Q3 is supposed to be the biggest quarter of the year in the Manhattan apartment market – but not this year.
New York City Department of Finance data analysed by the Wall Street Journal shows co-op and condominium sales in the borough were down 15.3% on Q3 2015, with volumes in the sub-$1m range dropping off 22.2%. A lack of supply is being blamed.
The figures mark the slowest three months since Q3 2011 and experts think the most bitterly fought election battle in living memory will keep a lid on things until the end of the year at least…
Hall Willkie of Brown Harris Stevens told the paper: “It is a much more polarizing event. Both sides have dire predictions of what will happen if the other side wins.”
Average prices were up 10.5% on Q3 2015.