State Of The Manhattan Residential Real Estate Market (Statistics)

With debate constantly swirling about the condition of the Manhattan, New York residential real estate market, here are some facts!

From April 2015 to May 2015…

FOR COOPS 

  • Average sales price increased to $1,328,430 from $1,306,695
  • Median sales price increased to $900,000 from $732,500
  • Discount from Original Asking Price decreased to 4.0% from 4.2%
  • Discount from Last Asking Price decreased to 0.1% from 1.4%
  • Transactions over $1,000,000 increased to 44% from 37%
  • Median number of days on market to C/S, from last ask price, decreased to 45 from 53 days
  • 65% of Coop Sales are financed of which 58% are contingent on financing

     FOR CONDOS

  • Average sales price increased to $2,953,149 from $2,378,131
  • Median sales price decreased to $1,725,000 from $1,770,000
  • Discount from Original Asking Price decreased to 2.5% from 3.6%
  • Discount from Last Asking Price decreased to 1.8% from 2.3%
  • Transactions over $1,000,000 decreased to 75% from 81%
  • Median number of days on market to C/S, from last ask price remained the same at 36 days
  • 42% of Condo Sales are financed of which 56% are contingent on financing        

Number of Active listings for Coops and Condos on the market increased by 2.1%.

Here are the highlights of the luxury market defined as $4 million and over:

  • There were 130 signed contracts this May versus 110 last May
  • There were 27 signed contracts Eastside, 22 on the Westside, 19 in Midtown & 42 downtown. Downtown continues to lead the market.
  • The average asking price for co-ops was $6,414,444
  • The average asking price for condos was $7,369,286
  • The average dollar per square foot asking price was $2,720 a square foot

Statistics courtesy of Carol Staab at Elliman.com

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Article author Michael Haltman is the President of Hallmark Abstract Service in New York.

HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.

For anyone either buying or refinancing a property your attorney will likely recommend a title insurance provider, although you always have the right to choose your own (click here to learn more)!

If you have any questions you can reach Michael by email at mhaltman@hallmarkabstractllc.com.

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