Pricing on Manhattan Condos and Co-Ops Slips in Q1
Median sales prices for Manhattan co-ops and residential condominiums slipped year-over-year in 2023’s first quarter, reported Miller Samuel. This marked the second Y-O-Y decline since the pandemic era began, but pricing remained slightly above pre-pandemic levels
Listing inventory was nearly flat compared to the year-ago quarter and slightly less than the five-year quarterly average, according to Miller Samuel’s quarterly report. That being said, inventory expanded for the third consecutive quarter.
The report also found that with lower sales coming out of the pandemic boom, the market’s pace has been at its slowest in two years. New development sales had the smallest market share in four years.
“The market continues to transition out of the pandemic-era boom a year ago with lower sales and modest inventory growth as mortgage rates are more than double last year’s,” said Miller Samuel’s Jonathan Miller, who has produced the quarterly report since 1994.