Condo Prices Fall in 2017, According to the Halstead Quarterly Report

The average price of a condominium fell to $2.7 million in the fourth quarter of 2017. That’s down 11% compared to the year before, according to the Halstead Quarterly Report for the Fourth Quarter 2017.

It might be tempting to blame the decline on the reform of the federal tax reform just passed into law in December, though average prices have fallen steadily from their peak of $3.1 million in the first quarter 2017 — long before the new law lowered the limit on how much interest from a home mortgage is tax deductable.

Prices fell on average because fewer, super-expensive, new condominiums sold relative to older condominiums in 2017. That dragged down the price on average, despite a few giant deals like a $91 million closing at 432 Park Ave. in Midtown Manhattan.

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