The Manhattan condo market results for Q1 2015 are in and the results were quite positive, setting the tone for a good 2015. During the quarter, Manhattan had the highest number of sales for any first quarter in over 6 years and closed sales increased 12% vs. the same period in 2014. Inventory tightened further, as days on the market dropped. The market continues to be undersupplied, but 2015 may bring some relief in terms of new development. However, with activity so high - buyers signed contracts at a record pace in the quarter for properties priced over $4 million during the quarter – we believe 2015 will still be a seller’s market.
The Average price per square foot for resale condos increased 11% to $1,731, compared to $1,567 in Q1 2014. The Average price per square foot for new development is now at $2,220, while the average price per square foot for properties in the Luxury segment is $2,730, up 3% and 7%, respectively, over Q1 2014.
2015 will bring some interesting new Manhattan residential real estate entries, including new developments in the Ultra-Luxury segment. However, the Manhattan condo market will see some interesting developments across varying price points, such as The Astor and One West End Avenue in the Upper West Side, the Zaha Hadid project (520 West 28th St), Jardim and 15 Hudson Yards along the High Line; and 111 Murray and 100 Barclay in Tribeca, to name a few.