Buyers who were looking to acquire homes before the city's new mansion and transfer taxes went into effect on July 1 was a factor in increased Manhattan co-op and condo sales during second quarter 2019.
According to the latest Manhattan market report by Douglas Elliman, sales rose year over year for the first time after six quarters of declines. It also said that the most significant rate of annual sales growth happened in the $2 million to $5 million sales range.
In a statement, Steven James, President and CEO of New York City, Douglas Elliman, said of the results: “This was a very encouraging quarter, with sales rising in Manhattan for the first time in 18 months. With mortgage rates lower than they were at this time last year and buyers beginning to adjust to the new federal tax law as well as trying to get ahead of the new mansion tax that kicked in on July 1st, these results are not surprising. While the signs of growth are certainly positive, it’s worth noting that inventory also expanded this quarter, so we will have to wait and see if this signals an end to the weaker sales market.”
For all co-ops and condos in Manhattan during the second quarter of this year, the median sales price was $1,215,000, a 10.5 percent increase year over year and a record-setter. The number of closed sales was 2,957, an uptick of 12.5 percent compared to the same quarter last year.
Breaking it down even further, Manhattan co-ops in second quarter 2019 saw a median sales price of $835,000, a jump of 3.1 percent. The number of closed co-op sales was 1,482, a 1.9 percent rise compared to second quarter 2018. The listing inventory was 3,648—up 12.2 percent.