New York City Real Estate Market Quarterly Report – Q2 2016

Overview of 2016 Second Quarter saw near record high prices and an improvement in sales after a slight drop in last quarter’s figures.
Manhattan median price was up 18% in Second Quarter 2016. from last quarter’s record high, but increased year-over-year. The median Manhattan sale price stayed at $1.150M in Second Quarter 2016, tying prices seen from last quarter. These median prices were up 18% compared to last year. The average sale price dropped to $1.994M, but increased 16% from Second Quarter 2015. All bedroom sizes saw increases in median prices year-over-year. The average price per square foot also saw a notable increase year-over-year, up 11% to $1,797 per square foot.

  •  Manhattan’s overall closed sales figure decreased 14% year-over-year this quarter, but was up 6% from First Quarter 2016. 
  • Signed contracts dropped 20% year over-year, but was up 12% from last quarter. 
  • Inventory grew this year, up 11% from Second Quarter 2015. This was due to an increase in both resale condo and new development listings. Even with this increase of inventory, the months of supply only rose to 5.3 months this quarter, still well below the six to nine month equilibrium range. 
  • With sales slightly down from last year, and inventory up, the days on market increased a slight 5% from Second Quarter 2015.
  •  Anticipated new developments, such as 56 Leonard, started closings this quarter and helped to bolster pricing.
  • The average sale price dropped to $1.994M, but increased 16% from Second Quarter 2015. 
  • All bedroom sizes saw increases in median prices year-over-year. The average price per square foot also saw a notable increase year-over-year, up 11% to $1,797 per square foot.
  •  Manhattan median price was up 18% in Second Quarter 2016. from last quarter’s record high, but increased year-over-year. 
  • The median Manhattan sale price stayed at $1.150M in Second Quarter 2016, tying prices seen from last quarter. These median prices were up.

Get the full report from The Corcoran Group

For those considering New York real estate investments, the following provides a breakdown of appreciation rates in previous years:

  • Homes purchased in the New York, NY housing market one year ago have appreciated, on average, by $9,033. The national average was $15,781 over the same period.
  • Homes purchased in the New York, NY housing market three years ago have appreciated, on average, by $58,526. The national average was $49,356 over the same period.
  • Homes purchased in the New York, NY housing market five years ago have appreciated, on average, by $62,238. The national average was $68,727 over the same period.
  • Homes purchased in the New York, NY housing market seven years ago have appreciated, on average, by $86,596. The national average was $59,758 over the same period.
  • Homes purchased in the New York, NY housing market nine years ago have appreciated, on average, by $12,681. The national average was $16,435 over the same period.
  • Information provided by: FortuneBuilders.com
Lee Presser
Lee Presser
Licensed Associate Real Estate Broker
575 Fifth Ave, Floor 14 New York NY 10017