Sales of new development homes in Manhattan recorded a decrease in the third quarter over the previous quarter. However, the average sale sale price continued to rise, making the volume of sales mostly unchanged from the previous quarter, according to the third quarter Manhattan New Development report released yesterday by New York brokerage MNS.
Third quarter sales dropped 6.25 percent to 336 units from the previous quarter. During the second quarter, 315 new development units were sold.
However, the new development median sales price increased 20 percent to $3.5 million. This was up from the $2.9 million recorded in the previous quarter. Year-over-year, it was up 87 percent, rising from approximately $2 million in the third quarter of 2015.
The volume of sales remained consistent during the third quarter despite the decreased number of sales — recording a slight 0.34 percent increase to $1.4 billion from the second quarter.
A decrease in the median price per square foot for new development homes was also recorded during the third quarter. The median price per square foot dropped 1.5 percent to $2,060 per square foot, down from $2,092 recorded the previous quarter.
MNS attributed these quarterly changes to the bulk of the third quarter’s sales coming from homes that were 3-bedrooms or larger. Forty percent of third quarter new development sales were 3-bedrooms or larger.
Twenty-one percent of all Manhattan sales — the bulk for the third quarter — were in the Financial District where 67 units were sold. The median sales price in the Financial District was $4.5 million for a new home in the third quarter.
To view the entire MNS third quarter Manhattan New Development report, click here.