A new report released today by Douglas Elliman painted a less-than-rosy picture of Manhattan condo and co-op sales performance from the past five years.
According to The Real Deal, Elliman's study stated that the annual number of sales for co-op and condos in the borough fell for the fourth time in the last five years. The survey, which measured Manhattan residential performance from 2009 to 2018, also said that annual sales experienced the largest year-over-year decline following the financial crisis.
The Manhattan market saw 10,229 sales last year, a positive change of 37.7 percent from 7,430 sales in 2009. But compared to 2017, the number of sales for co-ops and condos in 2018 dropped 14.2 percent.
Overall, the median sales price for the Manhattan market in 2018 was $1,075,000, a 26.5 percent increase from $850,000 in 2009. Elliman added in a news statement that the median sales price has “remained remarkably stable for the past four years.”
The average sales price in 2018 was $1,979,275, a rise of 42.1 percent from $1,393,001 a decade ago.
The average price per square-foot in 2018 was $1,658, a 54 percent increase over the price of $1,073 per square foot from 10 years earlier.
Meanwhile, the listing inventory declined in the last 10 years to 6,092, a drop of 11.1 percent.
Elliman's analysis also noted that the sale of four or more bedroom apartments rose over 90 percent since 2009. The median sales price for a four-bedroom or more in 2018 was $6,415,347, while it was $500,000 for a studio. “The decade demonstrated a noticeable shift to more large-sized sales and their higher price levels,” said Elliman..
Miller Samuel prepared the report for Elliman.
David Chiu is an associate editor at The Cooperator.