Bottom line, the market for both condos and co-ops priced under $3,000,000 still belongs to the seller. Although inventory is beginning to ease upward, there is still a real dearth of property in this category.
For those priced from $3,000,000 to $5,000,000, the market is balanced. (This is good for everybody. Sellers get a fair price, and buyers don’t get discouraged and drop out of the market.)
I’ve been saying it for more than a year, and it’s still true: now is a great time to sell a mid-range co-op.
Above $5,000,000, the market overwhelmingly favors the buyer. In fact, it’s interesting to speculate on what will happen to the 34 months of condo inventory priced above $10,000,000. Will the prices come down? Will the condos turn into rentals? Will they just sit there, gathering dust and waiting for buyers?
The scary thing is, there are more and more of these super-high ticket properties coming on the market.
But (whew!) that’s not our problem.
Another interesting thing is that, at every level, there are more condos available than co-ops. This, despite the fact that at least two thirds of the ownable housing stock in New York is co-ops.
|Prepared by Miller Samuel Real Estate |
Appraisers and Consultants
The chart above, prepared by Miller Samuel Real Estate Appraisers and Consultants, measures absorption rates, that is, how long it will take to sell the co-ops and condos currently on the market.
The columns represent the different price ranges. The numbers at the top are the estimated number of months it will take to sell the properties currently available in that range. Less than six months means a sellers’ market. Six to nine months is a balanced market; more than nine months is a buyers’ market. Blue columns are condos, green columns are co-ops.
For more information, including information about absorption in your specific part of town, here’s the link to the Miller Samuel website: Miller Samuel Absorption Report.
For specific information about the market for your property and a detailed broker’s opinion of its value, with comparable sales and other information, e-mail me at firstname.lastname@example.org, or call me at 917-991-9549.
I’m happy to do this free of charge or obligation. And even if you never, ever, ever plan to sell your property, it’s always nice to know what it’s worth.