According to Vanderbilt Appraisal Services, the final quarter of 2017
exhibited evidence of a minor market correction with 7% fewer sales and a 6%
decline in the average sale price which fell under $2 million for the second
consecutive quarter. However, median sale price increased slightly to $1.1
million. Closed sales for the fourth quarter of 2017 totaled 2,696 compared to
2,891 during the same quarter the prior year.
The overall market under $3 million made up 85% of all sales activity in
the fourth quarter. This segment posted an increase in average sales price as
well as median sales price of 1% and 3%, respectively. The average sales prices
in the $3 - $10 million category declined 6%, while the market above $10
million reflected a 1% growth in average sales price.
Manhattan’s inventory of 6,034 listings is 1% higher than the 5,963
listings in the prior year. This level of inventory is still below normalized
supply levels of 8,000-9,000+/- listings.
Please visit us at www.RubenPerezNYC.com
