The Most Splendid Housing Bubbles in America, January Update

by Wolf Richter
Wolf Street

Prices in New York City condo market, San Francisco Bay Area, Seattle down to early 2018 levels. Chicago nearly flat from year ago. Other markets rise. Phoenix, Tampa, Charlotte surge.

Reports have been circulating for a while about the deterioration in the Manhattan housing market, including a report in December that studied condo towers with 30 or more units, built after 2015, in total 7,727 condos, nearly half of which the developers have been unable to sell. Much of the new inventory is at the luxury end.

The median price of luxury condos and co-ops in Manhattan (median means half of the units sold for more, and half sold for less) in Q4 2019 plunged 24% from Q4 2018, to $4.8 million, according to the Elliman Report, and is down 27% from Q4 2016, which was the peak.

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