Weak Q4 for Manhattan Housing Market – NMP Skip to main content

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

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
Published
Jan 03, 2019
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Jul 02, 2026