NEW YORK, Oct. 3, 2017 /PRNewswire/ -- Stribling & Associates, a premier New York residential brokerage, today releases the third quarter Manhattan Market Report. The report, which covers the entire borough, reveals mixed sales activity, several submarket price increases, and an increased demand in the more affordable price brackets. The Downtown submarket outpaced the rest of the city in terms of total number of sales and average prices.
"Downtown continued to be the most expensive market in the third quarter, but we are seeing a slight pullback in terms of pricing," said Garrett Derderian, Director of Data & Reporting at Stribling. "The yearly increases have tapered Downtown, while other markets, like Midtown East and West, saw double-digit growth over last year. We expect that to continue." Derderian cited upcoming closings for units already in contract along Billionaires' Row, in Midtown East, as a key driver.
The report also mentioned the decline in less expensive sales as a direct result of the shrinking class of inventory. As Derderian noted, "There are more units on the market priced above $10M than below $500,000."
He also highlighted, "What we found, for the first time, was closings under $500,000 and above $5M had equal market share, both at 10%. These high-priced deals, fueled almost entirely by new development, are expected to increase market share in the near-term." Derderian stated, "Properties selling for under $500,000 are almost exclusively co-op resales."
Rising land and labor costs in Manhattan have proven cost-prohibitive to building new units in the lower price brackets. "From a developer prospective, it is financially unworkable to bring a unit to market under $500,000. This is true even for Upper Manhattan, which remains the most affordable submarket."
However, the report also revealed condo and co-op inventory prices remained relatively flat year-over-year. "The key takeaway is that, while Manhattan has experienced tremendous growth over the past several years, we are beginning to see sellers price more realistically," Derderian said. "While the market remains strong, many buyers have plenty of options to choose from, the ability to negotiate, and time to wait it out."
Highlights from Stribling & Associates 3Q Manhattan Market Report:
Inventory:
Contracts Signed:
Recorded Sales:
To view the Q3 Manhattan Market Report, and other research by Stribling & Associates, please visit our website: http://www.stribling.com/market_reports
About Stribling & Associates
Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.
Press Contact:
Ashley Murphy, Director of Public Relations
[email protected]
646-675-5068
SOURCE Stribling & Associates
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