New York City real estate is booming once again, and reports from various sources (see Bloomberg) are indicating a buyers market! It would seem that though the market is performing differently at various price points and neighborhoods, overall financial indicators remain positive. Financing remains available and inexpensive, and equity markets continue to reach new highs.
The average price for Manhattan apartments dropped in the third quarter, as new development closings over $10 million fell 42% from a year ago. This decrease in luxury sales brought the overall average new development price down 24% from a year ago to $3,377,275.
The average price for all apartments fell to $1,961,480, which was 4% lower than a year ago and below $2 million for the first time in almost two years. For resales, prices averaged $1,619,737. In terms of price gains, co-ops led the way with average price 12% higher than a year ago.
While the total number of closings was 10% higher than a year ago, versus a market that was especially weak in Q3 2016 due to concerns about Brexit and the impending presidential election.
Read the full report from luxury real estate leaders Brown Harris Stevens.