Manhattan Sales Report 4Q 2017 Highlights

Compiled from the Elliman Reports 4th Quarter 2017 Highlights and Press Release

Pace of fall market cooled as market participants awaited the housing-related terms of the new federal tax bill.

Overview

• First time in 7 quarters the average sales price fell below $2 million as legacy contract pipeline clears
• Median sales price edged higher for third consecutive quarter, driven by re-sales
• Sales activity for the Manhattan housing market was at the lowest fourth quarter total in six years
• Pace of the fall market cooled as market participants awaited the housing-related terms of the new federal tax law
• Buyers continued to hold firm, forcing sellers to meet them on price
• Smaller apartments continued to see more bidding wars than larger apartments
• 90% of sales at or above $5 million were “all cash"
• New development inventory expanded annually for sixth consecutive month, but growth rate cooled

Numbers Summary

• There were 2,514 sales to close in the final quarter of the year, down 12.3% from the prior-year quarter.
• There were 5,451 listings at the end of the quarter, up 1.1% from the same period a year ago. As a result, the absorption rate, the number of months to sell all inventory at the current rate of sales, slowed as the pace expanded to 6.5 months from 5.6 months in the year-ago quarter.
• Listing discount, the percentage difference between the list price at the date of sale and the sales price, was 5.4% up nominally from 5.3% in the prior year quarter.
• Days on market, the average number of days to sell all apartments that closed during the quarter rose 3.2% to 97 days from 94 days in than the same period last year.
• Median sales price edged 1% higher to $1,060,000 from the year-ago quarter. Average sales price declined 10.6% to $1,897,503 over the same period, the first time this price trend indicator was below the $2 million threshold in two years. 

See the full Elliman Reports: Manhattan sales report.

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Categories: Douglas Elliman