New York Apartment Prices Q4, 2018

Posted by Wei Min Tan on January 3, 2019

New York property report:  Q4 Manhattan condo market

  • According to the Miller Samuel/Elliman Report, sales volume of Manhattan condos was down 13 percent compared to year ago, and down 23 percent compared to Q3.  Median price at $1.479 million was down 9.5 percent.  These metrics reflect the correction and downturn of the Manhattan market in 2018.
  • Average price was $2.96 million, up 11.6 percent vs year ago, and up 11.3 percent from Q3.
  • Price per square foot was $2,152, up 9.5 percent from a year ago.

 

New york property report

New York (Manhattan) Q4, 2018 Condo:

Average price                        $2.96m (+11.6% vs prior year)

Avg price per SF                   $2,152 (+9.5%)

Transactions                           1,020 (-13%)

Days on market                       106 (-8.6%)

 

Residential Rents Nov 2018:

Average Rent                        $4,151 (+1.5% vs prior year)

Rent per sqft                         $67.75 (+4.7%)

Luxury property:

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

Median price                         $6.31m (+10.3%)

Avg price per SF                   $2,892 (+10.0%)

Transactions                             244 (-3.2%)

Days on market                        115 (-25.3%)

Data Source:    Miller Samuel and Elliman Report 

 

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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.