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 Continue reading