A report compiled by Olshan Realty provides a complete rundown of the 2016 results in the NYC/Manhattan residential real estate market for sales above $4 million!
2016 ‘saw an 18% decline in contracts over 2015. Year to date, 1102 properties had contracts signed totaling $8,937,866,862. The numbers are higher than 2012, but below the golden years of new condo development: 2013-2015.
The decline reflects classic price resistance. There was a 2% increase in the average asking price, but a 30% increase in the average days on the market—318 days. You read that right—it took more than two months longer to sell a luxury property in 2016 than in 2015. The average price drop from listing to contract signing was 6%, an increase from 5% in 2015. There was also a 5% decline in contracts signed at $10 million and above.
The steepest fall from grace was in co-ops: 25% fewer contracts at $4 million and above from 2015, signaling a continuing market shift in the luxury market to new condos that offer freedom of ownership, new infrastructure, robust amenities, and some hip architecture—particularly seen Downtown.
Overall, 76% of all apartment contracts at $4 million and above were condos—and 58% of those sales were in new construction sold off of floor-plans. Downtown was clearly the most popular location, 49% of all luxury sales.‘
|Contracts Signed $4 M and above||2013||2014||2015||2016|
|# of Co-op Contracts $4 million and above||288||282||296||222|
|# of Condo Contracts $4 million and above||905||891||904||751|
|# of Condop Contracts at $4 million and above||49||14||14||17|
|Total # of Contracts Signed on Apartments||1242||1187||1214||990|
|# of Townhouse Contracts $4 million and above||130||153||130||112|
|Total # of Contracts Signed Apartments + Houses||1372||1340||1344||1102|
|# of Contracts Signed off floorplans||475||481||456||435|
|# of Contracts Signed Asking $10 million and above||252||270||227||215|
|Average Asking Price||$7,851,594||$8,140,776||$7,940,624||$8,090,463|
|Median Asking Price||$6,366,072||$6,440,048.00||$6,289,375||$6,367,820|
|Average Price Decline Before a Signed Contract||3%||4%||5%||6%|
|Days on Market||172||181||243||318|
|Condo Average Asking Price||$7,719,542||$7,832,105||$7,739,656||$8,099,463|
|Condo Average Asking $/sq.ft.||$2,766||$2,783||$2,825||$2,929|
|Condo Average Size||2,814||2,801||2,731||2,755|
|Co-op Average Asking Price||$6,756,788.00||$7,727,973||$7,280,086||$7,063,249|
|Townhouse Average Asking Price||$9,514,252||$10,256,784||$10,993,444||$10,400,788|
|Townhouse Average Asking $/sq.ft.||$1,750.00||$1,829.00||$2,077.00||$1,944|
|Townhouse Average Size||5,553||5,621||5,288||5,531|