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.