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Laura Matiz

Blog

Manhattan Sales Report 2Q 2018 Highlights

7/9/2018

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Compiled from the Elliman Reports 2nd Quarter 2018 Highlights and Press Release
The market was characterized by a lower level of activity, more supply and modest resale price gains.
  • There were 2,629 sales, down 16.6% from the same period a year ago as well as the lowest second-quarter sales total in nine years, 3.6% below the 2,726 second quarter decade average.
  • Listing inventory rose 10.7% to 6,985 and the highest total since 2012.
    • New development inventory edged up 0.8% as developers held back units in shadow inventory.
    • Resale supply expanded 12.6% over the same period.
  • The absorption rate, the number of months to sell all inventory at the current rate of sales, slowed to 8 months from 6 months in the prior year quarter, the slowest second quarter spring market pace in seven years.
  • Despite the slower pace, market time and negotiability tightened from the prior year as sellers grew more in sync with market conditions.
  • Days on market, the average number of days to sell all apartments that closed during the quarter slid by five days to 103 days.
  • Listing discount, the percentage difference between the list price at the time of sale and the sales price, fell to 4.1% from 6.1% in the prior-year quarter. 
See the full Elliman Reports: Manhattan sales report.
​Categories: Douglas Elliman
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Laura Matiz

Licensed Associate Real Estate Broker
575 Madison Avenue
New York City, NY 10022
Email: lmatiz@elliman.com
Twitter: @lmatiz
Office: 212.891.7252
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  • Home
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