Elliman's 3QT 2016 Highlights

10/22/2016

Compiled from the Elliman Reports 3rd Quarter 2016 Highlights

Manhattan Sales: 3QT 2016 Highlights

Higher prices with fewer sales and more inventory.

The median sales price of a Manhattan apartment was $1,073,750, up 7.6% from the year ago quarter and was the fourth consecutive quarter above the $1 million threshold.
The re-sale market, accounting for 87.7% of sales in the third quarter, was more reflective of current market conditions. Re-sale median sales price was $950,000, bracketed closely by the results of the prior four quarters and up 2.6% from the same period a year ago.
Listing inventory reflected significant differences in the rate of growth between re-sale and new development. Re-sale inventory expanded 8.2% to 5,290 while new development inventory surged 27.2% to 973 respectively from the same period a year ago.
Listing discount, the percentage difference between the list price at time of sale and the sales price, increased to 2.9% from 2.2% in the prior year quarter.
Days on market, the average number of days to sell all apartments that closed during the quarter, was 6 days slower than the same period last year, falling to 79 days.

Rising prices and sales as well as falling inventory continued to push the market envelope.

Median sales price increased 8.7% to $735,000 from the same period last year to a new record. Average sales price showed a similar pattern rising 14.8% to a record $983,511, just shy of the $1 million threshold.
Luxury median sales price, representing the top 10% of sales, grew faster than the overall market for the third consecutive quarter. Luxury median sales price surged 23.5% to $2,500,000 from the prior year quarter skewed by a high number of large new development closings.
The number of sales jumped 15.8% to 2,741, the most third quarter sales since 2007. Listing inventory fell 36.5% to 2,624, the lowest level recorded since this metric was first tracked in 2008. With demand continuing to overwhelm supply, the market moved at its fastest pace in eight years.
The absorption rate, the number of months to sell all listing inventory at the current rate of sales, fell to 2.9 months from 5.2 months from the year ago quarter.
Days on market, the number of days between the last list price change and the contract date, was 81 days, 26 days slower than the same period last year.

Categories: Douglas Elliman

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