It is with great pleasure that I share with you the just released fourth quarter 2016 “Elliman Report: Manhattan Sales,” the leading resource on the state of the Manhattan sales market.
As 2016 drew to a close, Manhattan sales volume slipped from 2015 levels but remained much higher than long-term norms and set new average price per square foot and average sales price records.
The Luxury Market, which we classify as the top 10 percent of all sales, set records for average sales price and average price per square foot, largely from the closings of new development sales signed one to two years ago as construction is completed.
Resale inventory edged up to modest levels providing buyers with more opportunities and fewer bidding wars to navigate. Cash buyers continued to make up nearly half of the market and sellers continued to be more negotiable.
As a Full-Service Real Estate Agent I constantly aim to provide anything my clients need relating to Luxury primary and investment properties in New York City.