Manhattan Sales Report 2Q 2018 Highlights

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