New York Condominium Prices Q4, 2017

Posted by Wei Min Tan on January 5, 2018

Key points on the Q4, 2017 Manhattan condo market

  • Transactions down as  buyers await the new Trump tax bill and its implications
  • Price per sqft of $1,965 was down 14.6%.  This is driven by the slow market and clearing of legacy new development pipeline (contracts in pre-construction buildings signed before the current slowdown)
  • Listing discount was at 5.9% from asking price

 

New York (Manhattan) Q4, 2017 Condo:

Average price                        $2.654m (-14.9% vs prior year)

Avg price per SF                   $1,965 (-14.6%)

Transactions                          1,173 (-13.9%)

Days on market                      116 (0%)

 

Residential Rents Oct 2017:

Average Rent                        $4,113 (-2.6% vs prior year)

Rent per sqft                         $65.97 (-6.5%)

Luxury property:

The luxury property market, defined by Miller Samuel as the top 10 percent of sales.

Median price                         $5.727m (-13.2%)

Avg price per SF                   $2,630 (-18.4%)

Transactions                             252 (-13.4%)

Days on market                        154 (+0.7%)

Data Source:    Miller Samuel Manhattan Q4 2017 Market Report

About Wei Min

  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Contact Wei Min

641 Lexington Avenue,
22nd floor,
New York, NY 10022



Recent Blog Posts

Stay Up to Date

Sign up for our newsletter!

Thank you!

We have received your subscription and will be in touch soon!



About Wei Min


  • Focuses on investors of Manhattan condominiums, interviewed by CNBC, CNN, Wall Street Journal, New York Times
  • Ex-Citibanker, managed $500 million portfolio
  • MBA, University of Illinois at Urbana-Champaign
  • Manhattan resident since 1999. Currently lives in Tribeca with wife and 2 kids
  • 352 burpees in 23 minutes, student of muay thai kickboxing

Work With Wei Min

CONTACT US