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.