Is the Manhattan luxury market cooling?

  • At the close of 2015, Olshan Realty reported a two-month increase in days on the market for luxury properties.
  • In the first week of April, just 18 contracts above $4 million were signed – the lowest of that same week since 2012.
  • The median resale price in Manhattan grew 3.8 percent last year to $978,765, but within the luxury tier (top 10 percent), median resale price went up just 0.2 percent.
  • Pockets like East Brooklyn and Upper Manhattan are still competitive markets for buyers.

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Slow and steady is becoming a trend with big budget buyers in the New York City real estate market — a side effect of congestion and lack of demand.