Manhattan’s median sales price of $980,000 rose 7.7 percent during the second quarter, even as the number of sales dropped 20 percent to 2,674, according to real estate appraisal firm Miller Samuel. Listing inventory during the three-month period was 5,730, up 1.3 percent, while the absorption rate rose 25.5 percent to 6.4 months.
One of the main factors shifting the balance slightly in buyers’ (especially in the luxury segment) favor is the influx of new condo inventory in Manhattan. There are roughly 6,500 new condos coming to market this year, up from 2,500 last year, according to Corcoran Sunshine Marketing Group.
The market continues to favor sellers of properties priced at $2 million and under, where inventory is limited and competition is as fierce as ever.
New York City multifamily sales totaled $1.1 billion in May and had year-over-year gains for the third consecutive month.
Building volume rates fell 8 percent from the prior month to 106 properties, but dollar volume was up 40 percent from May and 62 percent year-over-year.
Manhattan again led by dollar volume with $400.2 million in sales from 21 buildings.
Brooklyn had 39 buildings trade in 23 transactions, totaling $364 million.
In the Bronx, sales grossed $160.2 million in May, a 137 percent increase year-over-year, and saw 18 building sales from 15 transactions.