The third quarter of 2017 was marked by a 5% increase in the number of closed sales from 3,483 to 3,657 over the prior year. This is the third consecutive quarter of growth in the number of sales. The average sale price was down 3% while the median sale price was up 11%. Closed sales for the third quarter of 2017 totaled 3,657 compared to 3,483 during the same quarter the prior year. The under $3mil market made up 84% of all sales activity and posted 5% more sales than the prior year. This segment posted an 8% increase in the average sale price and 11% increase in the median sale price. The average and median sale prices in the $3mil to $10mil category increased 4% and 8% respectively while the $10mil+ category reflected a 9% drop in the average sale price and an 7% drop in the median sale price.
The average sale price of all recorded Manhattan apartment sales was $1,985,000, a 3% decline over prior year. The median sale price of $1,185,000 was a 2% decline over the prior quarter and an 11% gain over the prior year. The median sale price for all of Manhattan has registered over $1mil for the 9th consecutive quarter.
Inventory is at 6,397 listings which is 3% higher than the 6,209 listings in the prior quarter and 12% higher than at the start of 2017. This level of inventory is still below normalized supply levels of 8,000-9,000+/- listings.
CONDOS & CO-OPS (based on 6 months of closed sales 03/01/2017-08/31/2017)
The overall Manhattan absorption is 6 months which in a general sense signi es a market in “equilibrium”. The historic range of equilibrium for the market area is 6-9 months. The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6-month period. The lower price segments continue to expe- rience shortages of inventory with $1mil at 4 months of supply and from $1mil- $2mil at 5.6 months of supply. Units priced from $6mil to $10mil have a 10.4 month absorption rate. The top two price tiers above $10mil both have an over one year supply, signi- fying an oversupply that has resulted in discounts and longer marketing time for the highest valued properties. As the oversupply continues in the highest price brackets it is increasingly more di cult for sellers in the top price segments to remain in exible in their price expectations.
The overall Manhattan absorption is 6 months which in a general sense signi es a market in “equilibrium”. The historic range of equilibrium for the market area is 6-9 months. The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6-month period. The lower price segments continue to expe- rience shortages of inventory with $1mil at 4 months of supply and from $1mil- $2mil at 5.6 months of supply. Units priced from $6mil to $10mil have a 10.4 month absorption rate. The top two price tiers above $10mil both have an over one year supply, signi- fying an oversupply that has resulted in discounts and longer marketing time for the highest valued properties. As the oversupply continues in the highest price brackets it is increasingly more di cult for sellers in the top price segments to remain in exible in their price expectations.
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