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Elliman Report: Manhattan Sales 2Q 2016
Manhattan apartment prices continued to set records partly due to the heavy volume of new development closings that went to contract 12- 18 months ago. Re-sale activity, representing 81.5% of the market showed second quarter market conditions more clearly and so a re-sale section has been added to this report. Median sales price for re-sales was unchanged at $945,000 from the same period a year ago while the other price indicators showed mixed results. Re-sale average price per square foot set a new record of $1,453, up 13.8% and re-sale average sales price fell 10.6% to $1,496,233 respectively over the same period. The number of re-sales fell 9.4% to 2,231 as the number of new development closings surged 138.2% to 505 respectively from the same period a year ago. Like sales and price trends, listing inventory showed disparity in re-sale and new development trends…
