Sunday, July 10, 2016
Q2, 2016 Manhattan Market Performance
By Wei Min Tan
1) Average price per sqft of a Manhattan Condo was $2,073, up 30 percent compared to a year ago. The average Condo apartment was $2.758 million in Q2. This is skewed upwards as driven by new development closings.
2) The Resale market, comprising 82% of activity, shows an increase in price per sqft of 13.8%.
3) Condo listing discount to asking price was 1.6%, in line with expectations and shows accuracy of market pricing. Manhattan is the world's most transparent market which makes sellers price their apartment accurately to attract buyer traffic.
4) Inventory level, measured by the absorption rate, is at 7.2 months, lower than the 8.2 month historical average. This is the number of months it takes to sell all available inventory and is an indication of supply.
5) All Cash transactions made of 58 percent Condo deals.
Source: Miller Samuel Appraisers
Wei Min Tan is a Manhattan, New York property broker focusing on global investor buyers. He has been interviewed by CNBC, CNN, New York Times and The Wall Street Journal on the Manhattan property market. Wei Min can be reached at email@example.com