Trump Tax Reform Destroys Q4 Manhattan Real Estate Market: Apartment Sales Collapse by 25%

Chart via Zero Hedge

From The Elliman Report:

Sales activity for the Manhattan housing market was at the lowest fourth quarter total in six years. The pace of the fall market noticeably cooled as market participants awaited the housing-related terms of the new federal tax bill. 

 Both prices (-9.4%) and number of sales (-25.4%) of apartments in Manhattan were down big in the final quarter of 2017.

Also, days on market, the average number of days to sell all apartments that closed during the quarter rose 3.2% to 97 days from 94 days in than the same period last year.

It is not clear if the market will rebound. Realtors, not surprisingly, are optimistic.

“We lost a lot of deals in the fourth quarter, while people waited to see the outcome of the tax bill,"  Pamela Liebman, the president of New York real estate broker The Corcoran Group said. “Now that the uncertainty is gone they will be able to make a decision.”

-RW