What happened at the end of 2015?
- The Corcoran Q4 2015 report revealed a record breaking median price of $1,150,000 for a Manhattan Apartment.
- Inventory is still in short supply with 4.1 months of supply, making it a seller’s market (6 months’ supply is considered balanced).
- The average time an appropriately priced property was on the market was approximately 3 months.
- The average price/square foot in Manhattan is $1,736 up 5.6% from last year.
What to watch for in 2016.
- Low inventory and low interest rates are well established trends by now and both are increasing ever so slightly. At the current rate of change they are not likely to impact pricing in a meaningful way.
- Bifurcation of markets. Don’t be surprised if you start reading about high priced inventory in the $10 million and above range languishing on the market while well priced units under $3 million go into bidding wars.
- The reinvention of the Upper East Side. A number of new developments are coming to the market bringing cutting edge design to a neighborhood previously dominated by pre-war coops. Some of my favorites so far include: 180 East 88th Street, 389 East 89th Street and Citizen 360 at 360 East 89th
- Harlem townhouses are no longer a bargain. They are in high demand with some selling over $4 million; a number which was unfathomable 18 months ago.
- Hamilton heights emerging as a neighborhood which is as much a destination as the south central Harlem location below 125th
- Upper Carnegie Hill becoming a real thing. New developments planned between 96th – 110th East of Fifth Avenue are creating exciting new options for those priced out of adjacent locations. The 103rd St. subway station is being revitalized and there are a number of enticing low-key dining options along Lexington Ave.
Categories: By the numbers