1st Quarter 2017
Information provided by Urban Digs and Virtual Results
O V E R V I E W
After a tumultuous last year, the Manhattan market is showing signs of stabilization and recovery as we enter the second quarter of 2017. The average sales price increased 6.27% from the prior quarter to $2,163,893, while the median sales price increased 11.43% to $1,170,000. Looking at changes on a year-over-year basis to filter out seasonality, we see the average price increasing 2.12% and the median price relatively unchanged with a scant 0.01% increase. Properties took around 70 days to sell during the first quarter, versus 57 days in the same timeframe a year ago. As we have noted in the past, the Manhattan market is highly segmented by price, and the luxury sector (roughly defined as $4M+) which had previously seen declines, appears to have found its footing, with the average price increasing 5.60% and the median price increasing 1.57% since this time last year. Days on market for luxury listings also declined, with the time on market dropping 3 days to 89 days from last quarter. Interestingly, the luxury sector’s median price per square foot fell 3.53% over that same period, hinting that while buyers have gained leverage, sellers have adapted to the changing marketplace. The same holds true for the overall market, with price per square foot for all apartments sliding 1.76% from last year.
C O N D O
In the Manhattan condo market, the new-found stability in the luxury market helped push the average price 2.91% higher to $2,886,183 from the this time last year. Compared to last quarter, condo prices continued to trend upwards with a 4.81% increase. The median sales price figures were mixed, with 3.36% gains on a quarterly basis, while the year-over-year price fell 4.98% to $1,688,444. Year-over-year and quarterly decreases in the price per square foot of 3.57% and 0.79%, respectively, confirm the theme that while buyers have regained some leverage, sellers are quickly adapting to market conditions. This is evident in days on market trends as well, which rose 26.09% and 6.10% on a year-over-year and quarterly basis respectively. Increasing prices, combined with lower price-per-square-foot and higher days on market figures hints that the market, while stable, is still in a transitional phase.
C O O P
The more stable Manhattan co-op market remained relatively unchanged last quarter, with the average price coming in 1.54%% lower at $1,201,802. Year-over-year, the average price declined a scant 0.76%. The median sales price showed slight increases across the board, with both the year-over-year and quarterly figures rising 0.99% to $767,500. Coop days on market came in at a healthy 59 days, which represents a year over-year and quarter-to-quarter increase of 12 days and 3 days, respectively. Looking ahead, while buyers generally have more options and higher negotiability than they had in past few years, the transitional nature of the data indicates that a tenuous equilibrium has been reached in the market. With the market dynamics in their current state, we expect prices to hold steady as the traditional busy season gets fully underway
M A N H A T T A N M A R K E T - W I D E
*Market-wide sales figures refer to all condo, co-op, & cond-op sales
M A N H A T T A N C O N D O S
M A N H A T T A N C O O P S
N E I G H B O R H O O D B R E A K D O W N
|Below is a snapshot of the market broken down by major Manhattan neighborhood from 1st quarter 2016 to 1st quarter 2017.|
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