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New York real estate has its worst quarter in 6 years


according to a report from Douglas Elliman Real Estate and Miller Samuel, the appraisal firm. The average sales price in Manhattan fell below $2 million for the first time in nearly two years. Brokers say the declines were simply the result of uncertainty ...

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according to a new report from Douglas Elliman Real Estate and Miller Samuel

Total sales volume fell 12 percent compared with the fourth quarter of last year

The average sales price in Manhattan fell below $2 million for the first time in nearly two years Robert Frank | @robtfrank Published 12:00 AM ET Wed, 3 Jan 2018 Updated 1:20 PM ET Wed, 3 Jan 2018 CNBC.com show chapters New York real estate has its worst quarter in 6 years - and there could be more pain ahead    11:54 AM ET Wed, 3 Jan 2018 | 00:54 Manhattan real estate sales and prices took a fall in the fourth quarter, and they're likely to slide even further this year after the new tax rules take effect

Total sales volume fell 12 percent compared with the fourth quarter of last year — the lowest quarterly level in six years, according to a report from Douglas Elliman Real Estate and Miller Samuel, the appraisal firm

The average sales price in Manhattan fell below $2 million for the first time in nearly two years

Brokers say the declines were simply the result of uncertainty around the Republican tax plan, as buyers held off until the details of the new law became clear

They say many of those buyers have since rushed in and will help show a rebound

Yet the luxury market in Manhattan is suffering from an expanding glut of high-end and highly priced apartments

And analysts say that while sales may rebound slightly in the first quarter of 2018, the tax law — which limits the deductibility of state and local taxes — will continue to add pressure to New York City housing prices, especially at the top

"There will be an impact on prices and sales," said Jonathan Miller, president and CEO of Miller Samuel

"But it may take up to a year and a half to two years to see the full impact." The high end of the Manhattan market is showing the biggest cracks

Inventory of luxury apartments — those in the top 10 percent by price — grew by 15 percent

There is now a 17-month supply of luxury apartments in Manhattan, up from 10 months a year ago

And with giant new condo towers sprouting up in every corner of the city, those numbers are likely to grow

Miller said that resales — as opposed to new development — are holding up strong, with median sales prices up by 2 percent over last year

But prices for new developments fell 17 percent over last year and the number of sales are down 20 percent.The number of new developments is expected to continue to rise this year and next, which will add to inventory, Miller said

While demand for "low-end" apartments priced at $1 million to $2 million remains strong, sales of apartments of more than $5 million will get tougher

In part, that's because the rich have more discretion on when and where to buy homes — and with the costs of owning a home in New York going up with the tax plan, apartments aimed at the rich will see the biggest price hits

Miller said that while buyers have already adjusted, sellers may take more time to catch up. "The sellers were already recalibrating after 2015," he said

"Now they will have to readjust again." WATCH: NYC real estate market tumbles in 4th quarter show chapters New York City real estate market takes a tumble in the fourth quarter    9:49 AM ET Wed, 3 Jan 2018 | 01:44 var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#taboola_article_you_may_like', 'taboola-article-you-may-like') }); Robert FrankCNBC Reporter and Editor var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#mps_article_insert_footer', 'article-insert-footer') }); var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#ad-com-content-one', 'ad.com-content-one') }); var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#sbc-rightrail', 'sbc-rightrail') }); var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.gptloaded=mps._queue.gptloaded||[]; mps._queue.gptloaded.push(function() { (mps && mps.insertAd && mps.insertAd('#dart_wrapper_topflex', 'topflex')); }); var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#ad-com-rightrail-top', 'ad.com-rightrail-top') }); var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#article-insert-sidebar', 'article-insert-sidebar') }); var mps=mps||{}; mps._queue=mps._queue||{}; mps._queue.mpsinit=mps._queue.mpsinit||[]; mps._queue.mpsinit.push(function() { mps.insertComponent('#ad-com-rightrail-bottom', 'ad.com-rightrail-bottom') });