Q3 Manhattan Market Report

Market indicators in the third quarter continued to slow as consumers weigh climbing mortgage rates, the impact of changing tax laws, and confusion about the direction of the U.S. economy. Overall, both the number of sales and the average sales price declined, yet numbers were up from Q2 and the resales market remains strong, with the median sales price tying the record set a year ago.

  • Median sales price is down 4.5% from last year, but up 1.5% from last quarter
  • Closed sales decreased 11.3% from last year, but were up 13.6% from last quarter
  • Inventory is up 13.2%, boosting the absorption rate to 7 months
  • Days on the market dropped from 101 a year ago to 92 in Q3
  • Listing discounts remain steady at just over 5%

The resales market remained steady, with lower sales than last year but many strong indicators.

  • The median sales price had a 0% change from last year’s record-setting quarter
  • The listing discount is down to 5% from 6.8%
  • The number of sales is down 9.7% from last year, but up over 15% from last quarter
  • Days on the market increased from last year but dropped 11 days from last quarter

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