Manhattan Market Report | Fourth Quarter 2015

By
Real Estate Agent with The Corcoran Group

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.”

 

Manhattan, East Side Report

Manhattan West Side Market Report

Manhattan, Midtown market report

Downtown Manhattan market report 4Q-2015

Upper Manhattan Market Report 4Q-2015

 

Download Complete Manhattan 4Q-2015 Market Report

 

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.

 

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Rainmaker
2,341,154
John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Mitchell J Hall These are very helpful great market stats for Manhattan.

Jan 09, 2016 08:06 AM #1
Rainmaker
589,995
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Thank you John Pusa 

Jan 09, 2016 09:04 AM #2
Ambassador
1,672,313
Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

What a beautifully put together Manhatten Market report  so nice to read

Jan 09, 2016 11:35 AM #3
Rainmaker
589,995
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Thanks Hannah Williams 

Jan 09, 2016 01:12 PM #4
Rainmaker
4,208,672
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks Mitchell.  Fascinating market activity for the city.  I can't even comprehend some of these prices from down here in FL.

Jan 09, 2016 08:58 PM #5
Rainmaker
589,995
Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Thanks, Gabe Sanders.  It's hard for me to comprehend too. I never thought I'd hear myself saying "I can't find my buyer a 1 bedroom with outdoor space for $1.4M".

Who knows? 10-15 years from now folks might be saying "I'm sorry I didn't buy that 1 bedroom condo back in 2015 when it was only $1.5M 

Jan 11, 2016 07:20 AM #6
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Pretty impressive stats, Mitchell. The cost of living in Manhattan jsut keeps going up and up! The $/SF numbers are pretty shocking. Almost as bad as waterfront property here

Jeff

Jan 14, 2016 02:37 PM #7
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Rainmaker
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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