After a tumultuous last year, the Manhattan real estate 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.
|The luxury sector (roughly defined as $4M+) which had previously seen declines, appears to have found its footing|
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. NYC 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.
Additionally, we've found that:
- In the Manhattan condo market, the new-found stability in the luxury market helped push the average price 2.91% higher
- The more stable Manhattan co-op market remained relatively unchanged last quarter, with the average price coming in 1.54%% lower
- To see the area-by-area numbers and much more, download our full report: