The Manhattan real estate market continues to be very strong. Prices are up 7% from one year ago, with the average condo selling for $1,589 per sq. ft. and luxury condos selling for $2,551 per square foot. Buyers, however, continue to have a difficult time finding properties, as inventory remains low. This forced a 13% decline in sales activity of condos. Had there been more properties for sale, sales activity would have been much higher. We see the trend of low inventory continuing, even as more new development comes on the market.
The strong demand for NYC luxury properties is a function of safety and strong local and national fundamentals. More New Yorkers are working now than at any time in the last forty years and that is a real plus for the NYC economy and real estate market. New York City added 519,000 new jobs since 2010 and last year had the strongest growth since 2000!