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Apartment prices in Manhattan dipped below $2 million in the third quarter of 2017, reaching an average $1,961,480 and a median $1,174,250, according to Halstead’s Third Quarter 2017 Market Report.

“While the average Manhattan apartment price fell from a year ago, this was due to fewer luxury new development closings in buildings such as 432 Park, which had helped inflate prices,” says Diane M. Ramirez, chairman and CEO of Halstead. “In the third quarter, the overall number of sales strengthened and resale apartments posted a 6 percent increase in average price compared to this time last year.”

More highlights from the report include:

  • While down from the record levels of the previous quarter, both the average and median resale apartment prices were up compared to a year ago. At $1,619,737, the average resale price was 6 percent higher than in the third quarter of 2016;
  • The average price rose for all sizes of resale co-ops, led by a 12 percent gain in three-bedroom and larger apartments;
  • Resale condo prices averaged $2,055,578 in the third quarter, up slightly from the same period in 2016;
  • The highest percentage of resales in Manhattan was on the East Side at 23.3 percent, followed by South of 14th Street at 19.6 percent;
  • Resale apartments sold in the third quarter spent an average of 82 days on the market, which was 6 percent longer than 2016’s third quarter; and
  • Sellers received 98.3 percent of their last asking price, the same as a year ago.

In related news, new development inventory in New York City continues to rise, according to Halstead’s Development Marketing Third Quarter New Development Report.

“While Manhattan new development inventory continues to rise, Brooklyn pricing holds firm over $1,400 per square foot for the second quarter in a row,” says Stephen Kliegerman, president of Halstead Property Development Marketing. “In Manhattan, the market sweet spot is under $5 million, and more attainable price points are doing best in both Manhattan and Brooklyn. While absorption in Brooklyn is down significantly year-over-year, this is due to a dearth of large projects launching in Brooklyn, which will reverse in 2018 with projects like 10 Nevins, 24 4th Avenue, and 280 Cadman Plaza coming to market.”

Highlights from the report include:

  • In Manhattan, pricing for new development units entering into contract in the third quarter fell 1.6 percent quarter-over-quarter to $2,138 price per square foot (PPSF) from $2,172, but rose 3.3 percent year-over-year from $2,070 PPSF in the third quarter 2016. This marks the third consecutive quarter of falling average PPSF in Manhattan. Average PPSF for closed new development units fell 4.4 percent quarter-over-quarter to $2,096 and fell 7.7 percent from $2,271 in Q3 2016 as fewer super luxury units closed than in previous quarters.
  • Third quarter Manhattan available new development condo inventory rose 2.75 percent quarter-over-quarter, and 31.2 percent year-over-year to 6,099 units. These figures include One Manhattan Square with 700 remaining units, as well as recently launched projects such as Waterline Square, The Belnord, and 125 Greenwich.
  • Harlem experienced the largest quarter-over-quarter average PPSF increase for new developments in Manhattan at 4 percentfor sold units (contract signed and closed), rising to $1,526 due primarily to closings at 285 West 110th Street. Downtown Manhattan remained flat quarter-over-quarter, while other major Manhattan neighborhoods were down between 1.6 percent (Midtown East) and 5.7 percent (Midtown West).
  • In Manhattan, the total percentage of new development deals entering contract under $5 million rose to 2 percentfrom 77 percent in the second quarter 2017. Conversely, the percentage of deals over $5 million fell to 13.8 percent from 23 percent in the second quarter as absorption in the luxury market has slowed.
  • In Manhattan, just over 310 units entered into contract in Q3 2017, a decrease of 10.2 percent quarter-over-quarter and 11.7 percent year-over-year. In Brooklyn, nearly 60 units entered into contract in Q3 2017, a 54.2 percent decrease quarter-over-quarter and a 38.7 percent decrease year-over-year from over 90 units in Q3 2016. This decrease reflects a lack of large projects launching in key Brooklyn neighborhoods, inhibiting supply in key price points below $2 million, as only four projects with more than 20 units launched in 2017. These numbers include units that entered into contract and closed within the same quarter.

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