Manhattan Sales Report 1Q 2017 Highlights

Compiled from the Elliman Reports 1st Quarter 2017 Highlights

There was a release of pent-up demand in the resale market accumulated before the U.S. election last November. 

• Resales showed a 7.7% jump to 2,429 from the same period last year outpacing the 4.2% gain in resale inventory to 4,859 listings. 
• The median resale price was $950,000, unchanged from the year-ago quarter while the other price trend indicators increased. Average resale price expanded 3.2% to $1,586,247, and the average resale price per square foot rose 4.1% to $1,495 respectively over the same period. 
• Closings of new development sales declined 25.4% to 463 from the year-ago period. They accounted for 16% of market-wide sales, down from a 21.6% share in the same period last year. 
• Luxury listing inventory continued to decline as many overpriced listings expired from sellers who were long disconnected with market conditions. There were 1,295 luxury listings, down 4.1% from the prior year quarter. 
• Listing discount, the percentage difference between the list price at the date of sale and the sales price, doubled to 4.2% from 2.1% in the prior year quarter as sellers worked harder to meet buyers on price. 

​See the full Elliman Reports: Manhattan sales report.

---

Categories: Douglas Elliman