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Manhattan Market Report: 2nd Quarter 2016

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Manhattan Market Report: 2nd Quarter 2016

The market for Manhattan apartments cooled 3% to $2,113,924 from the record breaking $2,180,096 reached last quarter as the pace of luxury new development condominium closings waned. Year-over-year, however, the average sale price and median price per square foot continued to increase, rising 15.3% and 8.5% respectively. The recent softness is evident in days on market which rose 17.65% from 51 to 60 compared to last year.

With the diminishing volume of high end new condos filtering out of the pipeline, the average sales price for condos dropped 7.94% to $2,686,948 from record levels last quarter. The median sales price for condos dropped even further, falling 14.6% to $1,525,000 from last quarter. Despite this quarter over quarter decrease, on a year over year basis the median sale price rose 15%, while price per square foot trends notched a 5.2% gain versus this time last year. The time it took to sell a condo rose 26% to 70 days compared to 50 days last year.

Manhattan co-op prices continued to rise on quarterly basis, with a slight 1% increase compared to the prior quarter. Year over year, however, the average price for a co-op dipped 7.36% to $1,251,077. Co-op median sale prices ticked up slightly both quarter over quarter and year over year, rising 1.32% and 0.59% respectively. Days on market followed the broader trend as co-ops took 11% longer to sell, 56 days, from a year ago.

Looking ahead, we expect overall price trends to be pressured, as the pace of luxury new development closings gradually diminishes and consumers adapt to the new reality of increased inventory. This rising supply is already helping buyers gain leverage, as lower deal volume and higher days on market have dampened seller’s expectations for continual record setting price levels. All in all, as we reach the midway point of 2016, market forces appear to be balanced after years of strongly favoring the sell-side.

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Manhattan Market Report:  4th Quarter 2015

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Manhattan Market Report: 4th Quarter 2015

Overview
The Manhattan marketplace continues to push higher, reaching new record prices in Q4. From this time last year, the average sales price of Manhattan property rose over 16% to $1,979,690, while the median price per square foot rose 9.58% to $1,392. Median days on market continued its historically low trend, coming in at 54 days.  While this is nearly unchanged from a year ago, it is 10 days longer than Q3, reflecting the seasonal nature of Manhattan real estate.

Buyers responded to slowly rising supply trends, nudging the average price for a Manhattan co-op apartment to $1,284,427, up just over 7% from a year ago, and up 4% from last quarter. The median price for a co-op was $740,000, up 2.78% from a year ago, and down slightly from last quarter’s $755,000. Median price per square foot for co-ops told a similar story, with Q4 coming in at $974, up 8.24% from last year, but down 0.49% from Q3.

Manhattan condo prices also saw continued price action to the upside. The average price of condos came in at $2,529,200, a 20.51% gain year-over-year, while the median price per square foot increased 10.16% year-overyear to $1,593. Soaring condo prices contributed to the widened price differential between co-ops and condos.  Overall, the strong price action in Q4 hints that the macro uncertainties in Q3 are yet to filter through the lagging sales pipeline. Looking forward we expect a normalization of price action as we enter the new year.

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Manhattan Market Report:  2nd Quarter 2015

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Manhattan Market Report: 2nd Quarter 2015

The 2nd quarter of 2015 flew by as we hustled to secure our buyers the best properties and negotiated to sell our listings for top dollar.  The market's energy has been palpable but now that the numbers are in, it's official!  

The market continues to favor the sell side with an average sales price appreciation of 5% from this time last year to $1,789,589.  Although appreciation has slowed since last year, inventory and days on market continues to be near record lows creating overall a very fast-paced, tight market. Below, we have included data provided courtesy of Urban Digs for a complete neighborhood and property type breakdown.

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