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