Third Quarter 2015 Corcoran Report Manhattan
October 10, 2015
The Douglas Elliman Real Estate just released its third quarter report for residential real estate sales that closed from July 1st to September 30th. This detailed analysis reflected a continued healthy market with more closed sales, a demand for inventory and record prices.
According to the report, Third Quarter 2015 had 4,087 closed sales, a 3% increase from Third Quarter 2014 and the third highest number of closings in the last two years. Signed contracts were up 11% from last year leading to one of the strongest summer selling seasons in the last five years.
New development activity was a major contributing factor in the increase in closed sales. Presales from 2013 and 2014 are now completing construction allowing units to close and residents to move in. The increasing presence of new development in Manhattan will continue to drive closed sales activity over the next several years.
With so many new development sales, the median price for an apartment in Manhattan reached $999,000, a ten year high. The median price per square foot is no $1,284, up 11% from 2014.
For the fourth time in the last ten years, the number of properties available for sale in Manhattan fell below 5,000. Increasing sales combined with decreasing inventory has resulted in the rise of sales prices.
The overall median price was up 12% year-over-year to nearly $1 million, its highest level in more than ten years, and averages price increased 4% year-over-year to $1.714M.
If you are interested in the Manhattan real estate market, please contact Randy Ely and Nicholas Malinosky. They enjoy networking with Corcoran’s finest luxury real estate agents in New York City. Whether looking to sell or buy, Randy and Nick welcome the opportunity to assist you with your Florida and New York real estate needs.