Fair Housing Notice
YEAR END REPORT 2017


Report on Contracts Signed
NYC Residential Properties
YEAR END REPORT
2017
1172 Contracts Signed

2017 ended up with a modest 6% increase over 2016 in the number of contracts signed at $4 million and above in Manhattan. Year-to-date, 1,172 contracts were signed, totaling $9,104,329,032. The 1st and 2nd quarters of 2017 were strong. The third quarter was weak, and the 4th quarter rebounded with a performance equal to 2016.

Still, 2017 does not come close to the golden years of new development--2013 to 2015--when a surge of buyers clamored for new construction. Overall, when you drill down into 2017's numbers, there are no wide swings in price or $/square foot over each of the last 4 years.

One noticeable difference: the length of time on the market was 433 days, up from 318 days in 2016. You read that right - it took almost 4 months longer to sell a luxury property in 2017 than in 2016. This is a continuing trend that reflects an overpriced market, in which a typical property had to drop its asking price by 8% before it could find a buyer. This trend further demonstrates that there is clear buyer resistance if the property is not priced correctly from the start.

The steepest fall from grace was in the townhouse market. Only 100 contracts were signed, 11% below last year. The reason: The cost of renovating has skyrocketed due in large part to labor shortages, while at the same time the new condo market offers increasing competition with an expanding supply of large units offering state-of-the-art infrastructure and robust amenities.

As always, a few bright spots at the top were evident. One buyer went on a shopping spree in early December, purchasing three adjoining penthouse condos at 432 Park Avenue for a total of $91,125,497 for 11,906 square feet. A record-breaking townhouse sale was also in the mix: 12 East 69 th Street went to contract for $80 million, reduced from $114 million when it was listed in 2014. The 40-foot-wide house has 20,000 square feet and was sold to a buyer from China.

As for 2018, the big question is: What will be the effects of the new tax law, which caps state, local, and property tax deductions at $10,000, on the Manhattan luxury market?

Stay tuned.

NYC LUXURY REPORT: 2013 - 2017 COMPARISON CHART


Contracts Signed $4 M and above 2013 2014 2015 2016 2017
# of Co-op Contracts $4 million and above 288 282 296 222 252
# of Condo Contracts $4 million and above 905 891 904 751 810
# of Condop Contracts at $4 million and above 49 14 14 17 10
Total # of Contracts Signed on Apartments 1242 1187 1214 990 1072
# of Townhouse Contracts $4 million and above 130 153 130 112 100
Total # of Contracts Signed Apartments + Houses 1372 1340 1344 1102 1172
# of Contracts Purchased from Sponsors/New Development 475 481 456 435 440
# of Contracts Signed Asking $10 million and above 252 270 227 215 200
Total Volume $10,854,826,824 $11,256,284,299 $10,738,479,892 $8,937,866,862 $9,104,329,032
Average Asking Price $7,851,594 $8,140,776 $7,940,624 $8,090,463 $7,761,413
Median Asking Price $6,366,072 $6,440,048.00 $6,289,375 $6,367,820 $6,149,606
Average Price Decline Before a Signed Contract 3% 4% 5% 6% 8%
Days on Market 172 181 243 318 433
Condo Average Asking Price $7,719,542 $7,832,105 $7,739,656 $8,099,463 $7,868,236
Condo Average Asking $/sq.ft. $2,766 $2,783 $2,825 $2,929 $2,874
Condo Average Size 2,814 2,801 2,731 2,755 2,725
Co-op Average Asking Price $6,756,788.00 $7,727,973 $7,280,086 $7,063,249 $6,665,210
Townhouse Average Asking Price $9,514,252 $10,256,784 $10,993,444 $10,400,788 $9,559,078
Townhouse Average Asking $/sq.ft. $1,750.00 $1,829.00 $2,077.00 $1,944 $1,897
Townhouse Average Size 5,553 5,621 5,288 5,531 5,208


END OF THE YEAR 2017 REPORT
2017: 1172 Contracts Signed
2016: 1102 Contracts Signed

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above


East West Midtown Downtown Asking $/sq.ft. Totals
2017
Apartments		 252 178 132 510 Avg. Co-op Ask:
$6,665,210
Avg. Condo Ask:
$7,868,236
Avg. Condo Ask:
$2,874/sq.ft.
Avg. Condo Size:
2,725/sq.ft
 1,072
2016
Apartments		 195 161 138 496 Avg. Co-op Ask:
$7,063,249
Avg. Condo Ask:
$8,099,463
Avg. Condo Ask:
$2,929/sq.ft
Avg. Condo Size:
2,755/sq.ft
 990
2017
Townhouses		 29 28 11 32 Avg. Townhouse Ask:
$1,897/sq.ft.
Avg. Townhouse Size:
5,208 sq.ft.
 100
2016
Townhouses		 32 32 5 43 Avg. Townhouse Ask:
$10,400,788
Avg. Townhouse Ask:
$1,944/sq.ft
Avg. Townhouse Size:
5, 531/sq.ft
 112
2017 Total Contract Sales Volume: $9,104,329,032
Average Asking Price on All Properties: $7,761,413
Median Asking Price Apartments + Houses: $6,149,606
Average Discount from Original Ask to Last Asking Price: 8%
Average Days on Market: 433
2016 Total Contract Sales Volume: $8,937,866,862
Average Asking Price on All Properties: $8,090,435
Median Asking Price Apartments + Houses: $6,367,820
Average Discount from Original Ask to Last Asking Price: 6%
Average Days on Market: 318


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This website, its content, and the Olshan Luxury Report is copyright of Olshan Realty.

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