According to the Wall Street Journal, sales in Manhattan was the second strongest since 2008 and only 4% below last year's total for the same quarter. The latest data, which was discerned by Wall Street Journal's analysis of public records confirm earlier reports of a rebound based on increases in new contracts signed so far this year. Since many co-op and condo transactions take months to be finalized, the closing data suggest the market began strengthening toward the end of 2016.
According to the article which you can read here, brokers and analysts said the recovery reflected renewed optimism by buyers after the stock market surged following the November presidential election. A spate of price cuts by sellers, as well as buyers’ eagerness to lock in before interest rates rose further also were factors it has been reported.
The median apartment price was $1.13 million, off less than 1% from record high prices in the first quarter of 2016 but above levels in the last three quarters. The median condo price was $1.73 million, down 3.4% from a year ago. The median co-op price of $772,500 was up slightly from the $770,000 median in the same quarter of 2016.
In total prices have remained high as a result of less of an inventory. Manhattan inventory was down 7 percent from February 2016 to last month, with Harlem, Washington Heights and other northern neighborhoods driving the decline with 23.4 percent fewer homes during that time period. Manhattan is doing better on the rental side in February as median rents remained at $3,199, which is down only 0.3 percent year-on-year.
Expect a decrease in sales prices as more units hit the market. There are many developments in the process of being completed and once they hit the market buyers will have more opportunities to obtain a bargain.
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