Jan 4, 2018
New York Real Estate Market Updates
Welcome to the Manhattan Residential Sales Real Estate Market Report for the third quarter of 2017.
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.
A grand epicenter of business, arts and economics, Manhattan is a one-of-a-kind borough and demands price tags to match. This is our residential report, and as usual, we’ll give you averages first, but stay around for this quarter’s record high sales.
Residential Manhattan’s prices stayed flat over last year’s October data, with an average selling price of $995,00 dollars. However, the average price per square foot actually dropped 3 percent, down to $1,316 dollars. This means that, while residential sales are gradually climbing, the amount of floor space purchased is also growing. In total, there were 1,087 residential transactions recorded this quarter – an increase of 11 percent over October 2016. That’s an increase that we expect will only continue to rise in the future.
New Development Condo sales prices decreased rather dramatically: the average sale price this third quarter was $4,256,992 dollars, down an astonishing 26.8 percent from last year’s October numbers. And while prices are declining, the average length of time a development sits on the market is only increasing: selling times shot up about 65 percent to around 264 days, versus 160 days last year.
Existing condominium sales are performing only slightly better that Manhattan’s new developments. This quarter, we saw only a 7.6 percent decrease over last year’s numbers, from $2.950,460 dollars to an average sale price of $2,725,706 dollars. Similar to last quarter, these condos are sitting on the market for longer lengths of time, averaging 136 days rather than last year’s 86 days. This 58.1 percent increase in selling time may be a burden for sellers, with a decreased sales price not even making the market worth the long wait.
Co-op sales had a slightly more exciting quarter, with an average sales price of $1,427,544 dollars – that’s 10.8 percent higher than this time last year. Market time decreased fractionally as well, from 73 days to 69 days. Overall, the co-op market is showing itself as a pool worth diving into in New York’s sea of real estate.
Of course, Luxury property sales hold the highest numbers this quarter, even with an 8.3 percentage decrease. The average Luxury sales price was $8,091,277, which is down from last October. Nonetheless lucrative, these properties also require patience: selling a luxury property took an average of 217 more days this quarter than this time last year.
Across the board, the average recorded price discount was 2.6 percent.
Now, on to the exciting top sales numbers for October 2017:
The well-known West Village boasts Manhattan’s top single family residential sale for October. 26 Bank Street sold for $17,850,000, coming out to about $4,281 dollars per square foot for the exquisite 4-bedroom townhome that was featured in a 2015 edition of “Home and Garden,” designed by the famed architect Basil Walter.
In Central Midtown, the record condo sale for this quarter goes to a penthouse apartment at 551 West 21st St that sold for an almost inconceivable $38,053,728. Recently constructed, the prime positioning of this residential building allows for some magnificent waterfront sunsets.
This October’s top co-op sold in Lenox Hill for a cool $17,250,000
For bargain-seekers who still want Manhattan real estate, Washington Heights is currently one of the least-expensive residential areas on the island, demanding a median price per foot of only $697 dollars. The average condo there sold for $686,707 dollars, with an average co-op only slightly lower at $423,500 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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