Report: Manhattan Co-op and Condo Sales Prices Rose for 5th Year in a Row Douglas Elliman's Latest Study Covers Price Trends From 2008 to 2017

Report: Manhattan Co-op and Condo Sales Prices Rose for 5th Year in a Row
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Market wide, sales prices for co-ops and condos in Manhattan have been rising steadily year-over-year for the fifth consecutive year.

That is according to the latest study, 2017 Manhattan Decade Sales Report, released by Douglas Elliman and prepared by Miller Samuel.

Both the average and median sales prices have trended upward since 2013 for co-ops and condos in that particular borough, based on figures from the report:

Average Sales Price

2013: $1,442,753

2014: $1,718,530

2015: $1,832,069

2016: $2,052,047

2017: $2,053,273

Median Sales Price

2013: $855,000

2014: $940,000

2015: $1,010,500

2016: $1,100,000

2017: $1,140,000

The report compared last year's figures with those from the prior decade. For instance, the average sales price in 2017 was $2,053,273, a 0.1 percent rise from 2016 (setting a record), and a nearly 30 percent jump over 2008.

The average sales price per square foot was $1,775, a 0.2 percent uptick year-over-year, and a nearly 42 percent from 10 years earlier.

The median sales price was $1,140,000 in 2017, a 3.6 percent increase from the year before (another record), and almost 20 percent high than it was 10 years ago.

The number of co-op and condo sales last year was 11,927, a rise of just over 4 percent from 2016, and almost 16 percent increase from the prior decade.

“In Manhattan, the co-op and condo market showed strength and despite the decline of closings in the new development pipeline of legacy sales, market-wide price trend indicators all set record highs,” said Steven James, CEO of New York City, Douglas Elliman, in a press statement that accompnaied the release of the report. “As for quantity of sales, after three years of declines, numbers rose year-over-year as the market rebounded from the doldrums of 2016.”

Yet, Elliman added in the same press statement that marketwide sales activity was down 11.2 percent compared to 2007's sales record.

The report also noted that in 2017 the listing inventory went up 5.1 percent to 5,451; days on the market were 101, a rise of 13.5 percent (Elliman said that jump “reflects more older inventory being cleared from the market”); and the listing discount was 5.3 percent, an increase from 3.2 percent. 

To read the full Ellliman report, click here.

David Chiu is an associate editor at The Cooperator.  

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