The median first-quarter price of for-sale apartments in Manhattan, including co-op and condominium units, slipped by 1.3% from a year ago, while the average sale price was down 8.3%, according to Stribling Associates. These declines occurred in the context of wide price variance across all submarkets, price points and unit types.
“Sales and contract prices were down throughout most of Manhattan compared to one year ago,” said Stribling’s Garrett Derderian. “The biggest sale price fluctuations were for larger unit types, and in markets that saw prices surge over the past several years, primarily due to new development.”
This was the first Q1 since 2011 where product in the $500,000 to $1-million price bracket increased market share Y-O-Y, Derderian said. For higher price brackets, market share decreased. “Much of this is a result of price adjustments, as sellers move to meet the demand in the market.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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