Key Findings of the First Quarter Report:
First Quarter saw buyer hesitancy in the market:
This initial hesitancy was due to several market factors: continued uncertainty regarding tax reform, volatility in the financial markets, increasing interest rates and buyers waiting for prices to decline.
Market-wide closed sales decreased 11% and contracts signed decreased 10% compared to last year:
Fewer new developments came on the market in the First Quarter compared to last year. There was a 20% decrease in the number of buildings delivering units in the First Quarter vs. First Quarter 2017.
Resale co-ops were the one product type that had an increase in sales:
Resale co-ops in the First Quarter rose 2% vs. last year. A 14% quarterly increase in co-op inventory.
Manhattan market-wide prices declined in First Quarter 2018 vs. First Quarter 2017:
Median sale price decreased 2% to $1.1 million. Average sale price decreased 10% to $1.9 million. Fewer high-end new development sales closed this quarter compared to last year, which helped skew market-wide prices downward.
Inventory rose 10% market-wide this quarter to 6,418 units:
This was the ninth consecutive quarter of increased inventory. Inventory increased across all property sizes (studios – 4+ bedrooms). Co-ops increased the most, up 14%, and resale condos increased by 9%.