Overall Q3 Market
Limited inventory not meeting demand is putting upward pressure on prices.
Number of sales, from pent-up demand since the financial crisis, increased 9.8% compared to a year ago. A robust local economy, weaker US dollar and global economic uncertainty all played a role in shaping the Q3 market.
The median price of a condo or coop apartment in Manhattan reached $998,000 in the third quarter of 2015, 9.9% higher than a year ago.
Market inventory continues to tighten, with 5,654 listings on the market in Q3, 20% below the 10-year average of 7,047 listings.
It takes 4.6 months to sell available inventory, a metric known as the absorption rate. This is 13% faster than a year ago. During the 2009 recession, the absorption rate was 26.2 months.
Condo Market
Specific to the condominium market, the median price was $1.50 million, +15.5% compared to a year ago.
Average price per sqft was $1,801, up 21%, while number of sales was up 35 percent.
About 60 percent of condominium sales were "all cash".
The median price of a 1 bedroom condominium was $926K, 2 bedroom $1.9 million and 3 bedroom $3.8 million.
Weaker Luxury Market
The luxury market, defined as the top 10 percent of transactions, saw some weakness with average price per sqft declining 6.2 percent to $2,454.
Average sales price at $6.7 million declined by 6.8 percent.
Source: Miller Samuel Q3'2015
Wei Min Tan is a Manhattan, New York condominium broker focusing on global investor buyers. He is one of Manhattan's most interviewed brokers and has appeared on CNBC, CNN, The New York Times and The Wall Street Journal. Wei Min can be reached at tan@castle-avenue.com
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