales of smaller co-ops this month.
Average price per square foot has increased market wide since last September. Sales of properties priced over $2,000 per square foot comprised 10% of Corcoran sales this September, the highest percentage ever. Last September, this price category represented just 4% of the market.
Sales of properties over $1,500 per square foot more than doubled in market share compared to last September. These properties comprised 27% of the market this September compared to just 13% in September 2012. Sales under $1,000 per square foot comprised 39% of the market this month, compared to over 50% of the market last September.