The median sales price for luxury Manhattan homes has dropped 3.7% since July 2016, according to a StreetEasy market report released Wednesday.
But across other boroughs, luxury median sales prices—which StreetEasy defines as the top 20% of the market—are up: 2.3% in Queens and 1.6% in Brooklyn.
More:15 Central Park West Remains Manhattan’s Most Expensive Condo
An oversaturation of inventory was to blame for the drop in Manhattan's luxury sales prices, according StreetEasy Senior Economist Grant Long. "[It’s] the only place where it’s relatively nice to be a buyer this summer," he told Mansion Global in an email. "Buyers looking for homes at a higher price point will likely continue to experience downward price pressure and more negotiating power in the coming months, as supply continues to outpace demand."
Beyond the luxury market, Manhattan’s sales have stagnated, the report found, except at the bottom, where prices for the least expensive homes have risen 5.8% since last year. Median resale prices in the city are $1,160,295, a paltry 0.2% increase year-over-year.
Meanwhile on the rental market, high rents and fewer discounts point to signs of stabilization, but are bad news for New York City renters.
More:Click for an in-depth look at the New York real estate market
"While welcome news for landlords, renters planning on signing a new lease before summer ends should expect limited negotiating power and will need to act fast," Mr. Long said in the report. "This is especially true in the city’s least expensive neighborhoods in Brooklyn, Queens, and Upper Manhattan; all of which have risen dramatically in popularity over the past year."
Median asking rents in Manhattan rose 0.2% since July 2016 to $2,980, the highest ever recorded by StreetEasy.. Upper Manhattan saw the biggest increases, with median asking prices rising 2.2% to $2,197. But rents fell 0.4% in Midtown and the Upper West Side, to $3,060 and $3,048, respectively.
Luxury median asking rents in Manhattan dropped a mere $4 to $6,162 from July 2016, while in Brooklyn they decreased by even less: $3 to $3,986. But in Queens the luxury median rent is up 1.6% to $2,843, the report found.
But don’t hold hopes on getting a bargain there, the number of luxury rentals offering concessions is down 11% in Manhattan and Queens, and 5% in Brooklyn since this time last year.