Jan 11, 2019

Manhattan Market Report | Fourth Quarter 2018


Manhattan Market Report | Fourth Quarter 2018





Here’s what happened during the Fourth Quarter 2018 in Manhattan:

  • Market activity diminished as various market dynamics created buyer hesitancy: Manhattan market-wide closed sales and signed contracts declined compared to a year ago as many buyers took a “wait and see” approach to the market. Buyers remained cautious with lingering concerns over tax implications, rising interest rates, volatility in the financial markets, and the belief that prices will continue to decrease.

  • Market-wide closed sales declined 7% and contracts signed decreased 12% compared to last year: Declining sales were fueled by fewer condominium sales in both the resale and new development markets, which decreased by 11% and 26%, respectively. Resale co-op sales were level with last year at this time, increasing slightly by 1%.

  • Generally, prices cooled in the Fourth Quarter, but were bolstered by a spate of super high-end sales: In order to compete in a crowded market that lacks urgency, sellers have had to adjust by reducing prices and negotiating, which pushed median price downward by 2% year-over-year to $1.075 million. Average price, however, rose 2% to $2.012 million due exclusively to a number of super-luxury closings at 220 Central Park South and 520 Park Avenue.

  • Inventory increased 10% market-wide this quarter to 6,993 units: Fourth quarter inventory was last this high in 2011. By product type, co-op inventory rose most, up 17% year-over-year, and resale condos increased by 6%. New development inventory declined slightly, by 2%.

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


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