Median sales prices on Manhattan real estate remained unchanged year over year at $999,000, and while sales volume slipped for the eighth time in nine quarters, it was the lowest rate of decline in two years. Most of the decline occurred above the $5 million threshold, where the market saw the lowest total sales closed in seven years, however sales below $5 million actually increased by 1.6%.
- The average sales price was up 9.6% from last quarter but down 7.5% from last year
- In contrast, the median sales price dropped 2.5% from last quarter, but remained unchanged from last year
- Sales dropped 6.2% from last quarter and just 1.2% (28 properties) from last year
- Days on the market inched up to 99 from 93 last year
- The listing discount increased from 6.2% to 6.8% over the past year
- Inventory increased by 9% with 6,643 properties on the market and 8.3 months of supply
The introduction of the mansion tax in Q3 resulted in sharp declines in higher-priced markets, with sales from $7 million to $10 million falling 49.1% and sales from $10 million to $20 million dropping 48.4%.
Resales remained relatively strong, with a 2.7% increase from last quarter and just a 0.3% slide from last year, and for the third straight quarter, the average square footage price of a new development luxury sale was less than that of a luxury resale.
- Resales represented 87.1% of the overall market
- Median sales price remained steady