The average price for Manhattan apartments dropped in the third quarter, as new development closings over $10 million fell 42% from a year ago. This decrease in luxury sales brought the overall average new development price down 24% from a year ago to $3,377,275.

The average price for all apartments fell to $1,961,480, which was 4% lower than a year ago and below $2 million for the first time in almost two years. For resales alone, prices averaged $1,619,737; a 6% improvement from the third quarter of 2016. In terms of price gains, co-ops led the way as their average resale price was 12% higher than a year ago.

While the total number of closings was 10% higher than a year ago, we must remember that the market was especially weak in 2016’s third quarter due to concerns about Brexit and the impending presidential election. After a surge earlier this year, the current luxury market has returned to the slower pace of 2016, with buyers once again concerned about inventory levels and events occurring worldwide.

The full report can be found here