10% Fewer Closings Over Last Year

According to the 2016 second quarter Manhattan residential market report released today by Brown Harris Stevens, luxury new development closings continue to push average prices higher. The average Manhattan apartment sale price of $2,077,680 was virtually unchanged from the previous quarter, but up 16% from a year ago. At $1,111,000 the median price rose 13% from a year ago. The number of closings, 2,115, was down 10% from the second quarter of 2015.

New development closing prices once again set a record at an average of $3,786,538, up 28% from the same period last year, while the number of new development closings was up 59% over that same time.

The average price of resale apartment has been essentially unchanged since the fourth quarter of 2015 and is down 4% from a year ago. This quarter was $1,527,641 while the median price of $950,000 set a record due to limited inventory of smaller apartments.

“While much of the media focuses on high end new development sales, it’s important to remember that a vast majority of the Manhattan housing stock are resale apartments. This quarter there were 1600 resale closings and of those sales only smaller apartments experienced price increases,” said Hall F. Willkie, president of Brown Harris Stevens Residential Sales. “We need to continue educate our customers to look closely at the many sub-markets that make up the City. Working with a knowledgeable agent who knows what constitutes a viable comparable sale is more important than ever.”

Report highlights include:

- Apartments sold in the second quarter spent on average 88 days on the market, up 6% from the same period last year.

- On the East Side, median prices for resales were higher for all sized apartments except 2 bedrooms.

- Resale studios and 1 bedrooms saw increases in median prices on the West Side.

- The median sales price for resale studios in Midtown jumped 19%.

- Below 34th Street, all resales experienced an increase in average median price except 2 bedrooms between 34th and 14th Streets.

About Brown Harris Stevens

Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services based in New York. The company has offices throughout New York City, the Hamptons, Palm Beach and Miami. Brown Harris Stevens offers more luxury residential exclusives than any other firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s, the world’s oldest fine arts auctioneer, in New York City, The Hamptons and Palm Beach.

For more information, please visit BHSUSA.com.