2018 Q3 Reports just came out and what it shows is something that we have been seeing in the trenches in the Manhattan real estate market which is:
A cooling market where sellers who are stubborn about their pricing sit on the market with no action as buyers are content to wait for good deals resulting in fewer sales and rapidly slowing price appreciation.
This is true for everywhere EXCEPT Downtown Manhattan (below midtown and above the financial district/battery park city). Downtown Manhattan is the only area with more sales (5%+) in the third quarter and 19% median price increase year-over-year.
Third Quarter 2018 for Manhattan Overall:
- 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.
Check out the full Q3 market report here: https://media.corcoran.com/pdf/reports/2018_Q3/Manhattan_3Q2018.pdf?utm_source=inhabit&utm_medium=outbout&utm_campaign=nye-clicks&utm_term=direct&utm_content=manhattan_q3