2Q 2017 Manhattan Residential Market Report

Records were set for the average and median apartment prices in the second quarter, as the luxury market rebounded from a sluggish 2016. Closings over $5 million were 41% higher than a year ago, as the pent-up demand for these apartments was released after the presidential election. Overall, the market saw 23% more sales than in 2016’s second quarter, with 2,601 reported closings.

The average apartment price of $2,179,172 was 6% higher than a year ago, while the median price rose 10% to $1,205,000. The real strength of the market was resale apartments, as their average price rose to $1,686,224, a 9% improvement from the first quarter of 2017. While down from previous quarter the average new development price remained above $4 million for the fourth straight quarter.

The luxury market stalled last year, as buyers were held back by the uncertainty of Brexit and the U.S. presidential election. But after the election in November, buyers returned to the market leading to a sharp pickup in closings in the second quarter. It appears this bump has now leveled off, as recent contract signed activity has slowed in response to increased global turmoil. 

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