Manhattan Q2 Condo Prices

According to the Miller Samuel/Elliman Report, Q2 sales volume of Manhattan condos increased by 26 percent, the highest increase in three years.

Median price of a Manhattan condo at $1.70 million was up 3 percent.  It was the first year over year increase in seven quarters.

Price per square foot was $2,077, down 1.8 percent from a year ago.  Average price was $2.83 million, down 4.5 percent vs year ago.

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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.  

3 Highlights Of The Manhattan, New York Property Market in Q2'2015

After a slower first quarter, one which saw prices level off, the second quarter saw a total 180◦, setting a historic, record high for the average sales price for Manhattan apartments, now at a whopping $1.87 million. While there are a number of different key themes from the past 90 days, the overarching one is, quite simply, the obvious lack of inventory on the market. Those subthemes, however, include:

• # 1:  Stalled Inventory Growth – The consistent lack of inventory, despite last quarter’s slight uptick, is what produced these record-setting, headline-making prices this past quarter. The lack of inventory and strong demand makes it a total seller’s market and as long as that demand remains, whether it’s coming from foreign or domestic buyers, those prices will continue to remain high.