Photo by Kevin Lee on Unsplash
NEW YORK CITY—For Manhattan co-ops and condos the number of sales rose year-over-year for the first time in seven quarters following six straight quarters of decline, according to Douglas Elliman.
The residential real estate brokerage's Q2 2019 Market Report indicated in Manhattan the most significant rate of annual sales growth occurred in the $2 million to $5 million sales range. Median prices rose to $1,215,000—a new record, according to Douglas Elliman. The report noted a 1.7% price per square foot increase to an average of $1,762.
“This was a very encouraging quarter, with sales rising in Manhattan for the first time in 18 months,” says Steven James, president and CEO of New York City, Douglas Elliman. “With mortgage rates lower than they were at this time last year and buyers beginning to adjust to the new federal tax law as well as trying to get ahead of the new mansion tax that kicked in on July 1st, these results are not surprising.”
James also points out that inventory grew in Q2 2019 adding, “We will have to wait and see if this signals an end to the weaker sales market.”
“Overall, the market in Manhattan showed solid results this quarter, but sellers will need to continue to recalibrate their asking prices to market conditions,” says Jonathan Miller, of Miller Samuel Inc., the author of the report. The report demarcates Northern Manhattan as north of 116th Street on the West Side and by Central Park and 96th Street on the East Side.
For co-ops and condos, year-over-year median sales prices rose 1.5% to $589,000 and the number of closed sales increased 9.1% to 251. For townhouses, year-over-year the median sales price rose 12.5% to $2,250,000. But the number of closed sales dropped 39.1%.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
