Key Findings of the Second Quarter Report:
- Prices coming under pressure. Though still at near-record levels, the average sale price in Manhattan retreated 6% from the $2.12 million high-water mark it achieved in the First Quarter. Across the board, prices were up versus Q2 15, but were slightly lower or unchanged versus Q1 16. New development condos and re-sale co-ops both rose in value thanks to their tight inventory, but re-sale condominiums contracted 5% in average price per square foot.
- Significantly fewer sales. The slowing trend we noted in the First Quarter took a bigger bite out of the Second. 14% fewer sales closed and 20% fewer contracts were signed in the Second Quarter of 2016 than occurred in the same quarter one year prior.
- Condos shift the market. Manhattan’s market is increasingly well-supplied with condominiums. The number of new development condos available is up 25% over the prior year, and the number of re-sale condos is up 20%. This quarter, 58% of all sales were condominium transactions; just 42% were co-ops.