Showing posts with label Manhattan residential real estate year end review 2017. Show all posts
Showing posts with label Manhattan residential real estate year end review 2017. Show all posts

Feb 22, 2018

Manhattan Residential RE Year End Review | 2017


Manhattan sales cooled versus 2016 as buyers and sellers adjusted to high prices and non-market factors like the Presidential administration and tax reform. Price trends were mixed in 2017. Average price remained level while average price per square foot declined 3% as a result of fewer new development deliveries and sales over $5M. Meanwhile, competition for apartments under $3M caused a 5% increase in median price. Listed inventory rose 9% annually to over 6,000 active listings.


Each residence type saw increases in inventory at the end of 2017, largely due to fewer sales in the fourth quarter. As such, Fourth Quarter 2017 co-op inventory was up 15% from Fourth Quarter 2016, while condo inventory increased a more moderate 4% year-over-year to 3,562 active units. In terms of pipeline, with over 4,100 units in new developments possibly launching in 2018, listed condo inventory is likely to continue to climb for the foreseeable future.

 Statistics by Type 

Resale co-op sales in 2017 fell 1% from 2016, while resale condo and new development closings both declined 5%. Resale co-op average price rose 3% to $1.306M, but average price per square foot fell 7% to $1,165. Resale condo price figures rose year-over-year, as average price increased 4% to $2.118M and average price per square foot rose 2% to $1,773. New development pricing decreased from 2016 due to fewer closings of luxury contracts signed in earlier years. Average price fell 5% to $4.204M and average price per square foot fell 4% to $2,482.


This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2016 © © Al l Rights Reserved