Manhattan Q2 2016 Report
It is my pleasure to share with you Compass' 2Q16 Manhattan Market Report. This report highlights the prevailing trends shaping the market from this past quarter. A few major trends to note from the data:
- The 2Q16 median closing price was the highest on record for the market overall ($1,195,000), co-op ($795,000), and the highest second quarter on record for condos ($1,650,000).
- Absorption is brisk in the Downtown Market, where median time on market (68 days) nearly matched that of Manhattan overall (63 days) despite a median closing price that was 41% higher than Manhattan's overall median closing price.
- Supply is slowly on the rise and as inventory posts slight gains the pace of contract signings tends to slow
- The lower end of the market is moving quickly while the higher end, especially the 5M+ market, remains slow. 30% of all units priced below $1M went into contract within the first 30 days, while more than half of all sales priced above $10M spent more than 180 days on market before selling
Data indicated that despite domestic and global uncertainty around interest rates, the U.S. Presidential Election, and the long-term results of the United Kingdom’s decision to leave the European Union, we expect to continue to see record-breaking median closing prices in the coming quarters due to the volume of existing in-contract inventory
I hope that you find these key takeaways useful and I strongly encourage you to check out the Compass Markets App for more detailed data broken down in to neighborhood analysis for both Manhattan and Brooklyn. I welcome your comments and am always happy to answer any questions you have about the NYC Real Estate Market.