Welcome to The Aggregate™, the quarterly residential market report published by TOWN Residential. As New York’s leading fully-integrated residential real estate services firm, TOWN is a sought-after source of Manhattan neighborhood expertise spanning residential sales; leasing; and the marketing, sales, and leasing of property developments.
With The Aggregate™, TOWN presents a comprehensive report on sales behavior across distinct asset classes from April to June 2016, and compares those transaction values with quarter-over-quarter and year-over-year values. The statistics presented in this edition of The Aggregate™ represent a sample of market transactions reported prior to the publishing of this report 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.
During the second quarter, luxury new development sales began to slow from the furious pace seen in the first quarter, when those sales helped push Manhattan average prices to record highs. While still closing at a brisk pace, the slowdown pressured inventory levels and days on market upward, resulting in a 2.58% reduction in average sales price during the second quarter to $2,132,446, and a nearly flat median sales price market wide. The time it took to sell an apartment registered in at 60 days, up 5% from the prior quarter and up 18% from the prior year.
Looking at the asset classes individually, Manhattan condo prices saw the largest change during the second quarter, with the average price decreasing 7.87% to $2,724,532 and the median price decreasing 17.68% to $1,525,000. The more stable co-op market showed little movement during the quarter, with the average price rising just 0.29% to $1,263,070, and the median price rising 1.94% to $775,000.
Examining the individual neighborhoods and property sizes, The Aggregate™ revealed a mixture of increasing and decreasing price trends during the second quarter.
Although posting an 11.17% increase in median sales prices over the same time last year, Manhattan condos showed a marked reduction of 17.68% over the previous quarter, from $1,794,645 to $1,525,000 due to a decrease in new development closings. Median price per square foot followed suit with a 5.27% reduction over the previous quarter from $1,654 to $1,571.
Despite changing market conditions, the median sales price for Manhattan co-ops came in at $775,000; a 1.94% rise from the previous quarter and less than 1% increase year-over-year. Median price per square foot registered a 6.65% increase quarter-over-quarter rising from $960 to $1,028.