Key Findings of the First Quarter Report:
- New record prices. For the first time ever, the average sale price in Manhattan surpassed $2 million thanks to significant high-end sales. The median price reached $1,160,000 (up 22%), and the median price per square foot $1,374 (up 11%).
- Fewer closings and fewer contracts. The pace of sales is slowing appreciably. There were 5% fewer closings this quarter versus the same time last year, and 11% fewer signed contracts.
- More choices, but mostly at the high end. An influx of re-sale condos boosted inventory 8% over the first quarter of 2015. While technically still under supplied – particularly for studios and one-bedroom units – the market has been advancing towards greater equilibrium since its 2013 low point.
Categories: By the numbers