Manhattan Sales Report 3Q 2017 Highlights

Compiled from the Elliman Reports 3rd Quarter 2017 Highlights

​More sales, less inventory and record pricing in segments in the co-op and re-sale markets.

• Median sales price increased 9.3% to $1,170,000 while average sales price slid 1.3% to $2,002,835 from the year ago record, respectively, over the same period. The difference in direction reflects the decline of the “legacy contract” pipeline, defined as contracts signed several years ago that closed when construction of the building was completed.
• The overall number of sales increased 13% to 3,369 over the same period, the highest quarterly total in two years. The number of sales was 20% higher than the 2,732 quarterly average of the past decade.
• With heavy sales volume overpowering supply, overall listing inventory was unable to keep up with demand. Re-sale inventory fell 4.1% and new development active inventory rose 6.9% for an overall decline of 2.4% to 6,115 apartments.
• The absorption rate, the number of months to sell all inventory at the current rate of sales, was faster, falling to 5.4 months from 6.3 months in the year-ago quarter. The co-op market moved much more quickly than the condo market consistent with the lower pricing of co-ops than condos and the “softer at the top” housing narrative of the past several years.
• Listing discount, the percentage difference between the list price at the date of sale and the sales price, more than doubled to 5.5% from 2.9% in the prior year quarter as sellers traveled farther to meet the buyer on price.

See the full Elliman Reports: Manhattan sales report.

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Categories: Douglas Elliman