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Manhattan Residential Sales Reach New High for Q1 

Residential sales in Manhattan set records for the third straight quarter, with 2022’s first quarter registering the highest number of sales for a first quarter in 33 years of tracking, according to a Douglas Elliman report prepared by appraisal firm Miller Samuel. Overall price trend indicators were higher than in the same period before the pandemic.  

Co-op median sales price posted significant annual gains for the fifth consecutive quarter and were higher than pre-pandemic levels. Condo sales were up by more than 50% annually to reach the highest Q1 sales level in 15 years of tracking. Luxury listing inventory fell annually for the third straight quarter and remained below pre-pandemic levels.  

New development price trend indicators continued to remain well below pre-pandemic levels. However, new development sales were nearly double year-ago levels, the fourth straight quarter of significant annual increases, Miller Samuel reported. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
  • ◦Economy
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