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.

#CompassMarketReports #BlogPosts

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Isil Yildiz Team

 

Compass 

110 5th Avenue

New York, NY 10011

(P) 985-714-4470

isil@compass.com

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Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdraw without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. This is not intended to solicit property already listed.