Whether you already own or you’re looking to buy into the City’s fastest growing market, we’ll keep you up to date. You’re listening to New York’s Real Estate Market Update from the Ratner Team.
Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers and sellers alike. In our residential report, we’ll give you averages first, but keep listening for this quarter’s record high sales.
With an average selling price of $1,933,198, Residential Manhattan’s prices continuing to drop over last year’s 1st quarter. Average price-per-square-foot, fell, this time by an astonishing 18.5% percent down to $1,697 dollars, from $2,083 a foot in Q1 2017. Residential sales may be steadfast as ever, but purchasers are getting more and more floor space for their buck.
Total transactions tallied in at 2,180 this quarter, down -24.6% percent from a total of 2,892 sales in Q1 2017. Sales may be dropping, so are the prices, and we expect Manhattan to maintain this trend downtrend for at least till the end of the year. This downtrend is happening due to a combination of an oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers along with consumer uncertainty to where the market is heading…
The average sale pricing of new development condos dipped 14.1% percent in this final quarter to $4,038,067 – last year, that number was much closer to $5 million. Prices in this market are declining but the time it takes to sell is decreasing, albeit slightly: the average time a development spends on the market is up around 213 days, compared to last year’s data of 225 days.
The verdict for Manhattan’s existing condominium sales is only marginally more cheerful than new developments, with a 10.9% percent decrease from 2017. Average sale price for these properties ran around $2,676,281 in Q1 2018, compared to $3,004,098 dollars in 2017. However, the market time for existing condos has decreased by a few days, averaging 131 days.
Co-op sales jumped just 9.6% percent this quarter, reporting an average sales price of $1,361,409 dollars in 2018. Market time increased fractionally as well, coming in at 86 days from 85 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.
Of course, even with a 15.1% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,944,440, a rather steep dive from last year’s average of $9,360,794. This market is proving to reward those who may lack patience, however, as selling time is dropping: luxury properties were on the market for only 220 days this quarter, compared to nearly 290 days in Q1 2017.
Across the board, the average recorded price discount was 1.3% percent.
Now for the top sales numbers for May 2018:
The well-known neighborhood of Carnegie Hill topped May’s single-family residential sales. The amazing Upper West Side single-family townhouse at 113 East 79th Street sold for $30,000,000 – about $7,054 dollars per square.
In Central Midtown, the record condo sale for this May goes to 157 West 57th Street #85 that finalized for an almost incredible $53,967,250.
This recently-completed new development condo masterpiece is rising to over one thousand feet above midtown Manhattan, ONE57 elevates New York living with the longest South-to-North views of Central Park ever offered in private residences. Walls of glass illuminate expansive homes of extraordinary scale and light. A lifestyle enhanced by the exceptional personal service of Park Hyatt’s new five-star flagship hotel. Pritzker Prize-winning architect Christian de Portzamparc creates a landmark among landmarks that has forever redefined luxury living in New York.
This May’s top co-op sold in Lenox Hill again for an astonishing $24,500,000
For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – each square foot costs on average only $628 dollars. Average condos in these neighborhoods sold for $455,250 dollars, with average co-op sales only slightly lower at $450,000 dollars.
You can visit our website, www.NewYorkMarketReports.com, to download the full version of this report, as well as take a closer look at the individual neighborhood reports.
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