The Corcoran Report Q2 2018
Manhattan’s Q2 saw some decline compared to last year’s however, multiple increases were seen quarter over quarter.
Manhattan market activity cooled in Second Quarter 2018, noting fewer closed sales, more inventory, and steadying prices. At the moment, prospective buyers have a lot to consider, including renewed financial market volatility, the still-fresh implications of tax reform, overwhelmingly high levels of supply, and a belief that prices will fall further. Together, these factors delayed buyers’ decision-making, softening market activity versus last year. Despite market factors, signed contracts and sales improved versus last quarter, as buyer demand for Manhattan properties still saw its seasonal uptick in Second Quarter 2018.
Closed sales fell 14% annually, but still registered nearly 3,200 transactions. At the same time, about 3,100 contracts were reported signed, down 9% annually. Active inventory expanded 17% year-over-year to approximately 7,500 listings, a dynamic which helped extend the average number of days on market to 121 days, up 13% from this time last year.
Price statistics responded to fluctuations in market share by product type and price range. Average price per square foot, at $1,853, was level while average price rose less than 1% year-overyear to $2.151M, an all-time high stoked by record-breaking closings Downtown and an uptick in sales over $5,000 per square foot. Meanwhile, median price fell 3% to $1.143M due to an improved market share of sales under $3M as the composition of sales shifted slightly in favor of lower-priced resales and fewer new development closings.
Read the full market report here.