Manhattan Residential RE Year End Review | 2017

By
Real Estate Agent with The Corcoran Group
Overview

Manhattan sales cooled versus 2016 as buyers and sellers adjusted to high prices and non-market factors like the Presidential administration and tax reform. Price trends were mixed in 2017. Average price remained level while average price per square foot declined 3% as a result of fewer new development deliveries and sales over $5M. Meanwhile, competition for apartments under $3M caused a 5% increase in median price. Listed inventory rose 9% annually to over 6,000 active listings.


Inventory 

Each residence type saw increases in inventory at the end of 2017, largely due to fewer sales in the fourth quarter. As such, Fourth Quarter 2017 co-op inventory was up 15% from Fourth Quarter 2016, while condo inventory increased a more moderate 4% year-over-year to 3,562 active units. In terms of pipeline, with over 4,100 units in new developments possibly launching in 2018, listed condo inventory is likely to continue to climb for the foreseeable future.
 

 Statistics by Type 

Resale co-op sales in 2017 fell 1% from 2016, while resale condo and new development closings both declined 5%. Resale co-op average price rose 3% to $1.306M, but average price per square foot fell 7% to $1,165. Resale condo price figures rose year-over-year, as average price increased 4% to $2.118M and average price per square foot rose 2% to $1,773. New development pricing decreased from 2016 due to fewer closings of luxury contracts signed in earlier years. Average price fell 5% to $4.204M and average price per square foot fell 4% to $2,482.
 
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2017

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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

Hello  Mitchell J Hall  nice to see you back with a great Manhattan year in review report

Mar 04, 2018 07:32 AM #1
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Mitchell J Hall
The Corcoran Group - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Thanks Hannah Williams 

Mar 04, 2018 08:21 AM #2
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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