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“External Factors” Give Manhattan Condo Buyers Pause in Q2
Second-quarter sales of residential condominiums and co-ops in Manhattan slipped 16.6% from a year ago, marking the third consecutive quarter of annual declines and the lowest Q2 total in nine years. Miller Samuel’s Jonathan D. Miller, reporting on the sales market for Douglas Elliman, cited “external factors outside of the vibrant city economy,” including rising mortgage rates and “an unclear direction of the national economy.”
However, Miller’s latest Housing Notes posting makes the point that year-over-year sales drops aren’t confined to Manhattan. The same uncertainty is giving potential buyers pause in other markets Miller covers, notably Aspen, CO, where Q2 volume was down by one-third.
Due to three consecutive quarters of Y-O-Y declines, Manhattan listing inventory has had a chance to increase, according to Miller. At 6,985 condos and co-ops listed, the total at the end of Q2 was up 10.7% Y-O-Y and the highest since 2012.
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- ◦Economy
- ◦Sale/Acquisition
