Photo: Christoffer Grann/Flickr
There were 336 new condo sales in Manhattan during the second quarter of 2016, down 42 percent from the previous quarter’s tally of 557 units.
Sales volume also decreased nearly 39 percent to $1.4 billion in the second quarter, which was down from the $2.3 billion reported in the previous quarter, according to a new report by the New York City brokerage MNS released on Friday.
The second quarter Manhattan New Development Report found that despite these quarterly drops, the median sale price for a new condo skyrocketed 51 percent year-over year to just under $3 million. This was an 8 percent increase from the $2.7 million median price seen the during the first quarter.
The median price per square foot also recorded a nearly 12 percent year-over-year increase to $2,092. This was 7 percent increase from the previous quarter.
Although the Financial District only accounted for 9 percent of all Manhattan sales during the quarter, it showed the highest quarterly up-swing of all Manhattan districts — reporting a nearly 87 percent quarterly median price increase to just under $4 million from $2.1 million reported the previous quarter. The median price per square foot also saw a substantial quarterly increase to $2,320 per square foot, up from the $1,675 per square foot reported the previous quarter.
The Upper East Side, which accounted for 20 percent of all sales, saw the quarter’s largest decline as the median price decreased by nearly 43 percent to $2.9 million from the $5.1 reported the previous quarter. The median price per square foot also saw a nearly 15 percent quarterly decrease to $1,958 from $2,298.
Sales were nearly evenly divided between one, two, and three bedroom and larger units at 31 percent, 35 percent and 34 percent, respectively, while studios accounted for just 1 percent of total sales in the second quarter.
Click here to view the entire report.