Showing posts with label Manhattan Market Report Fourth Quarter 2016. Show all posts
Showing posts with label Manhattan Market Report Fourth Quarter 2016. Show all posts

Jan 6, 2017

Manhattan Market Report | Fourth Quarter 2016

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I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2016 (October 1st through December 31st).

Key Findings of the Fourth Quarter Report:

  • Prices remain high, but gain no ground. Overall, median prices were down versus the prior year and unchanged versus the prior quarter. The median price in Manhattan is $1.024 million (down 8% vs a year ago) and the median price per square foot is $1,324 (down 2% vs the same period). The Fourth Quarter marked the third straight quarter of price stagnation or retreat from the First Quarter 2016 peak.
  • Fewer sales. For a fourth straight quarter, the number of sales was off from the prior year. 15% fewer sales closed and 15% fewer contracts were signed in the Fourth Quarter of 2016 than one year prior.
  • More inventory and a slowing pace. This was the fifth consecutive quarter in which the number of properties available for sale was up. 5,865 units were for sale in the Fourth Quarter, 16% more than in 2015. At the current pace of sales that represents about five-and-a-half months of supply, a 31% increase from the prior year.

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


























 
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