Manhattan 3Q Residential Sales Update: Positives and Negatives The Corcoran Report Looks at Trends From Third Quarter

Closed sales in Manhattan decreased by 17% from third quarter 2015, and 7% from second quarter 2016 (iStock).

In looking at Manhattan residential sales trends this year so far, you could interpret the data as looking at the glass either half-full or half-empty

According to the recent Corcoran Report for third quarter 2016, the median price for Manhattan condo resales increased 11% over third quarter 2015, and 12% over second quarter 2016. The average price increased 11% and 9% respectively.

The median price for Manhattan co-op resales showed a positive change of 7% over third quarter 2015, and 5% change over second quarter 2016. Meanwhile, the average price change for Manhattan co-ops went up 3% from 3Q 2015 and down 1% from 2Q 2016.

The figures estimated by the Real Estate Board of New York New York City (REBNY) Residential Sales Report were slightly different, as they include all residential sales, condominiums, co-ops, homes and super luxury condo units in one group. Their overall pattern was the same though, showing an increase over third quarter 2015, with a decrease in second quarter 2016.

Market wide, the overall number of units available increased by 21% since third quarter 2015, though there was a drop of 9% since second quarter 2016. Dorothy Somekh, an associate broker with Manhattan-based Halstead Property, said that she has “noticed an increase in smaller sales and a decrease in the larger units.”


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