Feb 19, 2019
New York Real Estate Market Updates
Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3RD quarter of 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 $1,928,049, Manhattan’s Residential prices are continuing to drop over last year’s third quarter. Average price-per-square-foot fell again this time by 4.1%. It’s now down to $1,610 from $1,678 a foot in Q3 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 2,987 this quarter, down 11.3% from a total of 3,369 sales in Q3 2017. We expect Manhattan to maintain this 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 1.8% percent in this third quarter to $4,332,408. That’s versus $4,256,992 in Quarter 3 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’s264 days.
The data for Manhattan’s existing condominium sales is not quite as cheerful as new developments. These units saw a 2.3% price decrease from 2017. Average sale price for these properties ran around $2.661,716 in Q3 2018, compared to $2,725,706 dollars in 2017. However, the market time for existing condos has decreased dramatically, now averaging 109 days vs 136 days in Q3 2017. It took 19.9% longer to sell a condo vs last year!
Co-op sales fell just 5.6% this quarter, recording an average sales price of $1,347,890. Market time increased fractionally as well, coming in at 79 days from 69 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 3.2%decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $7,831,042, an almost invisible difference from last year’s average of $8,091,277. Luxury properties have actually been moving fast, staying on the market only 125 days this quarter, compared to nearly 217 days in Q3 2017. This is 42.7% faster than last year!
Across the board, the average recorded price discount was 0.3% percent.
Now for the top sales numbers for July 2018:
The well-known neighborhood of Upper West Side topped November’s single-family residential sales. The townhouse at 18 W. 75th Street sold for $15,000,000. A 10-unit building, the property has five bedrooms, six full baths and two half baths with 8,770 interior square feet and 2,100 exterior square feet. The building also has a live-in super and comes equipped with elevator access to all seven levels.
In the Lenox Hill neighborhood, the record condo sale for this November goes to 520 Park Ave #PH60 that finalized for an incredible $73,800,000. The condo is located at 520 Park Avenue, which is the tallest building of the Upper East Side and was designed by architect Robert A.M. Stern. The condo is one of 35 units in the 54-story building, which comes equipped with such amenities as a salon, a private garden, and a fully equipped fitness center.
This May’s top co-op sold in Lenox Hill again for an impressive $14,000,000 at 795 5th Avenue – The Pierre Hotel. Since 2009, the property has been part hotel, part co-op. Residents of any of the 77 co-op units can take advantage of the Pierre Hotel’s amenities, including an on-call physician, maid service, concierge, and a full-time doorman.
For bargain-seekers who still want Manhattan real estate, Washington Heights and Harlem are currently the least expensive residential areas on the island—average condos in these neighborhoods sold for $606,500 dollars in Washington Heights and $772,250 in Harlem, with average co-op sales of $570,000 in Washington Heights and $395,000 in Harlem.
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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