nyc BLOG estate

nyc BLOG estate

Manhattan Market Report | First Quarter 2017

I am delighted to share with you our Q1 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q1 2017 (January 1st -  March 31st).

Key Findings of the First Quarter Report:

  • A shift in the market. Buyers – who had shown fatigue with high prices in 2016 – came back into the market, while sellers who had adjusted to market conditions with price reductions found themselves making deals.
  • Prices hold their position. Overall, average and median prices were essentially unchanged from a year ago. The median price in Manhattan is $1.13 million and the median price per square foot is $1,360 (each down 1% vs Q1 2016).
  • Buyer activity returns. The First Quarter experienced the first year-over-year increase in signed contracts in six quarters. Contracts rose 3% versus a year ago and 5% over the prior quarter.
  • More inventory, but still mildly under-supplied. All bedroom types except studios had year-over-year increases in inventory; on the whole, there were 10% more properties on the market than in Q1 2016. This was the sixth consecutive quarter in which the number of properties available for sale was up.

 Manhattan Market Report -1Q 2017

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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