Oct 4, 2016

Manhattan Market Report | Third Quarter 2016

I am delighted to share with you our Q3 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q3 2016 (July 1st through September 30th).

Key Findings of the Second Quarter Report:

  • Prices are high, but past the peak. Prices were up versus last year, and still occupy near-record levels. The median price in Manhattan is $1.1 million (up 10% vs a year ago) and the median price per square foot is $1,314 (up 2% vs the same period). But it now appears that First Quarter 2016 will be the peak moment of the post-2009 growth period, as the Third Quarter marked the second straight quarter of stagnant or lower prices in most categories.
  • The pace of sales continues to slow. For a third straight quarter, the number of sales was off from 2015. 17% fewer sales closed and 18% fewer contracts were signed in the Third Quarter of 2016 than one year prior.
  • More inventory on the way. For a fourth consecutive quarter, the number of properties available for sale was up. Though only at 5,860 units – which is to say about five months’ supply – this is still 21% above the prior year. Tight inventory is enabling sellers to stay aggressive in their valuations; but the more choices buyers start to have, the more downward pressure will grow around asking prices.

 Manhattan Market Report Q-3 2016 Corcoran report

Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.


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