The 2018 Manhattan real estate market saw a 14% decline in the number of sales from 2017. This is a number not seen since 2012. The market declined for 5 year over year consecutive quarters. The 4th quarter saw the median price drop under a $1M. This is the first time this has happened in three years. Days on the market slid 4.1% to 93 days. The listing discount from the last asking price rose to 6.2% up from 5.4% in the last quarter. It was the highest percentage of listing discount in six years. Co-ops outsold condos. The average time to sell a co-op was 6.1 months, for condos 9.5 months and for luxury $4M and over properties 16.5 months.
Behind the Numbers
These metrics indicate that there is strong resistance from buyers on price. The higher listing discount tells us that sellers are becoming more negotiable to get their homes sold. The stock market volatility and the new tax laws is impacting buyers’ confidence.
What’s ahead for 2019 – If the stock market volatility continues we can expect to see flat or a possible further decline in Manhattan property prices.
For the full report, see Douglas Elliman’s Q4 Manhattan Sales Report here.