- Third Quarter market activity diminished as buyers took a “wait-and-see” attitude: Manhattan market-wide closed sales and signed contracts declined compared to a year ago as buyers remained cautious with lingering concerns over tax implications and the belief that prices would continue to decrease.
- Market-wide closed sales decreased 10% and contracts signed decreased 12% compared to last year: Though there were fewer closings in Q3 year-over-year at 3,327, there was a 5% increase over last quarter’s sales. There were 37% fewer new development sales, which contributed to the decline.
- Market-wide prices increased nominally, but price per square foot figures fell for the third consecutive quarter: Both average and median price per square foot fell by 3% this quarter, but average and median sale prices increased slightly by 2% to $1.93 million and $1.15 million respectively, due to an improved market share in apartment sales with two or more bedrooms. With fewer super high-end luxury property sale closings, especially in new development product, prices avoided being inflated upwards this quarter.
- Inventory increased 23% market-wide this quarter to 7,284 units: This was the eighth consecutive quarter that inventory increased year-over-year. By product type, co-op inventory rose most, up 37% year-over-year, and resale condos increased by 18%. New development inventory remained virtually unchanged, with a 1% decline.
For full details, take a moment to look over The Corcoran Report 3Q 2018 Manhattan