Q1 Manhattan Market Report

In January, Manhattan had a single sale that was large enough to skew the average price of the entire borough–Ken Griffin’s record-setting $238 million purchase at 220 Central Park South. Other indicators showed an ongoing slowdown of the market in Q1, yet resales remain strong with the median sales price rising to a record high.

  • Median sales price broke the $1 million mark again after dropping to $999K last quarter.
  • Days on the market dropped from 107 to 99.
  • Listing inventory rose almost 9% from last year, boosting the absorption rate from 8.4 months to 9.4 months.
  • The number of closed sales was 16.4% below the 20-year average.
  • Listing discounts increased from 5.5% to 6.9%.

  • Resales represent 92.6% of the market, up from 88.1% last year
  • Median sales price set a new record, up 5.9% from last quarter.
  • Average sales price increased 1.7% from last year and 9.6% from last quarter
  • Year over year sales were up 2.2%
  • Days on the market remained steady at 95 days

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