Market Report, First Quarter 2016

Market Reports are out for the first quarter of 2016, and they have shown that the current sales market in Manhattan is thriving. The reports indicate a strong increase in sale prices across the board for Manhattan properties, as well as a decrease in time an apartment spends on the market. Condo sales in Manhattan showed a dramatic increase since this time last year, with their average sales price rising 32% and median sales price rising 36%. Co-op prices remained steady, while days on the market dropped to 54 days displaying an 11% decrease from this time last year. The one segment of the market that is seeing a a decrease in demand is the ultra luxury market ($5M+), with much of the new development pipeline falling within this category. Downtown Manhattan remained the highest selling region of Manhattan, and Upper Manhattan remained the lowest selling region. There were a few notable increases in median sales prices during the past year: Median prices for one-bedrooms in the Upper East Side saw a $147,741 (+21.4%) increase since Q1 last year, and median prices for 3+ bedroom apartments downtown increased a whopping $936,790 (+20.1%) since Q1 last year. For a more detailed breakdown of the different segments of the market, feel free to download this market report that we have attached here: Q1 2016 Market Report.