First-quarter figures were on the Manhattan real estate market, and old records were once again broken. While the numbers appear very positive, the overall picture is more complex.
Average house prices rose by about a third, or 33.5%, from last year's figure. All say, the average price of Manhattan apartments has increased to an astounding $ 1.7 million.
However, there are some warning signs for the New York apartment market. More importantly, while prices remain high, sales slow down significantly. If you are searching for new Manhattan condominiums then there are various online sources where you can get all the information about it.
In addition, Manhattan's average record price mostly comes from several new luxury condominium buildings that began circulating in the market last month. Overall, 71 apartments were sold on the island for more than $ 10 million during the first quarter – a figure that far exceeded the average for Manhattan.
However, what is most worrying about numbers is the timing of everything. Indeed, the presence of an average record price at 1Q might end up causing some alarms when the 2Q number is released.
Total sales fell 34% during the first quarter. Two other real estate companies recorded a decrease in one-digit low percentage points. Signs of a market slowdown can be seen in the three main reports released so far.