Manhattan Sales Report 3Q 2019 Highlights

Compiled from the Elliman Reports 3rd Quarter 2019 Highlights and Press Release

The recent Mansion Tax deadline poached sales from this quarter back into the prior quarter.

• The number of sales decreased year over year by 14.2% to 2,562.
• Conversely, the second-quarter number of sales jumped 12.5% year over year, prompting some market observers to interpret the formation of a recovery.
• The second and third-quarter sales total for 2019 was compared to the same period in 2018, indicating a sales decline of 1.7%. This two-quarter comparison was made to control for the significant tax-related swing in quarterly sales. This decline was similar to the 1.9% year to date sales drop comprised of the first three quarters compared to the same prior-year period.
• Median sales price decreased 8.2% to $1,025,000, and the average sales price dropped 14.1% to $1,656,395 respectively from the year-ago quarter, with the latter reaching its lowest level in six years.
• Days on market, the average number of days to sell all apartments that closed during the quarter, was one day faster — falling to 91 days from the year-ago quarter.

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Categories; Douglas Elliman