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Welcome to the Manhattan Residential Sales Real Estate Market Report for the second quarter of 2017.
Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
This is our Manhattan edition. An island all its own, this borough boasts one of the most recognizable skylines on earth and is an epicenter of business, economics and arts. As usual, we’ll start with averages, but keep listening for this quarter’s record high sales.
In residential Manhattan, sales prices increased an average of 15 percent over last year’s August data, with an average selling price of $1,120,000. However, the average price per square foot actually dropped a single percentage point, down to $1,288. This means that, while residential sales are increasingly more expensive, the amount of floor space purchased is also growing. In total, there were 1,547 residential transactions recorded this quarter – an increase of 19 percent over August 2016 – and that’s an increase that we expect will only continue to rise in the future. Manhattan real estate is a ravenous industry.
New Development Condo sales prices are also increasing, but at a less dramatic rate: the average sale price this second quarter was $4,702,544, up just 7.3 percent from last year’s August numbers. And while prices are rising, so is the average length of time a development sits on the market. Selling times increased about 25 percent to around 245 days, versus 196 days last year.
Existing condominium sales are performing better that Manhattan’s new developments. This quarter, we saw a 13.2 percent increase over last year’s numbers, from $2,758,468 to an average sale price of $3,122,946. These condos are sitting on the market a little longer as well, an average of 135 days as opposed to last year’s 107 days. That’s a 26.2 percent increase in selling time, but if you’re selling, the increased sales prices make this market well worth the potential wait.
Co-op sales had perhaps the least exciting quarter, with an average sales price of $1363,916, just 4.8 percent higher than this time last year. Market time increased fractionally as well, from 75 days to 86 days; overall, the co-op market is holding as relatively firm as anything does in New York’s world of real estate.
Luxury property sales of course hold the highest numbers this quarter, if not the highest percentage change. The average Luxury sales price was $9,280,290, which shows a 7.6 percent increase from last August. These properties may be extremely lucrative, but they also require the most patience: selling a luxury property took an average of 70 more days this quarter than this time last year, around 239 days.
