Sales of Manhattan co-ops and condos have plunged 20% in Q316, relative to the same quarter last year — sales in excess of asking price dropped from 35% to 17%; days on market before sale increased from 67 to 72; median growth in sale price fell to 2.6% from 18%.
Some people had wondered whether Brexit and the Vancouver crackdown on housing speculation would chase offshore property speculators to New York. Guess not.
The median price of all resales in the quarter climbed 2.6 percent to $950,000, Miller Samuel and Douglas Elliman said. That’s a step down in a three-year period in which annual price growth once reached 18 percent. Many sellers have yet to accept that they can no longer name any price, and the disconnect between their expectations and what buyers are willing to pay is contributing to the drop in overall sales, Miller said.“We’re clearly seeing a slowdown,” Miller said. “This era of aspirational pricing is coming to an end. Buyers get the message first.”
Manhattan Apartment Sales Plunge 20% as Homebuyers Get Pickier
[Oshrat Carmiel/Bloomberg]
(Image: One57 Crane Collapse, Deborah Rasiel, CC-BY-SA)
(via Naked Capitalism)