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Manhattan Market Report | Fourth Quarter 2016

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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