CONDOS & CO-OPS OVERVIEW:
Coming off an election season filled with anxiety and buyers ending 2016 seemingly unreceptive to unrealistic pricing, the First Quarter of 2017 appeared to unleash pent-up demand with a re-emergence of buyer confidence in the market.
Buyers this quarter were encouraged by a rising stock market, hopes for strong economic growth, and more rational pricing on the part of sellers, as evidenced by a 4% decline in the overall median sales price.
The First Quarter of 2017 saw the average sale price in Manhattan overall trend upward to $2,167,000, a 3% gain over the prior year. The number of sales jumped 9% in the First Quarter of the year to 2,945 from 2,711 in the last quarter of 2016 but the number of closed sales declined 5% from the prior year.
The recent period of double-digit gains in sale prices has abated, making way for relative stability in the market place. The under $3mil market made up 83% of all sales activity and this segment had 4% fewer sales, a 3% drop in the average sale price and 4% decline in the median sale price. However, both the $3mil to $10mil category and the over $10mil category posted gains in the average and median sale prices.
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