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Report: Sales for Manhattan Co-ops Outperformed Condos in 4Q 2018 But Overall Sales Numbers Dipped Year-Over-Year for the 5th Straight Quarter

Report: Sales for Manhattan Co-ops Outperformed Condos in 4Q 2018
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Even amid a slowdown in the Manhattan real estate market, co-op sales in that borough performed well in the fourth quarter of 2018 compared to condos, according to a new report by Douglas Elliman released today.

The brokerage firm said in a statement that the median sales price and number of sales for Manhattan co-ops outperformed condominiums in this most recent quarter. For co-ops, the median sales price was $790,000, an increase of 2.6 percent year-over-year; the number of closed sales was 1,412, a 5.3 percent jump from fourth quarter 2017.

In contrast, the median sales price for Manhattan condos was $1,479,235, an almost 10 percent drop from the same period a year ago. Meanwhile, the number of closed sales was 1,020, a 13 percent decline year-over-year.

Overall, the median sales price in fourth quarter 2018 for both Manhattan co-op and condo sales was $999,000, a 5.8 percent decline; the number of closed sales was 2,432, a 3.3 percent dip.

This was the 5th consecutive quarter where sales declined year over year,” said the report, “although the rate of decline has been steadily easing.”

Elliman also added that the most inventory gains in fourth quarter 2018 were for studio and one-bedroom apartments, and that luxury prices skewed higher because of larger sales.

As for the overall Northern Manhattan market (consisting of both co-op and condo sales), the median sales price was $620,000, said the report, a jump of 7.1 percent. The number of closed sales rose 1 percent higher to 201 also in this latest quarter.

In a statement about the latest findings, Steven James, President and CEO of New York City, Douglas Elliman, said: “Median sales prices dropped below the $1 million threshold for the first time in three years and the number of co-op sales outperformed condos. Bidding wars were at their lowest share in six years, creating an excellent opportunity for buyers.”

Jonathan Miller of Miller Samuel Inc., which prepared the report, explained that while it was a weaker market compared to a year ago, “there was nothing dramatic to change from prior quarters in 2018. It looks like 2019 market sales and prices might show us “more of the same” as the federal tax law and higher rates play a crucial role in the housing marketplace.”

David Chiu is an associate editor at The Cooperator

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