Manhattan Sales Report 3Q 2018 Highlights

Compiled from the Elliman Reports 3rd Quarter 2018 Highlights and Press Release

​The decline in sales has been the primary barometer of the change in the real estate market during 2018.

• The number of sales has declined year over year for the fourth straight quarter as the market underwent a reset of activity. There were 2,987 sales, down 11.3% from the year-ago quarter, the lowest of the last four declines but still 9.5% above the quarterly sales average for the decade.
• There were 6,925 listings at the end of the quarter, up 13.2% from the same period last year. Since the financial crisis, listing inventory peaked in the first quarter of 2009 at 10,445 and bottomed in the fourth quarter of 2013 at 4,164.
• Days on market, the average number of days to sell all apartments that closed during the quarter slid by 8.9% to 92 days as a possible sign that sellers were pricing more realistically.
• Listing discount, the percentage difference between the list price at the time of sale and the sales price, slipped to 5.2% from 5.5% in the prior-year quarter.
• The median sales price declined 4.5% to $1,117,000 from the prior-year quarter and the third highest median sales price on record. However, the resale median sales price, which represented 87.9% of the market was unchanged at $995,000, the highest median sales price on record.

See the full Elliman Reports: Manhattan sales report.

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​Categories: Douglas Elliman