Midtown Market Shifts to More Balanced Conditions

The number of condo sales in the midtown condo market took a slight dip in July, as did sales prices – a clear sign that buyers and sellers are now in more balanced positions. Fewer bidding wars mean less competition among buyers and more flexibility in sales price; the average selling price for a midtown condo came in at $629,908, a decrease from the $661,987 average in June. These conditions represent the best opportunity for buyers in recent years. Demand for midtown condos in the third quarter will likely continue to reflect the softening that typically occurs over the summer months, followed by renewed strength in the final quarter of the year.

In the midtown C10 area there were 25 condo sales in July, as compared with 32 units that were sold in July of last year. The supply of resale condos has decreased slightly month-over-month, with 49 units for sale as of the beginning of August, as compared with 54 units that were for sale at the beginning of July. There were almost as many units available on the market in July as there were at the same time last year, when there were 52 units for sale, and the number of sales is down year-over-year – yet selling prices have increased by 19%.

The number of days on market (DOM) for units sold in July ranged from 6 days to 86 days – a significantly larger margin as compared to the range of DOM last month.

Midtown condo selling prices varied in the higher bracket, with selling prices ranging from 94% to 122% of asking price (a majority of units sold for under asking, confirming a shift in recent trends). The range in selling prices during the same time last year was almost identical, at 93% to 122%. This emphasizes the new position that buyers now find themselves in, as they begin to take advantage of the newly balanced conditions of the market.

Looking at condos on Merton Street, there were 2 sales last month, and 5 units are currently for sale as of the beginning of August.