So, about that hot Manhattan resi market…

Borough median apartment price falls in Q3

New York /
Sep.September 29, 2015 08:32 AM

A hiccup, or signs of a slowdown? The median price for a Manhattan apartment that went in contract between July 1 and Sept. 21 was $950,000, 3 percent lower than the second quarter’s record-high median.

And in August, the number of contracts signed was 16.8 percent lower than in August 2014, the lowest level since August 2010, according to one analysis.

“The leverage has shifted a few notches toward the buy side,” said Noah Rosenblatt, CEO of UrbanDigs.com, which crunched the numbers. “We are in the midst of a slight adjustment down in price, but I don’t think it is anything sizable at the moment.”

The Corcoran Group found a more modest fall than UrbanDigs.com, according to the Wall Street Journal. In the same August-to-August comparison, which included proprietary data from new development sales, Corcoran found the number of contracts had dropped 6 percent, the lowest point since August since 2011.

Leonard Steinberg, president of Compass, who sold an $18.5 million apartment last week, believes the numbers represent a mere blip.

“This summer we have quite a number of distractions,” he said.

Steinberg also cited the slowdown in China and corrections in the U.S. stock market as reasons for the slowdown. “When everyone in New York keeps talking about Chinese buyers, when there is volatility, there is going to be a moment when people take a pause,” he said. [WSJ]Ariel Stulberg


Related Articles

arrow_forward_ios
Zillow will resume iBuying, but pause raises questions over model: analysts
Zillow will resume iBuying, but pause raises questions over model
Zillow will resume iBuying, but pause raises questions over model
Some agents were found steering home buyers towards homes that would give them a bigger commission. (Getty)
Real estate agents “blackballed” home for sale by owner
Real estate agents “blackballed” home for sale by owner
Asdrúbal Cabrera and his his Southwest Ranches mansion (Getty)
Ex-Mets player Asdrúbal Cabrera sells Florida mansion for record price
Ex-Mets player Asdrúbal Cabrera sells Florida mansion for record price
Compass real estate agent Mark Pruner, Compass Senior Managing Director Elizabeth Ann Stribling-Kivlan (Compass, iStock)
Greenwich home sales set to blow past 2020 record
Greenwich home sales set to blow past 2020 record
Vacation home sales took a dip this summer
Vacation home sales took a dip this summer
Vacation home sales took a dip this summer
Todd Glaser and David Skok with 360 El Brillo Way (Facebook via Skok, Premier Estates)
Venture capitalist David Skok pays $26M for Jeffrey Epstein’s former Palm Beach property
Venture capitalist David Skok pays $26M for Jeffrey Epstein’s former Palm Beach property
Single-family home sales inched upward in August
Single-family home sales inched upward in August
Single-family home sales inched upward in August
Home sales dipped in August after two months of increases
Home sales dipped in August after two months of increases
Home sales dipped in August after two months of increases
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...