2016 Final Results: NYC Residential Real Estate Statistics For Sales $4 Million And Up

By | January 2, 2017

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.

NYC LUXURY REPORT: 2013 – 2016 COMPARISON CHART
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
Total Volume $10,854,826,824 $11,256,284,299 $10,738,479,892 $8,937,866,862
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

Source

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