Manhattan Condos vs. Co-ops: Condos Win This Round

Here’s a look at condo and co-op sales in the fourth quarter of 2007 from the Radar Logic-Prudential Douglas Elliman report.

  • Though co-op sales still edged out condo sales in the fourth quarter of 2007, the average condo price increased 17.8 percent from the fourth quarter of 2006 to $1,750,634. The average co-op sales price during the same period rose by 9.1 percent to $1,439,909.
  • The median sales price for a co-op was $675,000 in the fourth quarter of 2007, while the median condo sales price was $1.1 million.
  • Between the third and fouth quarters of 2007 the number of co-op sales declined 29 percent from 1,811 to 1,286. The number of condo sales in the same period decreased 27 percent, from 1,688 in the third quarter to 1,232 in the fourth.
  • Co-op sales in the fourth quarter of 2007 dropped 11.5 percent from the same period in 2006, while the number of condos sold increased 24.7 percent year-over-year.
  • The inventory of unsold co-ops on the sales market shrank 26.2 percent year-over-year in the fourth quarter to 2,254. The inventory of unsold condos on the market did not change from the fourth quarter of 2006 and the fourt if 2007.
  • Between the third and fourth quarters of 2007, the inventory of unsold condos on the market increased 5.4 percent, from 2,732 to 2,979. Co-op inventory dropped 8.8 percent percent between the third and fourth quarters, from 2,472 units to 2,254.