From the July issue: The Manhattan residential market remained relatively stable, if lackluster, in
the second quarter of 2011, according to newly released market reports.
“We’re bumping along the bottom,” said Jonathan Miller, president of Miller Samuel Real Estate Appraisers and the preparer of quarterly market reports for Prudential Douglas Elliman, the city’s largest brokerage firm.
Manhattan’s median sales price in the second quarter was $850,000, 17 percent below the market peak of $1.025 million in 2008, according to the Elliman report. That’s an improvement from the depths of the downturn, when Manhattan prices were down 25 to 30 percent from the high. “We’ve recaptured some of that,” Miller said.
The Manhattan median sale price dropped 5.5 percent in the second quarter from $899,000 in the same period last year. By contrast, the median was 8.7 percent higher than the previous quarter — a result of the normal increase from slow winter sales in the first quarter to the busy spring market, Miller said. [more]
