A 10-Year Look at Manhattan’s Housing Market

For more than 100 years, Douglas Elliman has been the authority on real estate market data, its research informing millions world-wide. That tradition continues today through Elliman’s exclusive partnership with appraisal firm Miller Samuel Inc., together producing dozens of in-depth reports  regularly throughout the year. In addition to keeping current on market trends, it is also important to put those statistics into historical perspective. That’s why each year Elliman releases a rolling 10-year market analysis for Manhattan co-ops, condos and townhouses. Below are the top line takeaways from this year’s report. If you have any questions, feel free to reach out to one of our agents for more information. Manhattan’s co-op and condo market showed strength and despite the decline of closings in the new development pipeline of legacy sales, market-wide price trend indicators all set record highs. – Steven James , CEO of New York City, Douglas Elliman Co-ops and condominiums make up the vast majority of Manhattan’s housing market, nearly 98%. In terms of price per square foot, 2017’s average for co-ops and condos—$1,775—indicates nominal year-over-year price growth (just 0.2% over last year’s average of $1,771). When compared over a ten-year span, this represents a 41.9% increase over the 2008 average $1,251. Here are some more takeaways from the report, which also breaks the market down by neighborhood. All market-wide price trend indicators rose year over year for the fifth consecutive year All market-wide price trend indicators set record highs even with the decline in “legacy contracts” closings at year end After three years of declines, the number of sales increased year over year Market-wide sales activity was 11.2% below the sales record set in 2007 Listing inventory rose nominally from the prior year yet remained below the midpoint between the record low and high Click Here to View the Report Click to download the full Manhattan Co-op and Condo Decade Report . Manhattan Townhouse 10-Year Report (2008-2017) Townhouses make up about 2% of all housing inventory in Manhattan. In 2017 we saw a nearly 7% drop year-over-year in median sales price to $4,637,500 while the average price per square foot increased to an all-time high of $1,667. Inventory continues to be a strain on this market as only 354 townhouses were listed in in 2017, the second fewest in 20 years. Here are some more takeaways from the report, which also breaks the townhouse market down by neighborhood. Price trend indicators were mixed as sales declined Inventory fell sharply as overpriced listings came off market Faster marketing times as negotiability saw little change Northern Manhattan price trend indicators set new records Luxury average price per square foot set new record as average sales size fell sharply Click Here to View the Report Click to download the full Manhattan Townhouse Report.