Supply and contract activity separated
Active condo and co-op listings increased from 1,933 to 2,239 year over year, while new pendings fell 26.2% and closed sales fell 26.3%. The contract ratio dropped to 0.17 pending per active listing. GCAAR describes a lower contract ratio as relatively less contract activity compared with supply.
Price did not fall with activity
The median sold price increased 2.0% year over year to $399,000. That does not contradict weaker activity because the properties closing in each period can differ. The average sold-to-original-list ratio was 95.1%, compared with 96.0% a year earlier.
Building-specific work remains essential
The aggregate can support document and negotiation questions. It cannot establish the value, reserves, insurance, assessment exposure, financing eligibility, condition, view, parking, or competitive position of one unit.