Manhattan Q2 2016 Market Report

Overview

2016 Second Quarter 2016 saw near record high prices and an improvement in sales after a slight drop in last quarter’s figures. Manhattan’s overall closed sales figure decreased 14% year-over-year this quarter, but was up 6% from First Quarter 2016. Signed contracts dropped 20% yearover-year, but was up 12% from last quarter. Inventory grew this year, up 11% from Second Quarter 2015. This was due to an increase in both resale condo and new development listings. Even with this increase of inventory, the months of supply only rose to 5.3 months this quarter, still well below the six to nine month equilibrium range. With sales slightly down from last year, and inventory up, the days on market increased a slight 5% from Second Quarter 2015.

Check out the full report in the link. 

http://media.corcoran.com/pdf/reports/2016_Q2/Manhattan_Q22016.pdf