Q2 2019 Manhattan Market Report

Manhattan property sales increased for the first time in six quarters and prices were up as the median sales price hit a new record. The increase in sales is due in part to the stark drop in mortgage rates, along with quick closings to avoid mansion and transfer taxes that will take effect in Q3.

  • Sales were up 12.5% from last year and 39.4% from last quarter
  • The median sales price set a record at $1,215,000, up 10.5% from last year and 13% from last quarter
  • The average sales price remained flat
  • Average days on the market increased from 103 last year to 114 this year
  • Listing inventory is up 8.2%, with a 7.7 month supply

Resales remained strong, with sales up and a record-setting average sales price.

  • Sales were up 5.7% from last year and 22.5% from last quarter
  • The average sales price set a record at $1,731,855, up 4.4% from last year and 3.3% from last quarter
  • The median sales price remained flat
  • Average days on the market rose from 94 last year to 107
  • The listing discount rose from 4.5% to 6.3%
  • Listing inventory increased by 10%

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