- Total real estate sales in Manhattan fell 11 percent in the third quarter compared with a year ago, according to a new report.
- The average price of a Manhattan apartment fell 4 percent during the quarter, to $1.93 million, while the median price fell 5 percent to $1.1 million.
- Sales of one-bedroom apartments, where the average sales price was $815,000, fell by 4 percent from a year ago.
What started as a blip is now a year-long slump for Manhattan real estate. And it shows no signs of turning around.
Total real estate sales in Manhattan fell 11 percent in the third quarter compared with a year ago, marking the fourth straight quarter of double-digit declines, according to new data from Douglas Elliman Real Estate and Miller Samuel Real Estate Appraisers & Consultants. It was also the first time since the financial crisis that resales of existing apartments fell for four straight quarters.
Prices fell, inventory jumped and discounts were higher and more common. Real estate brokers say the Manhattan real estate market is suffering from an oversupply of luxury units, a decline in foreign buyers and changes in the tax law that make it more expensive to own property in high-tax states.
“We’re in reset mode, and I think we still have a little way to go,” said Jonathan Miller, CEO of Miller Samuel. “It’s way too early to think about the market seeing significant improvement.”