2016 New York Q4 Rutenberg Market Report
- Three-bedroom and larger condo prices averaged 27% more than a year ago, the biggest gain of any size category
- Nine of the top 10 most expensive sales in the fourth quarter were in new developments, with six of those closings at 432 Park Avenue. However, these closings are not representative of the current market, as the average contract for new developments closed in the fourth quarter was signed a year ago.
- The surge in new-development sales in Manhattan, which began in the second half of 2015, is already easing and is likely to slow further in the first half of 2017.
- Co-op sales were down 12.3% through Dec. 19. The median price was up 5.4% to $775,000 compared with 2015, but was down 3% since the third quarter.
- Resales of older condominiums were down 7.6%, while the median price fell by 1.6% compared with 2015. Overall sales declined 6.1%.
- The median price on larger, more expensive co-ops fell sharply. The median price of three-bedroom co-ops sold in the final three months of 2016 was $2.24 million, down 12% from the same period in 2015.
- Sale prices of co-ops with four or more bedrooms were down 13% to $4.81 million in the fourth quarter of 2016 from the same quarter in 2015. By contrast, the median price of condominiums with four or more bedrooms was up 24% to $8.3 million during the same period