The Big Apple: Luxury sales skew market. More!

LUXURY SALES COLOR THE HOUSING MARKET, WHICH IS MOVING ‘SIDEWAYS’ AND PROMPTING CAUTIOUSLY OPTIMISTIC FORECASTS

Sales activity in the second half–as measured by number of sales, median sale prices, average number of days on market and the number of Manhattan apartments on the market–settled comfortably into historic 10-year ranges, according to two separate market reports in Crain’s New York.

(via Prudential Douglas Elliman)

Despite a busy market for trophy properties, the pace of sales and median prices of Manhattan apartments slipped during the fourth quarter, the Wall Street Journal observed.

The number of sales fell by

The Big Apple: Q3 reports suggest stabilization

PRICES ARE UP AND SALES ACTIVITY IS DOWN IN THIRD QUARTER

After two years of unpredictable sales trends, the Manhattan real estate market seems to have settled into a more typical and seasonal pattern, with prices rising slightly and sales volume dipping in the recent summer months, according to third-quarter market reports, says the New York Times.

Prices increased for the fifth straight quarter, with the average sales price hovering around $1.43 million and the median price around $910,000, according to data provided by the city’s four largest brokerage firms. But prices are still well below the market’s height a couple of years ago, when the average was higher than $1.7 million and the median was close to $1 million.

Inventory has declined, reports the Real Deal, and the Wall Street Journal says Manhattan is a star in the apartment market.

But my post (below) on Wednesday questions whether September has evolved into a healthier market.

FIVE NEW YORK NEIGHBORHOODS ARE AMONG NATION’S MOST COSTLY

The West Village’s 10014