3rd Quarter 2017 NYC Residential Market Report
October 4th, 2017
The average price for Manhattan apartments dropped in the third quarter, as new development closings over $10 million fell 42% from a year ago. This decrease in luxury sales brought the overall average new development price down 24% from a year ago to $3,377,275.
The average price for all apartments fell to $1,961,480, which was 4% lower than a year ago and below $2 million for the first time in almost two years. For resales alone, prices averaged $1,619,737; a 6% improvement from the third quarter of 2016. In terms of price gains, co-ops led the way as their average resale price was 12% higher than a year ago.
While the total number of closings was 10% higher than a year ago, we must remember that the market was especially weak in 2016’s third quarter due to concerns about Brexit and the impending presidential election. After a surge earlier this year, the current luxury market has returned to the slower pace of 2016, with buyers once again concerned about inventory levels and events occurring worldwide.