Don't Get Caught Staring at the Rear View Mirror

James Nelson

There has been much talk about the recent decline in the New York City property sales market. Based on Cushman & Wakefield 1H17 report, the dollar volume of sales dropped a staggering 43 percent citywide compared to last year for an annualized $32.9 billion. Manhattan was even more dramatic with a decline of 50 percent.

If it is any consolation, the number of sales was only off by 14 percent citywide for an annualized 3,756. The disconnect between the sales volume decline can be explained by the average sales price dropping to $8.8 million versus last year’s $13.2 million. Most noticeably, there were only two billion dollar plus sales compared to 2015′s record year when there were ten.