The new mansion and transfer taxes spurred Manhattan home sales in the second quarter of 2019, but inventory is climbing
The median sales price rose 10.5% over the same period in 2018 to $1.215 million, setting a new record, and the number of sales at or above $10 million rose sharply from last year, according to the Douglas Elliman report.
"It's a mixed bag, but certainly much better overall results than we've seen in the last 18 months," Miller says. The Q2 report from Brown Harris Stevens found that sellers of resale apartments offered their biggest price discounts in nine years and the average resale apartment price fell 5% from a year ago to $1.642 million.
The report also indicated a rush of new development closings, because buildings were completed, which led to an 11% increase the number of those sales from a year ago and a 71% increased compared to the second quarter of 2018. The report found that the most active buildings during the quarter were One Manhattan Square and 15 Hudson Yards, though 40% of new development closings were downtown.
New development prices also averaged $3.48 million in the second quarter, which was 9% less than last year, meaning there was a drop in closings on the high end of that market, according to Brown Harris Stevens."With two-and-a-half years of a declining market, sellers are being more responsive," Willkie says."There were more sales over $10 million and sellers give a discount because of comparables.
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