New York Condominium Prices Q4, 2017

Posted by Wei Min Tan on January 5, 2018

Key points on the Q4, 2017 Manhattan condo market

  • Transactions down as  buyers await the new Trump tax bill and its implications
  • Price per sqft of $1,965 was down 14.6%.  This is driven by the slow market and clearing of legacy new development pipeline (contracts in pre-construction buildings signed before the current slowdown)
  • Listing discount was at 5.9% from asking price

 

New York (Manhattan) Q4, 2017 Condo:

Average price                        $2.654m (-14.9% vs prior year)

Avg price per SF                   $1,965 (-14.6%)

Transactions                          1,173 (-13.9%)

Days on market                      116 (0%)

 

Residential Rents Oct 2017:

Average Rent                        $4,113 (-2.6% vs prior year)

Rent per sqft                         $65.97 (-6.5%)

Luxury property:

The luxury property market, defined by Miller Samuel as the top 10 percent of sales.

Median price                         $5.727m (-13.2%)

Avg price per SF                   $2,630 (-18.4%)

Transactions                             252 (-13.4%)

Days on market                        154 (+0.7%)

Data Source:    Miller Samuel Manhattan Q4 2017 Market Report



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Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property.