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Manhattan Condo and Co-op Prices Weather First Annual Decline Since Pandemic Began
The median sales price for Manhattan condo and co-op units slipped 5.5% year-over-year in the fourth quarter of 2022, according to a report from Douglas Elliman and appraisal firm Miller Samuel. It’s the first annual decline in median pricing since the pandemic era began, but at $1,940,565 was well above pre-pandemic levels.
Q4 also represented the second consecutive quarter of negative growth in sales volume, the report stated. The volume of closed sales was off by 28.5% from the year-ago period. It was also 6.5% below the 10-year average for Q4, “indicating the sharp sales decline was more about a return to more normalized conditions after the historic and unsustainable boom of 2021,” the report stated.
Separately, Brown Harris Stevens Development Marketing reported that full-year 2022 volume of new development units going under contract was down by a third from 2021, but more than double that of 2019.
- ◦Sale/Acquisition
