Oct 3, 2017

Manhattan Market Report - Third Quarter 2017

 Manhattan Market Report Third Quarter 2017

Key Findings of the Manhattan Third Quarter Report

  • Respectable summer activity. Closings rose 3% versus the same quarter a year prior, and were unchanged over Q2 2017. Signed contracts were down year-over-year (by -4%), and experienced a seasonal contraction (-28%) from Q2. The median price in Manhattan rose to $1.15M (up 10%), and the price per square foot reached $1339 (up 2%).
  • Re-sale co-ops remain robust. Re-sale co-ops were up 5% in closings year-over-year, thanks to their comparative affordability. 84% of co-op sales took place below $2 million, and their popularity with buyers led more co-op owners to list their homes (inventory +3%, months of supply +9%).
  • Slower activity in resale condos. The number of sales in re-sale condos fell 9% over last year, but this is partly a function of their inventory being out of touch with demand; apartments under $3 million account for 92% of sales, but only 66% of inventory.
  • New development sales shift from luxury to affordable units. Premium buildings like 432 Park Avenue, 30 Park Place and 56 Leonard Street had fewer closings this quarter, while new developments in Upper Manhattan priced under $500K closed in greater numbers. The result was a shift downwards in price even though the pace of closings was faster.
  • Luxury market retreats. In a sign that overabundance may have caught up with the luxury market, the price threshold for the top 10% of all sales retreated for the first time in more than four years, and the median price and price per square foot of these homes dropped by -14% and -9% respectively. Contraction at the high end caused the market-wide average price and price per square foot to fall for the first time in three years.

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


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