Manhattan home sales are going nowhere but up, and the first quarter of 2016 was record-breaking, according to a recent market report. Heading into the start of the second quarter home sales prices began to slow just a tad, but that’s no cause for concern.
CityRealty recently released its first quarter report and monthly report for May, and New York City kicked off the year in true Big Apple style with multiple home sales records. However, as the spring season began to pick up, home sales prices slowed down and remained fairly stagnant throughout April.
Q1 Condo Sales
According to the report by CityRealty, Q1 saw the home sales total surpass Q4’s record in 2015, making for $4.59 billion in aggregate home sales. This figure surpassed the previous record of $4.57 billion in the previous quarter.
The average sales price in the first quarter was $2.9 million, which was yet another record. And what’s really impressive, is that 24 percent of all home sales in the first quarter hit or surpassed the $10 million mark.
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Homes under $2.5 million accounted for $1.3 billion in sales, or 27 percent of the market.
Manhattan home sales in the second quarter
April home sales in Manhattan had an average price of $2.3 million, and the number of home sales increased from 894 to 915. Downtown saw the biggest pool of money go toward new condos at $729 million. Midtown, Upper West Side, Upper East Side and the Financial District finished out the region in that order for home sales prices.
The Upper West Side and Financial District were the only two neighborhoods that saw decreasing averages in price per square foot.
Looking at data in more real-time, the median single-family home price in NYC was reported at $11,892,692 as of April 29, according to Altos Research. The real estate data company reported a major uptick in price at the tail end of 2015 and throughout the first quarter of 2016.
Since March, home prices have seemed to even out a bit at the same time that inventory did. At the end of April, Altos reported NYC to have approximately 278 properties available. Inventory seems to slowly be rising, but not enough to ease prices in this resilient city.
