Manhattan - The median price of condos was down 5.9% year-over-year while the median price of co-ops was down 2.2%. This does not necessarily mean that the value of property was down, just that the median sales price was lower. This can be explained by purchasers buying slightly less expensive properties in light of economic concerns. During this same period, the number of closings was up 9.9% as purchasers look to take advantage of low interest rates and great pricing. The average listing sold in 119 days with 18% fewer listings coming to market. Manhattan, more a city of the world then just a city of the U.S., continues to buck national real estate trends. The historical trend of this market being the last to enter a weak housing market and the first to escape it, continues to be true.
Company: Akerly Real Estate Team
Phone: 212-400-4838
Email: keytothecity at akerlyre dot com
