A report compiled by Olshan Realty provides a complete rundown of the 2016 results in the NYC/Manhattan residential real estate market for sales above $4 million!
2016 ‘saw an 18% decline in contracts over 2015. Year to date, 1102 properties had contracts signed totaling $8,937,866,862. The numbers are higher than 2012, but below the golden years of new condo development: 2013-2015.
The decline reflects classic price resistance. There was a 2% increase in the average asking price, but a 30% increase in the average days on the market—318 days. You read that right—it took more than two months longer to sell a luxury property in 2016 than in 2015. The average price drop from listing to contract signing was 6%, an increase from 5% in 2015. There was also a 5% decline in contracts signed at $10 million and above.
The steepest fall from grace was in co-ops: 25% fewer contracts at $4 million and above from 2015, signaling a continuing market shift in the luxury market to new condos that offer freedom of ownership, new infrastructure, robust amenities, and some hip architecture—particularly seen Downtown.
Overall, 76% of all apartment contracts at $4 million and above were condos—and 58% of those sales were in new construction sold off of floor-plans. Downtown was clearly the most popular location, 49% of all luxury sales.‘
| Contracts Signed $4 M and above | 2013 | 2014 | 2015 | 2016 |
| # of Co-op Contracts $4 million and above | 288 | 282 | 296 | 222 |
| # of Condo Contracts $4 million and above | 905 | 891 | 904 | 751 |
| # of Condop Contracts at $4 million and above | 49 | 14 | 14 | 17 |
| Total # of Contracts Signed on Apartments | 1242 | 1187 | 1214 | 990 |
| # of Townhouse Contracts $4 million and above | 130 | 153 | 130 | 112 |
| Total # of Contracts Signed Apartments + Houses | 1372 | 1340 | 1344 | 1102 |
| # of Contracts Signed off floorplans | 475 | 481 | 456 | 435 |
| # of Contracts Signed Asking $10 million and above | 252 | 270 | 227 | 215 |
| Total Volume | $10,854,826,824 | $11,256,284,299 | $10,738,479,892 | $8,937,866,862 |
| Average Asking Price | $7,851,594 | $8,140,776 | $7,940,624 | $8,090,463 |
| Median Asking Price | $6,366,072 | $6,440,048.00 | $6,289,375 | $6,367,820 |
| Average Price Decline Before a Signed Contract | 3% | 4% | 5% | 6% |
| Days on Market | 172 | 181 | 243 | 318 |
| Condo Average Asking Price | $7,719,542 | $7,832,105 | $7,739,656 | $8,099,463 |
| Condo Average Asking $/sq.ft. | $2,766 | $2,783 | $2,825 | $2,929 |
| Condo Average Size | 2,814 | 2,801 | 2,731 | 2,755 |
| Co-op Average Asking Price | $6,756,788.00 | $7,727,973 | $7,280,086 | $7,063,249 |
| Townhouse Average Asking Price | $9,514,252 | $10,256,784 | $10,993,444 | $10,400,788 |
| Townhouse Average Asking $/sq.ft. | $1,750.00 | $1,829.00 | $2,077.00 | $1,944 |
| Townhouse Average Size | 5,553 | 5,621 | 5,288 | 5,531 |
