TOWN Data | Price Reduction Report 7/20

TOWN Residential is pleased to share the Price Reduction Report, a detailed analysis of price reductions throughout Manhattan broken down by individual neighborhood and calculated by dollar amount, percent amount and number of days on the market. 

This installment of the report examines 1,455 active listings with price reductions within the last 90 days, comprised of 811 condos, 595 co-ops, and 46 condops.

The report reveals an average dollar amount reduction of $188,629 and an average price percentage reduction of 5%.

Average days on the market this month registered at 179, compared to 170 last month. Two-bedroom apartments made up 31.5% of the total, while one-bedrooms made up 28%, remaining relatively unchanged from the last report’s analysis.

Battery Park, Lincoln Square, and the Financial District each saw an increase of 10 new listings with a price drop since June. Since June 15th, there have been 39 new listings with a price decrease.

TOWN Data | Price Reduction Report 5/15

TOWN Residential is pleased to share the Price Reduction Report, a detailed analysis of price reductions throughout Manhattan broken down by individual neighborhood and calculated by dollar amount, percent amount and number of days on the market.

This installment of the report examines 1,515 active listings with price reductions within the last 90 days, comprised of 817 condos, 655 co-ops, and 42 condops.

The report reveals an average dollar amount reduction of $185,467 and an average price percentage reduction of 5.0%.

An analysis of the Manhattan market by neighborhood reveals that Central Park West registered a 54% increase in listings with a price decrease, followed by Battery Park with a 50% increase and the Chelsea with a 27% increase.

Average days on the market this month was 170, compared to 186 last month. Two-bedroom units made up 31% of total listings, reflecting a 2% increase from last month. There were 85 penthouses listed this month, compared to 60 last month.

TOWN Data | Price Reduction Report

TOWN Residential is pleased to share the Price Reduction Report, a detailed analysis of price reductions throughout Manhattan broken down by individual neighborhood and calculated by dollar amount, percent amount and number of days on the market.

This installment of the report examines 1,189 active listings with price reductions within the last 90 days, comprised of 618 condos, 532 co-ops and 38 condops. The report reveals an average dollar amount reduction of $203,447; an average price percentage reduction of 5.2%; and an average of 186.3 days on the market. A 2 bedroom condo in the Financial District registered the highest price percentage reduction, and a 4+ bedroom in Little Italy registered the highest dollar amount reduction. 

An analysis of the Manhattan market since our previous report in April reveals a significant increase in number of listings with price decreases, across most neighborhoods. Since March, Chelsea has registered a 34% increase in listings with a price decrease, followed by Midtown West with a 25% increase, the Upper East Side with an 8.9% increase, and the Upper West Side with 6.2% increase. 

At 26 days, the average days on market this month was a significant 28 days less than last month’s average of 54 days. This reflects the recent trend among agents to test the market by setting an initial price target, and then aggressively modify this price to attract buyers and sell listings.