Photo: Robert Clark
After a lackluster start to 2018, Manhattan home sales saw a slight resurgence for the first time in three months.
But while sales rebounded in March, the bump merely returned sales figures to market norms and did not constitute a “dramatic rebound,” according to a report released earlier this week by the listing site CityRealty.com.
“The Manhattan market is beginning to show signs of life after being characterized by a few months of falling sales numbers and lower average prices,” CityRealty.com’s Director of Research Gabby Warshawer tells BuzzBuzzNews.
Over the last month, the average number of sales in Manhattan rose from 688 in February to 807 in March. And while at first glance it may appear to be a dramatic bump, March’s sales tally was still not very high by comparison.
“While sales were higher than in January and February, there was no single month over the past five years (excluding January and February of 2017) that had fewer than 807 sales,” Warshawer says.
There were 391 condo sales and 416 co-op sales in March, totaling $1.7 billion. This was up from $1.4 billion recorded the previous month.
The price of Manhattan condos averaged $2.8 million in March, while co-ops averaged $1.5 million.
Sales in Manhattan’s new condo market have been sluggish so far in 2018, but it also saw a bit of bump. The number of sales jumped from 75 in February to 105 in March. New construction pricing stabilized in March as well, with the average price per square foot dipping only 1 percent and the average price holding steady at $3.6 million.
“The new development submarket mirrored the larger market — it didn’t experience a full rebound but definitely performed better than the preceding couple of months,” Warshawer observes.
And with spring homebuying season officially underway, March’s momentum arrives just in the nick of time.
“The busiest real estate months of the year are coming up, and we do expect the momentum to continue,” predicts Warshawer.
Meantime, Manhattan’s luxury submarket — homes priced above $4 million — saw an impressive $601 million worth of sales in April — the highest on record since CityRealty.com began tracking this data in May 2017. Some 67 luxury contracts were signed in April, down from 68 the previous month.
April’s most expensive sale was a 4,000 square foot three-bedroom unit at 432 Park Avenue that sold for $32.4 million.
“There was a pronounced rebound in the number of luxury contracts signed in April, and so that should bring up average prices market-wide in the coming months,” Warshawer says.
Click here to read the entire report.