4Q - 2017 Manhattan Sales
The Brooklyn housing market moved at a blistering pace as the residential market continued to reinvent itself away from a less expensive option for Manhattan buyers.
The Queens housing market continued to see rising prices and sales as the "Brooklyn spillover effect" created excess demand.
The northwest region of Queens, including the neighborhoods of Long Island City, Astoria, Sunnyside, and Woodside, saw a modest year over year gain in sales, mixed price trends with limited negotiability and shorter marketing times.
Manhattan apartment prices exceeded the pre-financial crisis peak for the first time, setting new records. Co-op sales fell and condo sales rose with new development accounting for the difference. Despite the modest rise in inventory, the market remains historically fast-paced.
The Manhattan Townhouse report for 2007-2016 showed that townhouse sales were 2.6% of all residential sales and continued to be a luxury submarket.