Feb 14, 2020
Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3rd quarter of 2019
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 $1,656,395, Manhattan’s Residential prices are continuing to drop over last year’s third quarter with an average price of $1,928,049. The average price-per-square-foot fell again this time by 5.3%. It’s now down to $1,524 from $1,610 a foot in Q3 2018. 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 2,562 this quarter, down 14.2% from a total of 2,987 sales in Q3 2018. We expect Manhattan to maintain this downtrend at least until the end of the year. This dip is happening due to a combination of 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.
The New Development market is experiencing a correction in prices as well, the average selling price of new development condos fell 12.4% percent in this third quarter to $3,796,985. That’s versus $4,332,408 in Quarter 3 last year. Prices in this market are still falling, 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 133 days, compared to last year’s 194 days.
The data for Manhattan’s existing condominium sales is not as bad as new developments but It is also experiencing a price correction. Average sale price for condo sales ran around $2,366,833 in Q3 2019, compared to $2,661,716 dollars in 2018. However, the market time for existing condos has decreased dramatically, now averaging 95 days vs 109 days in Q3 2018. It took 14 days longer to sell a condo vs last year!
Co-op sales fell 15.30% this quarter, recording an average sales price of $1,141,148. Market time increased fractionally as well, coming in at 88 days from 79 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 an 18.9% decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $6,350,361, a huge difference from last year’s average of $7,831,042. Luxury properties have actually been moving almost the same as last year, staying on the market only 127 days this quarter, compared to125 days in Q3 2018. This is 1.6% lower than last year.
Across the board, the average recorded price discount was 0.1% percent.
Now for the top sales numbers for September 2019:
The well-known neighborhood of Lenox Hill topped November’s single-family residential sales. The townhouse at 18 East 73rd Street sold for $27,000,000.
Manhattan’s top sale was claimed by this Lenox Hill townhouse. The expansive 10,080 square foot property offers 6 bedrooms and bathrooms. Sitting between Madison and Fifth Ave, and newly renovated in 2017. A great combination of historic architecture and clean modern finishes.
In Central Park South, the record condo sale for September 2019 goes to 220 Central Park South #56A that finalized for an incredible $41,748,250.
220 Central Park South is another signature project from master architect Robert A.M. Stern, developed by Vornado Realty Trust. The luxury residential condominium development includes an 18-story building called “the Villa” that will front Central Park alongside other comparably sized buildings. Behind the Villa is the 950-foot Tower, which will bring a total of 118 units to the high-end market. The Villa and the Tower will be connected via an arcade that includes a motor court on 58th St. The exterior features Stern’s favorite Alabama limestone punctuated with Juliet balconies, set-back terraces, and ornamental metalwork to give the new building a classic, old New York stature. The building, at 66 stories, offers grand views of Central Park.
This September’s top co-op sold in Carnegie Hill for an impressive $11,500,000 at 1175 Park Ave #9A. Carnegie Hill took the top spot for NYC co-op sales with this 5 bedroom, 4.5 bath haven on Park Avenue. Sold at $2,704 per square foot, after being on the market for less than 60 days. Although still very dated, the unit enjoys a very modern kitchen
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 $615,000 dollars in Harlem & $505,000 in Washington Heights, with average co-op sales of $375,000 in Harlem & $446,900 in Washington Heights.
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.
Be sure to check out the new report on Manhattan’s piers - where to go, and how they are adding value to NYC’s communities.
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