Plus Property’s global partner Concoran Group Real Estate, recently conducted a survey during the first quarter that showed real estate prices in Manhattan continue to set record highs. For the first time ever, the average sale price surpassed USD2 million and median prices jumped an impressive 22 percent y-o-y.
Poomipak Julmanichoti, managing director of Plus Property, pointed out that Manhattan’s overall real-estate market is sound although it is starting to slow ever so slightly after years of trending upwards. The slowdown comes from the fact that condominium units priced below USD1 million have become scarce and this has led to a slight drop in sales. These units have been a key factor for sales growth during the past years. It was also noted that occupancy rate in Manhattan remains high, sitting at 97-98 percent according to a Douglas Elliman report.
Another positive sign for the market is the fact that the total number of days that each listing spent on the active market before an agreement was made dropped y-o-y. It went from 101 days last year to 88 days this year. Manhattan’s rental market also looks steady according to the Douglas Elliman report. Vacancy rate increased by .44 percent y-o-y while the average rental price dropped for the first time in two years. Rental occupancy also remains high coming in at 97 percent.
“Condominiums in Manhattan had shorter days on market, a positive sign that signified demand was higher than supply. The most popular area in the first quarter of this year is downtown, reflected in the highest number of closed sales, the highest median price and the highest average sale price per sqm.,” Poomipak stated in a press release. “On the rental market side, downtown was also the area with the highest median rent. The buyers these days only look to invest in condominiums in prime locations, and Manhattan condominiums are appealing and full of plus points both for long-term investments and for living.”
Featured image: 432 Park Avenue
