Condos taking control of Manhattan market share, report says

  • Median closing prices in Manhattan increased from the first quarter of 2015 to the second quarter of 2016 by 35 percent.
  • Historically low inventory, pent-up demand, low interest rates, higher quality and an increasing share of condos to the market are all fueling the price growth in Manhattan.
  • Number of units and sales volume increased annually in the second quarter of 2016 over the same quarter last year.

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The Manhattan real estate market kicked off the year with a strong foot forward, according to Compass’ recently released Q2 2016 Manhattan Market Report. Inventory and prices increased annually over last year by the end of the second quarter of 2016, and nearly all major markets and neigborhoods are progessing in the same direction, the report says.