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- Overall sales were down compared to last May, with declines in both the condo and co-op markets.
- For the second month in a row, both average and median prices were down year-over-year for condos and co-ops.
- Reflecting a large amount of overall inventory growth, days on market increased market-wide from last year.
- In addition, the difference from last ask to sale increased for both condos and co-ops year-over-year.
- May 2016 was marked by steady average and median sale prices compared to the same time last year.
- Inventory was down slightly from a year ago, but contract activity was down a significant 21% versus the same time period.
- 33% of sales in May were below asking price compared to 24% of sales a year ago.
- Time from list date to contract date was 44 days, 14% shorter than last year.
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