In Manhattan, apartment prices slipped in the third quarter of 2018, at an average $1,904,999 and a median $1.14 million, according to Halstead’s Third Quarter 2018 Market Report.
“We see the market continuing to correct,” says Diane M. Ramirez, CEO/chairman of Halstead. “With higher levels of inventory available, properties stand out from the pack and move quickly only when they are priced sharply to sell. Sellers must listen to current market conditions because the message is clear: get ahead by pricing relative to comparable apartments that are actually selling, or risk languishing on the market.”
Highlights from the report:
- The average co-opsales price fell 5 percent over the past year to $1,312,920. Two-bedroom co-ops were the only size category that didn’t see their average price decline during this time, while three-bedroom and larger apartment prices posted the steepest decrease, falling 17 percent;
- The average condoprice was virtually unchanged in Manhattan compared to the third quarter of 2017. A 9 percent increase in the three-bedroom and larger average price, helped by an increase in luxury closings, offset declines in other sizes of apartments;
- New developmentclosings continued their decline in the third quarter, falling 40 percent from a year ago; however, the average price for new units rose 11 percent, helped by closings at 160 Leroy Street and 70 Vestry Street;
- Condos continued to account for an increasing share of resaleclosings (37 percent), which brought the average resale price for all apartments up slightly from a year ago. Condo resales over $5 million jumped 33 percent compared to a year ago, but these sellers on average gave buyers a 16 percent discount off their original asking price;
- Looking at only co-op resales, the average price fell 4 percent from a year ago. While studio and two-bedroom prices edged up slightly, the big story was the 17 percent decline in the three-bedroom and larger average price;
- The pickup in closings over $5 million helped bring the average condo resaleprice 6 percent higher than a year ago. While these closings brought the three-bedroom and larger average price higher, all other size categories posted declines compared to last year;
- Resale apartments sold in the third quarter spent an average of 104 days on the market, 11 percent longer than a year ago;
- Sellers received on average 1 percent of their last asking price, down from 98.1 percent in 2017’s third quarter; and
- The highest percentage of resalesin Manhattan was on the East Side at 22.1 percent, followed by Downtown South of 14th Street at 20.5 percent.
For more information, please visit www.halstead.com.
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