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Manhattan Luxury Real Estate 2018 Review

As 2018 came to a close, 1108 contracts were signed in the Manhattan Luxury Market, down 5.5% over 2017. The decline was due to a large weakness in the 1st quarter down 15% & 4th quarter down 14% over the same quarters in 2017. The luxury market was saved by a strong 2nd quarter and a slight bump up in the 3rd quarter. The 4th quarter saw only 247 signed contracts averaging less then the benchmark 20 signed contracts.

We saw the worst 4th quarter since 2012 with the combination of low average dollar volume, average price and median price numbers. The condo market was down 10% year over year, while the townhouse market was up 19%.

Behind the Numbers

With an average discount of 9%, this signals an over priced market with a lot of buyer resistance. In addition stock market volatility, and the change in the tax laws have impacted buyer confidence.

Year End 2018 Luxury Market Signed Contract Report

Here is the breakdown according to regions

  East West Midtown Downtown Total
2018 apartments 216 219 115 439 989
2017 apartments 252 178 132 510 1,072
2016 apartments 195 161 138 496 990
2018 townhouses 35 25 9 50 119
2017 townhouses 29 28 11 32 100
2016 townhouses 32 32 5 43 112
         
           
Total Contract Sales Volume – $9,077,371,226

Average Asking Price – $7,761,413

Median Asking Price – $6,149,606

Average Discount From Original Price – 8%

Average Days On Market – 318