Manhattan Residential Market Report Q2 2018
Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date so you can make the smartest moves.
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, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record high sales.
With an average selling price of $2,090,567, Manhattan’s Residential prices are continuing to drop over last year’s 2nd quarter. Average price-per-square-foot fell again. This time by 2.3%. Down to $1,733 dollars, from $1,773 a foot in Q2 2017. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.
Total transactions tallied in at 2,629 this quarter. Down 16.6% percent, from a total of 3,153 sales in Q2 2017. We expect Manhattan to maintain this trend downtrend at least until the end of the year. This dip 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 as to where the market is heading.
On the bright side – the average selling price of new development condos rose 3.9% percent in this second quarter to $4,885,097. That’s versus $4,703,544 in quarter 2 last year. Prices in this market are still rising, and the time it takes to sell is decreasing too. The average time a new development condo spends on the market is down to around 194 days, compared to last year’s 245 days.
The data for Manhattan’s existing condominium sales is not quite as cheerful as new developments. These units saw a 4.9% percent decrease from 2017. Average sale price for these properties ran around $2.970,576 in Q2 2018, compared to $3,122,946 dollars in 2017. However, the market time for existing condos has decreased by a few days, now averaging 121 days.
Co-op sales grew just 1.2% percent this quarter, recording an average sales price of $1,380,512. Market time increased fractionally as well, coming in at 90 days from 86 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 0.2% percent decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $9,299,635. An almost invisible difference from last year’s average of $9,280,290. Luxury properties have actually been moving fast, being on the market for only 184 days this quarter, compared to nearly 231 days in Q2 2017.
Across the board, the average recorded price discount was 2% percent.
Now for the top sales numbers for July 2018:
The well-known neighborhood of Greenwich Village topped July’s single-family residential sales.
A Greenwich Village townhouse has now become the most the expensive townhouse sold in downtown Manhattan. The West 10th Street townhouse owned by a British interior designer sold for $37.2 million, surpassing a record set by another townhouse on the same street back in 2007, according to the Wall Street Journal, which first reported on the sale.
This five-story townhouse is located between Fifth and Sixth Avenue. It was purchased by the interior designer and her husband, in 2012, for $9.5 million. The couple then spent the next four years planning and executing a revamp of the townhouse. After all of the renovations, they weren’t actually able to live in it long term and now live outside of the city, according to the WSJ.
The townhouse now has a home theater system, a radiant heat system, including on the stoop, that helps melt snow, a home gym, a wine cellar, and a courtyard. The nearly 10,000-square-foot townhouse, which also comes with an attached carriage house, never officially came on the market, but instead traded hands privately in an off-market sale. The new owners reportedly intend to use this as their primary residence. The sellers were represented by Prime Manhattan Residential.
This townhouse was sold for $37,200,000, or a fantastic $5,949 per foot.
In the West Village, the record condo sale for this July goes to 160 Leroy St #PHN that finalized for an incredible $43,503,250. Or $5,613 per foot.
This unit on the edge of the water sports 7,700 square feet, with an almost 5,000 square foot terrace and 27 foot swimming pool. It includes 5 bedrooms, 4 fireplaces, and of course a private elevator.
This May’s top co-op sold in Lenox Hill again for an impressive $20,000,000
#7 at 640 Park Avenue encompasses the entire seventh floor. A white glove, prewar co-op, the building dates back to 1914 and has retained much of its highly prized design.
For bargain-seekers who still want Manhattan real estate, Washington Heights & Inwood are currently the least-expensive residential areas on the island – Average condos in these neighborhoods sold for $549,450 dollars, with average co-op sales almost the same at $550,000 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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