In Manhattan, the challenging market continued in First Quarter 2019 as sales declined amid affordability, supply and tax headwinds. Marketwide closings fell 5% year-overyear to about 2,400 sales, the lowest quarterly total in ten years. Notably, resale co-ops dropped only a minimal 2%, while new development and resale condo sales saw deeper declines. Contracts signed fell by a similar percentage, down 6% annually, but were up versus the prior quarter.
Meanwhile, prices continued to moderate, with median price statistics, less vulnerable to very low or very high priced sales, declining for their fifth consecutive quarter year-over year, something that has not happened since 2010. Median price fell 2% year-over-year to $1.074M, 10% lower than its spring 2017 peak. Median price per square foot declined as well, falling by a deeper 6% annually to $1,246, now nearly equal to what it was in Second Quarter 2015.
At the same time, Manhattan set a new record in First Quarter 2019 with the closing of the highest priced home ever sold in the United States: nearly $240M for PH50 at 220 Central Park South. This sale, plus more than twenty others over $20M, drove average price 11% higher year-over-year, the greatest annual increase in more than two years. This quarter’s average price and average price per square foot were the second highest ever seen in Manhattan.
Inventory and days on market rose this quarter versus the same time last year, to be expected in a lower sales environment. But listed inventory actually fell versus the prior two quarters, suggesting it may now be past its peak, which would be a positive development for a market eager to see improvement.
Click here to read the quarterly report.
Categories: By the numbers