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Episode Info: Welcome to the Manhattan Residential Sales Real Estate Market Report for the 3rd quarter of 2019 www.NewYorkMarketReports.com Whether you already own or you’re looking to buy into the City’s most prestigious market, we’re keeping you up to date, so you can make the smartest moves. You’re listening to New York’s Real Estate Market Update from The Ratner Team. Manhattan’s grandiose allure of culture, history, and business continues to hold an enviable position in the real estate world for buyers, owners and investors alike. Here’s the data. Just make sure you keep listening for this quarter’s record-high sales.   With an average selling price of $1,656,395, Manhattan’s Residential prices are continuing to drop over last year’s third quarter with an average price of $1,928,049. The average price-per-square-foot fell again this time by 5.3%. It’s now down to $1,524 from $1,610 a foot in Q3 2018. This may always be one of the strongest global property markets, but today’s purchasers are getting more and more floor space for their buck.   Total transactions tallied in at 2,562 this quarter, down 14.2% from a total of 2,987 sales in Q3 2018. We expect Manhattan to maintain this downtrend at least until the end of the year. This dip is happening due to a combination of oversupply of new condos in some areas, increasing interest rates and new regulations for foreign buyers, along with consumer uncertainty as to where the market is heading.   The New Development market is experiencing a correction in prices as well, the average selling price of new development condos fell 12.4% percent in this third quarter to $3,796,985. That’s versus $4,332,408 in Quarter 3 last year. Prices in this market are still falling, and the time it takes to sell is decreasing, too. The average time a new development condo spends on the market is down to around 133 days, compared to last year’s 194 days.   The data for Manhattan’s existing condominium sales is not as bad as new developments but It is also experiencing a price correction. Average sale price for condo sales ran around $2,366,833 in Q3 2019, compared to $2,661,716 dollars in 2018. However, the market time for existing condos has decreased dramatically, now averaging 95 days vs 109 days in Q3 2018. It took 14 days longer to sell a condo vs last year!   Co-op sales fell 15.30% this quarter, recording an average sales price of $1,141,148. Market time increased fractionally as well, coming in at 88 days from 79 days this time last year. If you’re seeking a more stable market, co-ops continue to be worth a look.   Of course, even with an 18.9% decrease, luxury property sales bring the most lucrative numbers this quarter. The average selling price of a luxury Manhattan property was $6,350,361, a huge difference from last year’s average of $7,831,042. Luxury properties have actually been moving almost the same as last year, staying on the market only 127 days this quarter, compared t...
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