Average Price per Square Foot Increases While Negotiability Continues to Favor Buyers
Listed inventory in Manhattan increased 3% year-over-year but fell a typical 15% versus last month. At the end of the month, active listings totaled 6,384 units, about 2% below the ten-year average for July. Active condo listings rose 7% year-over-year while co-op listed inventory fell 2% compared to a year ago. Average price per square foot, at $1,895, rose 8% year-over-year. Condos saw average price per square foot increase 4% year-over-year. Co-op average price per foot, on the other hand, increased a more significant 17% annually.
The annual percentage gains in pricing for condos and co-ops was a result of a great number of luxury contracts asking over $3,000 per square foot compared to a year ago. Discounts off last ask, which are based on Corcoran contracts signed in July, averaged -3.9%, deepening by 2% versus last year. This month, condos displayed deeper discounts than co-ops at 4.8% off last ask, while co-ops averaged 2.6% off last ask.