I am delighted to share with you our 2015 Q4 Manhattan Report. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2015 (October 1st through December 31st).
Fourth Quarter 2015 wrapped up one of the most active years in Manhattan real estate, with steady sales activity during the quarter, a much needed increase in inventory, and median price hitting a ten-year high.
Key Findings of the Fourth Quarter Report:
· A new record price. The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded. The median price per square foot is now $1,348, up 12% from a year ago.
· More closings but fewer contracts. Though closings continue briskly, the pace of sales slowed as 12% fewer contracts were signed in the fourth quarter versus the year prior.
· More inventory, finally. The available inventory of homes was up 14% from a year ago, though the total is just over 5,000 – a level we still consider “undersupplied.”
As always, I will continue tracking the residential market closely throughout 2016, and would welcome the opportunity to answer any questions you may have about the market report or the market generally.
If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service.