Weak Q4 for Manhattan Housing Market

Jan 03, 2019

Manhattan’s pricey real estate market recorded its weakest performing fourth quarter since 2012, according to new data from the residential brokerage Stribling & Associates.

There were 1,906 total sales of Manhattan residential property in the fourth quarter, down 10 percent from one year earlier and down 25 percent from its fourth quarter 2015 peak. Discounting was more prevalent, with the average discount for a Manhattan residence at 7.9 percent in the fourth quarter, down from 6.4 percent in the third quarter. The average property spent 152 days on the Manhattan market, the longest time to sell a property in the fourth quarter since 2012 when the average was 154 days.

"Every quarter of 2018 saw a decrease in the number of sales over the same period one year ago, including the most recent quarter," said Garrett Derderian, Director of Data & Reporting at Stribling. "The striking occurrence now is the number of sales hit a post-crash low. The last time we observed so few fourth quarter sales was 2011."

The median sales price during the fourth quarter was $1.07 million, down 4.4 percent year-over-year. The average sales price was $2.02 million, up 1.8 percent year-over-year. However, Derderian added that the luxury market, which accounted for the top 10 percent of all sales, stood at a robust $4.35 million.

"The luxury market has continued to diverge from the market at-large, as we are still seeing record-setting transactions, " Derderian said. "Well-heeled purchasers are able to pick up high-value assets at relative discounts and are oftentimes less influenced by outside conditions."

About the author

Phil Hall

Link copied

Published

Jan 03, 2019

Industry News

Newfi And Addy AI Announce Partnership

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending

Newfi and Addy AI today announced a collaboration focused on the continued evolution of artificial intelligence in mortgage lending.Newfi has built innovative lending products and a modern approach to the mortgage market. As the industry evolves, the company continues to exp...

Analysis and Data

Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Homebuyers are putting less money down than they were a year ago, another sign that increased inventory and greater negotiating room are changing the purchase market.The typical down payment fell to $27,100 in the second quarter of 2026, the lowest second-quarter dollar amou...

Oct

Denver, CO

More from

Industry News

CHLA: More Freddie Mac MBS Buying Could Narrow Mortgage Spreads

Trade group estimates greater Freddie participation could compress spreads another 10 to 12 basis points as Fannie has taken the lead in GSE mortgage-bond buying

Industry News

Sep 23, 2026

Early Loan-Limit Race Splits Into Three Tiers

Lenders are now offering $845,000, $847,440, or $850,000 before FHFA sets the official 2027 limits

Industry News

Sep 23, 2026

Better, Garg Clash Over Claimed 46% Shareholder Support

Better disputes its former CEO’s preliminary consent count as the two sides trade accusations and an Oct. 2 target date approaches

C-Suite Strategies

Sep 23, 2026

Fannie Changes How Rent From A Former Home Counts

Fannie now prohibits leases for departing residences and permits market-analysis tools instead of Form 1007, creating a key documentation difference from Freddie Mac

Regulation and Compliance

Sep 22, 2026

MPF Expands Eligibility For Manufactured And Renovation Loans

The Mortgage Partnership Finance Program has expanded MPF Traditional eligibility for affordable loans, manufactured homes, renovations, and lender-funded assistance

Industry News

Sep 22, 2026