Deanna Kory, Licensed Associate Real Estate Broker, The Corcoran Group
660 Madison Avenue, New York, NY 10065
Phone: (212) 937-7011
Just Released: 2018 2Q Manhattan Corcoran Report
Manhattan market activity cooled in Second Quarter 2018, noting fewer closed sales, more inventory, and steadying prices. At the moment, prospective buyers have a lot to consider, including renewed financial market volatility, the still-fresh implications of tax reform, overwhelmingly high levels of supply, and a belief that prices will fall further. Together, these factors delayed buyers’ decision-making, softening market activity versus last year. Despite market factors, signed contracts and sales improved versus last quarter, as buyer demand for Manhattan properties still saw its seasonal uptick in Second Quarter 2018.
Closed sales fell 14% annually, but still registered nearly 3,200 transactions. At the same time, about 3,100 contracts were reported signed, down 9% annually. Active inventory expanded 17% year-over-year to approximately 7,500 listings, a dynamic which helped extend the average number of days on market to 121 days, up 13% from this time last year.
Price statistics responded to fluctuations in market share by product type and price range. Average price per square foot, at $1,853, was level while average price rose less than 1% year-overyear to $2.151M, an all-time high stoked by record-breaking closings Downtown and an uptick in sales over $5,000 per square foot. Meanwhile, median price fell 3% to $1.143M due to an improved market share of sales under $3M as the composition of sales shifted slightly in favor of lower-priced resales and fewer new development closings.
Please do not hesitate to reach out if you have any questions about the 2Q 2018 Corcoran Report
or the Manhattan market in general. I welcome the opportunity to be of assistance to you. If you're interested in a confidential evaluation of your property I would be happy to help. Please call me at 917-921-8002 or email at firstname.lastname@example.org