This week in real estate market reports

According to the most recent market reports, condo prices remained flat in December, the gap between luxury and non-luxury rentals shrunk, and all three Manhattan office submarkets experienced negative absorption in the final quarter of 2016.

Residential

Condo and co-op sales report | CityRealty
The average sales price for condos and co-ops in remained flat between November and December, coming in at $2.3 million. Read the full report here.

Rental Trends | RentHop
The gap between luxury and non-luxury rentals is shrinking, as luxury rental prices fall or stagnate in most neighborhoods, while non-luxury rents continue to rise. Read the full report here.

Manhattan luxury sales | Olshan Realty
There were 34 luxury contracts signed this week, half of which were between $4 million and $5.75 million. Read the full report here.

Housing Price Index | CoreLogic
Home prices in the New York metropolitan area grew 4.1 percent in December compared to December 2015. Nationwide, housing prices grew 7.4 percent. Read the full report here.

Commercial

Lower Manhattan Year-End Review | Downtown Alliance
Commercial leasing took a breather in Lower Manhattan, but the restaurant scene flourished. Beyond that, more than 1,200 new condominium units entered the market, and 1,500 rental units are expected in 2017. Read the full report here.

Manhattan office snapshot | ABS
In the fourth quarter of 2016, absorption rate was negative in all three submarkets — Downtown, Midtown, and Midtown South — for a total net absorption of negative 277,988 square feet. Read the full report here.