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Manhattan real estate sales prices dropped in 4Q of 2016, reports say

Manhattan's median real estate sales price dropped in

Manhattan's median real estate sales price dropped in the fourth quarter of 2016, according to two reports. Above, a person walks down a street in the East Village on Jan. 23, 2012. Photo Credit: Getty Images / Spencer Platt

The Manhattan real estate market cooled down the final months of last year, as inventory increased and units remained unsold for longer periods, two real estate reports released Wednesday said.

Douglas Elliman’s survey of the borough’s listings during the fourth quarter of 2016 found the median sales price was $1.05 million, a 2.2 percent drop from the $1.15 million median price during the same period in 2015. Another report by Corcoran said the median sales price went from $1.10 million during the fourth quarter of 2016 to $1.02 million a year later.

Both reports indicated that the demand for Manhattan homes weakened during the end of the year.

There were 109 fewer closings and inventory increased by nearly 7 percent between the fourth quarters of 2015 and 2016 according to Elliman. Corcoran reported 472 fewer closings and a 16 percent jump in inventory during that same period.

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