I am delighted to share our Q1 Manhattan Report. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q1 2017 (January 1st through March 31st).
Key Findings of the First Quarter Report:
- A shift in the market. Buyers – who had shown fatigue with high prices in 2016 – came back into the market, while sellers who had adjusted to market conditions with price reductions found themselves making deals.
- Prices hold their position. Overall, average and median prices were essentially unchanged from a year ago. The median price in Manhattan is $1.13 million and the median price per square foot is $1,360 (each down 1% vs Q1 2016).
- Buyer activity returns. The First Quarter experienced the first year-over-year increase in signed contracts in six quarters. Contracts rose 3% versus a year ago and 5% over the prior quarter.
- More inventory, but still mildly under-supplied. All bedroom types except studios had year-over-year increases in inventory; on the whole, there were 10% more properties on the market than in Q1 2016. This was the sixth consecutive quarter in which the number of properties available for sale was up.
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Manhattan market in general. I welcome the opportunity to help!