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

Pricing properties was usually easier than now

A trophy apartment seeking a buyer who needs no financing.

Pick a million, any million

When it comes to pricing properties these days, brokers in Manhattan are at a loss.  In a dynamic market, they’ll tell you, no one knows the best asking price.

Now, comparable recorded sales are almost useless: Those contracts were signed months previously, and the housing market has changed.