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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This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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