MNS Real Estate released its market report for sponsor (sellers are considered “sponsors”) sales during the second quarter of 2024 in Manhattan.
For the second quarter, sponsor sales went up from 276 in the first quarter to 360 sales, an increase of 30.43%. Total sales volume also increased from $931,247,210 to $1,318,924,643, an uptick by 41.63%
However, the median sales price had a slight drop by 0.16% from the first quarter to the second quarter. In comparison to last year, median price per square foot also decreased by 5.93%
With most of the sponsor sales in the Upper West Side with 77 out of the 360 sales. 44% of studios, 28% of one-bedroom and 27% of three-bedroom sales were recorded in this neighborhood. However, according to the report, “the largest quarterly upswing occurred in Greenwich Village/West Village where several apartments in The Keller at 150 Barrow closed.”
The neighborhoods of Chelsea and Hudson Yards had the most success with two-bedroom sales. In comparison, the largest downswing was recorded in Harlem with a decrease of 22.20%
“Out of the 360 total sponsor units sold this quarter, 3% or 9 were studios, 33% or 117 were one-bedrooms, 37% or 133 were two-bedrooms, and the remaining 28% or 101 units were three-bedroom units or larger,” according to the analysis.
These numbers can offer a great deal of insight to those who are thinking of selling or purchasing as they are “a great indicator of where development in general is moving,” as stated in the report. Click here to read the full report.
