- Median sales price scaled 13.1 percent year-over-year to reach a new record of over $1.1 million, according to the report.
- Days on the market fell to 89 days.
- Sales picked up in the second quarter by 2.3 percent year-over-year, with 2,736 closings.
- Sales of new development condos more than doubled year-over-year.
The real estate market in Manhattan makes shifts in a New York minute.
In just one year, median sales price across the borough scaled 13.1 percent to reach a new record of over $1.1 million, according to Douglas Elliman’s Q2 report.
At $1,759 per square foot, Manhattan hit another record, thanks to a 31.3 percent increase year-over-year.
The average sales price rose 13.1 percent year-over-year, reaching just under $2.03 million. And sales picked up in the second quarter by 2.3 percent year-over-year, with 2,736 closings.
Looking deeper, co-op median sales price dipped 3.5 percent since Q2 of 2015 to $767,500, while the condo median sales price rose 13.4 percent to over $1.57 million.
Are buyers losing leeway in Manhattan?
Real estate guru and author of Douglas Elliman’s report, Jonathan Miller, says time on the market and buying power was already extremely low but tightened even further in the second quarter.
Days on the market fell 5.3 percent to reach 89 days. However, Manhattan’s absorption rate grew to 7 months from a previous 6.4 months.
Resales, new development and luxury in Manhattan
Miller incorporated new resale data that revealed average price per square foot among previously owned properties hit a new high of $1,453 (up 13.8 percent year-over-year).
The resale market showed little movement in the way of median price, and sales actually dropped. However, Miller says this is consistent with the long-term trend.
Median sales price for resale remained at $945,000. Resale sales fell 9.4 percent since Q2 of last year to 2,231.
After bottoming out in 2013, resale inventory (5,362 listings) almost hit its post-recession high with a 25 percent increase year-over-year.
Median sales price in the luxury market grew 10.1 percent to reach a new record of $6.6 million. Luxury listing inventory dropped 20.7 percent since 2015 to just 1,391 apartments. The report defines luxury as the upper 10 percent of all co-op and condo sales.
New development encompasses almost 60 percent of the high-end market, according to Miller. Sales of new development condos more than doubled year-over-year, with 505 closings posted in the second quarter.
Average price in the new development market reached a record of $4.39 million, a 4.9 percent increase from last year.