TOWN Residential Analysis of the Manhattan Real Estate Market Sheds Light on Fourth Quarter Market Conditions and Trends

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The report reveals a 7.6% increase in market-wide average prices to $2,139,116, with significant 19.8% gains in the condo market to an average price of $3,042,859.

Manhattan Market-Wide Metrics

TOWN Residential, New York’s leading luxury real estate services firm, has released The Aggregate - the firm’s quarterly residential market report. During the fourth quarter, the overall Manhattan market saw an average sales price increase of 7.6% to $2,139,116 on the year-over-year performance, despite a median sales price decrease of 6.1% to $1,079,955. The report reveals that on a quarter-to-quarter basis, those average and median sales prices reflect an increase of 3.1% and .3%, respectively.
 
Market-wide, the median price per square foot decreased 3.1% over the year to $1,357, which is 1.7% higher than the price paid during the third quarter. Market-wide gains in median sales prices were reported in virtually all categories, with the 3+ bedroom segment showing the largest increase, rising 29.2% from the previous quarter to $4,490,150.
 
Examining the luxury market specifically, 43 transactions were recorded for condos over $10,000,000 and 10 for co-ops of the same price-point, registering average prices of $18,608,137 and $12,883,333, respectively. The median days on the market was significantly higher at 232 for condos and 270 for co-ops, compared to 61 market-wide.
 
Auditing the individual asset classes, Manhattan condos saw a significant year-over-year change, with the average price increasing 19.8% to $3,042,859, and the median price increasing 3.8% to $1,695,000. These average and median prices represent an increase of 3.4% and 2.7%, respectively, on a quarter-to-quarter basis.
 
In contrast, the co-op market saw an average sales price decrease of .13%, dipping just slightly from $1,262,249 in 2015 to $1,260,613 this year. Although also virtually unchanged, median co-op sales prices fared slightly better, moving from $750,000 to $760,000 and reflecting a 1.3% increase.
 
Looking at the neighborhoods individually, The Aggregate revealed a mixture of increasing and decreasing price trends during the fourth quarter, with the Upper East Side and Downtown markets showing the most volatility. In contrast, median sales prices for Midtown residences increased with regard to all bedroom categories from the previous quarter.
 
The Aggregate is a comprehensive study of residential sale transactions across distinct asset classes from October to December 2016. The report compares those transaction values with quarter-over and year-over values, while providing invaluable insight into current trends and market conditions. Data is drawn from the rolling sales data of the Manhattan market along with the live ACRIS feed provided by the New York City Department of Finance.
 
About TOWN Residential, http://www.townresidential.com 
Founded by Andrew Heiberger in 2010, TOWN Residential has cemented its position as New York's foremost luxury real estate services firm with an exhilarating foundation and seamless execution of best-in-class customer service by an unparalleled team of more than 500 Representatives and professionals strategically located in ten prime Manhattan, Brooklyn and Queens locations. TOWN Residential specializes in luxury residential sales; leasing; the marketing, sales and leasing of property developments; commercial and retail.

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Lori Levin
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