Many people in the industry predicted it: the number of transactions went down quite a bit – 14.2% YoY actually to 2,560 homes sold. As you may remember, many sales were pulled into the previous quarter in order to avoid the, well known and much discussed, Mansion Tax hikes. That generated a sense of “fake” recovery and we now know for a fact it was a “fake”!
Let’s talk about some more numbers..and compare them YoY.
The average sales price of a Manhattan apartment decreased 14.1% to $1,656,395, reaching the lowest level in six years.
Also the median sales price went negative 8.2% to $1,025,000. And for the first time in 10 quarters the median sales price of Re-Sales went down.
The average price per square foot dropped 5.3% to $1,525 to its lowest level in four years. Days on market was just one day faster from the year ago quarter, at 91 days.
Inventory (n of available homes for sale) went up for the eight straight quarter +6.2% to 7,352 units.
The absorption rate, let’s call it the pace of the market, was also up and by a fat 22.9% to reach 8.6 months.
This pace however is not that bad..to be honest..because the average for the last 20 years is actually 8.4 months. But it was just 4 years ago when the market was going twice as fast with an absorption rate of 4.6 months! Good memories…
The number of apartments sold above the last asking price was 6.4% of the total, down from 9.1% in the prior year quarter…sooo with less competition around..is this the moment to place your offer? What do you think?
NOV
2019