AgentMarkets & Economy

Manhattan home sales breaking records left and right

CityRealty releases quarterly and monthly market reports for New York home sales
  • Homes under $2.5 million accounted for $1.3 billion in sales in the first quarter of the year.
  • Twenty four percent of home sales in the first quarter, or $1.1 billion, were homes at or above $10 million.
  • April saw fairly stagnant home prices after months of record-breaking home sales trends.

Manhattan home sales are going nowhere but up, and the first quarter of 2016 was record-breaking, according to a recent market report. Heading into the start of the second quarter home sales prices began to slow just a tad, but that's no cause for concern. CityRealty recently released its first quarter report and monthly report for May, and New York City kicked off the year in true Big Apple style with multiple home sales records. However, as the spring season began to pick up, home sales prices slowed down and remained fairly stagnant throughout April. Q1 Condo Sales According to the report by CityRealty, Q1 saw the home sales total surpass Q4's record in 2015, making for $4.59 billion in aggregate home sales. This figure surpassed the previous record of $4.57 billion in the previous quarter. The average sales price in the first quarter was $2.9 million, which was yet another record. And what's really impressive, is that 24 percent of all home sales in the first quarter ...