Today Douglas Elliman published the Elliman Report on Manhattan Sales that I author. This quarterly report is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994 (20 years!).
- Sales fell below last year’s third quarter record but still 29% above decade quarterly average.
- Luxury market price gains outpaced the overall market.
- Inventory is up from last year’s low but still 18% below decade quarterly average.
- New development market share of closed sales was up from year ago level, but expected to rise sharply over next year.
- Highest market share of sales at or above list price in 6 years (49.2%).
Here’s an excerpt from the report:
Manhattan housing prices continued to rise as additional supply remained inadequate to meet demand. Bidding wars and a shift toward larger units applied additional upward pressure to rising price trends. Sharp gains in New York City employment, the continued influx of international investors and low mortgage rates have kept the market tight. A product of five years of pent-up demand and the fear of rising mortgage rates, sales volume fell short of prior year records. Marketing times and negotiability eased, as the market downshifted from last year’s frenetic pace. Luxury market price growth exceeded the overall market, while new development product targeted at the luxury segment continued to enter the market…