Today Douglas Elliman published the Elliman Report on Manhattan Sales that I author. This quarterly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994 (20 years!).

Key Points
– Sales fell below last year’s third quarter record but still 29% above decade quarterly average.
– Luxury market price gains outpaced the overall market.
– Inventory is up from last year’s low but still 18% below decade quarterly average.
– New development market share of closed sales was up from year ago level, but expected to rise sharply over next year.
– Highest market share of sales at or above list price in 6 years (49.2%).

Here’s an excerpt from the report:

Manhattan housing prices continued to rise as
additional supply remained inadequate to meet
demand. Bidding wars and a shift toward larger
units applied additional upward pressure to
rising price trends. Sharp gains in New York City
employment, the continued influx of international
investors and low mortgage rates have kept the
market tight. A product of five years of pent-up
demand and the fear of rising mortgage rates,
sales volume fell short of prior year records.
Marketing times and negotiability eased, as the
market downshifted from last year’s frenetic
pace. Luxury market price growth exceeded the
overall market, while new development product
targeted at the luxury segment continued to enter
the market…


The Elliman Report: 3Q14 Manhattan Sales [Miller Samuel] Miller Samuel Aggregate Database [Miller Samuel] Market Chart Gallery [Miller Samuel]