Sales picked up steam in the first quarter of 2017 in the Manhattan residential real estate market. Resales made up 84 % of the sales representing a 7.7% increase over the same quarter in 2016. The resale inventory growth was low while the new development inventory increased.
The luxury market representing the top 10% of the market saw a 41% in the number of signed contracts last quarter from 2016. The $4M to $6M luxury market reigned supreme with a 49% share of the number of luxury contracts.
The average number of days in the market increased to 108 representing a 16% increase. The $4M and over luxury market saw an increase to an average of 390 days on the market. Normal markets are 180 days. Listing discounts were up 4.1% from the last asking price in luxury and 4.2% in the general market.
Here is what you need to know about Q1 Manhattan Residential Real Estate!
The big jump in the number of sales this quarter is news to celebrate. This increase in the volume of Manhattan residential real estate sales is the best indicator of a healthy stable market. Buyers regained confidence due to signs of a good economy and a strong performing stock market. Sellers were more negotiable and willing to travel further to meet the buyers’ price. This shift in seller’s mindsets was a key reason for the big increase in the number of sales.
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