Manhattan co-op and condo sales cooled off during the summer despite an increase in inventory — but prices are still surging, according to two reports released Tuesday.
Both Douglas Elliman and Compass said there was a drop in the number of closings in the third quarter compared with the same period in 2015.
Elliman found there were 2,974 closed sales during the July to September period compared with 3,654 a year earlier, and Compass said there were 2,739, a 25% drop from the year before.
The Elliman report said the numbers may be skewed since many Manhattan closings, especially for new developments, have been ongoing for more than 18 months.
Compass attributed the decline in closings, in part, to the reluctance of buyers who are purchasing those new developments. The real estate agency said Manhattan home hunters are setting their sights on listings that are under $3 million and are more inclined to go for resale listings.
That might change as more condos and co-ops pop up in the borough.
Elliman found the number of listings rose 10.8% to 6,263, compared with 5,654 in the same three-month period in 2015. Compass, however, found the increase was up only 1.6%, with 9,203 units available.
The larger supply hasn’t appeared to make prices go down. Elliman reported that the median sales price for Manhattan homes was about $1.1 million, an increase of 11.5% from the $986,500 median in the same period in 2015.
Compass, meanwhile, said the median sales price was $1.6 million, a 7% jump from summer 2015 when the median was about $1.49 million.