Rise in Manhattan Co-op and Condo Sales

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%.