manhattan bridge nyc Photo: David Phan/Flickr

Rising prices, fewer sales and higher inventory levels defined Manhattan’s condo and co-op market in the third quarter of 2016, according to a new market report released today by New York brokerage Douglas Elliman.

The average sale price of all condos and co-ops in Manhattan rose 17 percent year-over-year to just over $2 million. This was however only slightly up from the previous quarter. Median sales price increased 7.6 percent to a little over $1 million from last year. This was down just over 3 percent from the median price of $1.1 million recorded in the previous quarter.

The average sales price of a Manhattan co-op rose 3.6 percent to nearly $1.3 million from the same time last year. However, it was down 0.8 percent from the previous quarter.

Meanwhile, the median sales price for Manhattan co-ops increased 1.4 percent from last year to $786,000. This was a 2.4 percent increase from the second quarter 2016.

Condo sale prices also recorded impressive gains in the third quarter. The average sale price jumped just over 27 percent to a little under $3 million. This figure represents a 7 percent increase from the previous quarter. The median sale price for a condo increased 6.7 percent year-over-year to $1.6 million. This was up 1.5 percent from the second quarter.

Luxury sales, or the upper 10 percent of all co-op and condo sales, also recorded significant price increases in the third quarter. The average sales price rose just under 31 percent to $8.8 million. This was up 2.5 percent from the previous quarter.

The median sales price for luxury units grew nearly 24 percent to $6.8 million from last year. This represents a 3.1 percent increase from the second quarter.

The number of sales closed dropped 18.6 percent from last year to 2,974. However, according to the report’s author, Jonathan J. Miller, some new development contracts signed a year or more ago are continuing close and are skewing the price trend higher.

And while the number of sales declined from last year’s record levels, they remain significantly higher than long term averages, Miller added.

Listing inventory increased nearly 11 percent year-over-year.

You can view the entire report here.

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