MANHATTAN CONDOMINIUM SALES HAVE REMAINED SLOW IN Q1 2019, with the amount of closings reaching the lowest level in 2 years. Listing inventory is up 11% from Q1 2018, with an average asking price over $3.5 million. The large amount of inventory in the new development market has a strong impact on the average asking price and inventory, with close to 1,000 units on the market asking on average over $6 million. The listing discount, or price difference between ask to close, for new developments has remained at 12%, and select projects are offering higher broker commissions and further sales incentives. 220 Central Park South’s closing for $238 million, a contract that was signed in 2015, has slightly shifted sales data for Q1 2019, as it set the record for most expensive home sale in the US. As we enter the spring market, we are hopeful to see increased traffic and contract activity in both the resale and new development markets.
FOUNDER and CEO
Founder and CEO
Lic. RE Broker
Director of Research and Analytics