Introducing Corcoran’s market report for 1Q Manhattan, featuring the market’s best insights.
Here’s what happened during the First Quarter 2019 in Manhattan:
- The Q1 2019 Manhattan residential real estate market faced continued challenges. Ongoing concerns regarding the impact of tax law reform, an oversupply of inventory (especially at the high end of the market) and buyer hesitancy resulted in reduced quarterly sales compared to one year ago.
- Market-wide Manhattan closed sales declined 5% compared to Q1 2018. Resale co-op sales were minimally changed (2% decrease year-over-year) while new development condominium sales declined 9%, and resale condominium sales decreased 11% compared to Q1 2018.
- Average sale price in Q1 2019 increased 11% to $2.1 million. This increase was due to several high-profile new development closed sales, which skewed the average sale price upward. Among these notable sales was the $238 million condominium sale at 220 Central Park South, the highest price ever paid for a Manhattan residence. Other sales that closed above $20 million included additional 220 Central Park South sales, 70 Vestry, 157 West 57, Time Warner, 520 Park and more.
- Downtown Manhattan was the most active area in the market in Q1 2019, with 737 closed sales. Sales were virtually on par with Q1 2018, with a minimal 1% decline.
