Since 1981, Corcoran has tracked sales and market activity in Manhattan in this first-of-its kind report. Our reports and statistics are highly regarded sources of real estate intelligence, trusted by reporters and industry insiders alike.
I am delighted to share with you our Q4 Manhattan Report. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2015 (October 1st through December 31st).
Key Findings of the Fourth Quarter Report:
- A new record price. The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded. The median price per square foot is now $1,348, up 12% from a year ago.
- More closings but fewer contracts. Though closings continue briskly, the pace of sales slowed as 12% fewer contracts were signed in the fourth quarter versus the year prior.
- More inventory, finally. The available inventory of homes was up 14% from a year ago, though the total is just over 5,000 – a level we still consider “undersupplied.”
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.
Sincerely, Court Hassinger