Luxury new development closings kept the average Manhattan apartment price over $2 million for the second straight quarter. At $2,077,680, the average price was 16% higher than a year ago and just below the record set in the first quarter of 2016. The median price of $1,110,000 was down slightly from the first quarter, but still a 13% improvement from a year ago. The stock market turmoil at the start of the year played a major role in the 22% decline in resales from 2015’s second quarter.

The average resale price fell 4% from a year ago to $1,527,641, and has barely moved over the past three quarters. Smaller apartments continue to be the strength of the market, as the median resale price reached a new record in the second quarter.

While the headline market data continues to show rising prices, that is attributable to luxury new development closings where contracts were signed years ago. Resale prices are no longer showing growth, with the exception of smaller apartments. It remains clear that price adjustments are needed, particularly in the luxury resale market, for activity to pick up.

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The average and median apartment prices reached record levels in the first quarter, with a large number of luxury new development closings. With the help of 432 Park, a record number of new development closings topped the $10 million mark. New developments were also responsible for the 10% increase in the total number of sales from a year ago, as new development closings jumped 70%.

Looking at just the resale market, the average apartment price fell 1% from 2015’s first quarter to $1,542,348. A decline in luxury resales was primarily responsible, as the median resale price hit a new record of $965,000. Price increases were greatest over the past year for studio and one-bedroom resales, due to critically low inventory levels. The number of resale closings was 2% lower than the first quarter of 2015.

Prices for new developments shattered all records in the first quarter. Their average price reached $3,608,322, which was 15% higher than a year ago, and broke the previous record set in 2014’s fourth quarter. The median price of $2,349,660 was 21% higher than the prior record set in the fourth quarter of 2015.

While concerns about equity markets, China’s economy, oil prices, and interest rates have clearly impacted consumer confidence, Manhattan apartment prices have remained stable. New developments are responsible for the record prices we see now, but remember-the average resale price is just 1% lower than a year ago. While the slowdown at the high end of the resale market was expected, the strength of the middle-to-lower end has been surprising to the point of pushing the median resale price to a new record.

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This is one of the busiest time for real estate agents. It’s the spring selling season!

Homeowners are calling, texting and emailing their real estate agents to put their homes on the market. And it couldn’t be a better time for homeowners as there is so little inventory available in New York City.

According to Greg Heym, Chief Economist, Terra Holdings, the average and median price for all apartments set new records in 4Q15. The number of sales rose 12% compared to 4Q14. Condos accounted for 50% of sales, the highest percentage since 1Q09. New development sales were 26% of all transactions, up from 17% a year ago. 

More good news is that New York City added 87,100 jobs in 2015 and with mortgage rates falling buyers want to buy – they just need the inventory. According to realtor.com over 85 percent of buyers who plan to purchase in the next year intend to buy in the spring or summer of 2016.

According to the Mortgage Bankers Association, total mortgage application volume increased 9.3 percent on a seasonally adjusted basis from the previous week. Interest rate-dependent refinances were almost entirely behind the gains.

And buyers are out 24/7/365 and any new home that hits the market is a welcome addition to give buyers more options.

Today’s buyers are looking at listings every day. They anxiously awaiting those texts and emails from their agents about new homes on the market. They’re looking for new inventory.

The spring season brings new and previously active buyers. People review their life events, incomes, bonuses and tax implications, determining if they want to sell their homes. And buyers review the tax implications of homeownership.

Buyers are out looking for their dream home. These buyers are ready, willing and able to buy…and are in the market right now!

When the spring weather gets warmer and there are longer daylight hours, it causes supply, demand and activity to peak. Families look to settle their children before a new school year begins, so more contracts are signed in spring and summer.

New York City will always be regarded as an extremely desirable place to call home. With high-profile career opportunities, green spaces, cultural institutions, nightlife and entertainment, sports teams, and a 24-hour subway system, the city will continue to attract buyers from everywhere, as well as those from right here.

The 2016 housing market is forecasted to be mainly a seller's market, filled with increasing home prices, relatively low inventory and fierce competition between buyers.

Sellers should work with their agents to better understand how they can optimize the pricing of their home and how they can close quickly. Buyers looking to close this year will need to be prepared to move quickly when they find a home that meets their needs.

Sellers who list their home during the prime spring and summer months benefit from a larger population of buyers and potential bidding wars, which often result in higher prices and faster closings. Property owners thinking of selling, there has never been a better more advantageous time. Sellers should take advantage of the strong buyer activity currently in the market.

Spring is here!

Every year, twice a year, New Yorkers and those visiting Manhattan get the opportunity to dine in some of the "best of the best" restaurants for a three course prix-fixe lunch at the amazing price of $25.00 and a three course prix-fixe dinner for $38.00. 

NYC Restaurant Week Winter 2016 is here from January 18 through February 5th!

New York City Restaurant Week Winter 2016 to view restaurants and make reservations visit nycgo.com

NYC Restaurant Week FACTS:

NYC Restaurant Week is a semi-annual promotion that celebrates fine dining at an affordable price. Participating restaurants offer three-course prix-fixe menus specially priced at $25 for lunch and/or $38 for dinner*.

Restaurants offer a minimum of three choices for appetizers, three choices for entrées and at least one dessert. Several restaurants may also offer drink specials, supplemental items and other à la carte options for an additional price.

A few restaurants may offer their prix-fixe menu on Saturdays, but the majority do not. NYC Restaurant Week dining guide booklets are available in participating restaurants, major hotels and at Official NYC Information Centers the week prior to program launch.

If you're thinking of moving to Manhattan, it's not only a great way to try out our incredible restaurants, but it will help you relax over a sumptuous meal after browsing apartments all day with your broker to decide where you want to live.

Who knows -- you may want to live next door to one of these sensational Manhattan restaurants!

NYC Restaurant Week Tips:

Research - Get recommendations from friends and search the Internet for ratings. Most of the participating restaurants are the best that New York has to offer.

Reservations should be made in advance. DO Reserve Early. Reservations can be made at http://www.opentable.com. Normally, getting a reservation at these restaurants is difficult. Plan ahead. Reservations early in the week are usually easier than Thursdays or Fridays. Call to see if there were any cancellations as well.

Dress Code - When dining in New York's best restaurants, dress your best.

Tip Higher - Tipping more than 20% will get you first-class service that New Yorkers expect from these top restaurants.

Both the average and median apartment price reached record levels in the fourth quarter. At $1,944,744, the average price for all apartments was 10% higher than a year ago and 5% more than the prior record set in 2015’s first quarter. The median price crossed the $1 million mark for the first time, climbing 18% over the past year to $1,150,000. The total number of closings was 12% higher than the fourth quarter of 2014, fueled by a sharp rise in new development closings.

Two key events led to these record prices. First was a rise in new development closings, which accounted for 26% of all transactions, compared to 17% a year ago. Remember that the average new development price is double the average resale price. It’s also important to remember that contracts for these apartments could have been signed months or even years ago, so they are not necessarily reflective of current market conditions.

The second was that the increase in new development closings, which are almost exclusively condos, also brought the condo share of the overall market to 50%, its highest level since the first quarter of 2009. In the fourth quarter of 2014, condos were 44% of total market activity. Condos typically sell for more than co-ops, and therefore can push the overall average price higher if they comprise a larger percentage of sales.

While the average and median resale apartment price did not set new records, both improved compared to a year ago. The average resale price rose 8% over the past year to $1,528,732, while the median price was 7% higher at $917,075.

For all of 2015, apartment prices averaged a record $1,814,927 in Manhattan, up 7% from 2014. The median sales price also set a new high, rising 9% from 2014 to $999,000. Pricing gains during the year were helped by a 44% jump in the number of new development closings. The total number of sales was just 1% higher in 2015, with 13,025 closings reported at the time of our report.

Shaking off a flat year for stocks, China’s economic slowdown, a rise in terrorism and concerns about rate hikes, Manhattan real estate prices reached new highs in 2015. Low inventory was fought over by both local buyers benefiting from the strong NYC economy, and foreign buyers seeking a safe haven for their money. While the pace of price growth has slowed, the small number of available apartments will continue to keep prices stable into 2016. 

The full version of the report can be found HERE