Snapshot of the NYC 2nd Quarter Residential Real Estate Market.


• Second Quarter market activity cooled: Manhattan experienced fewer closed sales and signed contracts, as well as high inventory levels and steadying prices compared to a year ago. The effects of the new tax law, high real estate taxes and volatility in the financial markets all contributed to a dampening of buyers’ purchase intent in Q2.

• Market-wide closed sales decreased 14% and contracts signed decreased 9% compared to last year: Though closings in Q2 responded to diminished buyer urgency, there were still nearly 3,200 closings, which was a 26% increase over last quarter, reflecting a typical Q2 seasonal uptick in buyer activity.

• Manhattan market-wide prices were unchanged from last year: Average sale price of $2.15 million was essentially level with Q2 2017, supported by select penthouse sales and record-breaking transactions. Median sale price, however, decreased 3% to $1.14 million as market share shifted in favor of lower-priced transactions that accompanied a decline in new development closings.

Inventory increased 17% market-wide this quarter to 7,491 units: This was the tenth consecutive quarter that inventory increased year-over-year. Supply expanded for all bedroom types and most price ranges. By product type, co

-op inventory rose most, up 26% year-over-year, and resale condos increased by 11%. New development inventory increased only by 4%.

See the full report here Link To Full Report

#MarketReport #NYC #NewYork #RealEstate #ManhattanLuxury #Condos #Coops #Money

Featured Posts
Recent Posts
Archive
Search By Tags
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Contact Us

20 Rockefeller Plaza, New York, NY 10020 Tel: 212-641-3732

  • YouTube Social  Icon
  • Facebook Social Icon
  • Instagram
  • LinkedIn Social Icon
  • iTunes Social Icon

© 2018 by Jacob Warfield