Manhattan condos for sale market conditions

All price indicators declined this quarter which is partially attributable to the increase in market share for the studio and 1-bedroom condo market.While the number of sales declined, listing inventory and days on market appear to have stabilized.
Prices for Manhattan condos declined
The average sales price this quarter posted a 12.7% drop to $889,329, the lowest level in more than two years. The average price per square foot at $721 was 4.1% below the prior quarter average of $752 which was an all-time high. This indicator was 5.6% above the $683 average price per square foot seen in the prior year quarter. This is the first time in a year that this indicator posted a decrease. The median sales price for Mahattan condos fell 6.3% to $675,000 from the prior quarter of $720,000 and 4.3 % below the prior year quarter of $705,000.
There has been a pronounced shift to smaller apartments in Manhattan, NY
The decline in overall price levels is partially attributable to a significant increase in studio and 1-bedroom market share, from 45% in the prior quarter to 51% in the current quarter, the largest market share of entry-level apartments in several years. Just 2 years ago in the same quarter, the market share of this entry-level sector was 40%. Studios saw the largest price gain, increasing 11% over the prior quarter to $358,146. Conversely, 2-bedroom apartments saw the largest loss by declining 6.3% from the prior quarter to $1,181,497. Due to the small number of transactions, the decline in the 4+ bedroom market is not indicative of current conditions.
Days on market in Manhattan show signs of stabilization
The average number of days to market an apartment was 148, 3 days over the prior quarter and 35 days longer than the prior year quarter average of 113. In a balanced market, the level for the number of days on market ranges from 120 to 150 days. For comparison, the average days on market in the same quarter 4 years ago was 66 days, which was the fastest marketing period in recent history, with prices were increasing at an annual rate of 24.5%. An inverse relationship exists between changes in days on market and average sales price. With tight inventory, properties sell faster and prices rise. When inventory is excessive, properties tend to languish on the market and prices begin to fall as seller resolve wanes.
Manhattan condos listing inventory and negotiability posted modest declines
The average discount from list price reduced to 4.4% from the 5.1% seen in the prior quarter and is unchanged from the prior year quarter. Listing inventory decreased 1.8% this quarter to 1,979 units from 2,016 in the prior quarter. This is the first time in a year that a decline in inventory occurred. This level is still 16% above the 1,700 quarterly average last year indicating that market is weaker. Based on conditions in the current quarter, it would take 8.4 months to absorb all inventory, or 65% longer than the 5.1 month absorption rate seen in the prior year quarter.
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Manhattan condos for sale market conditions