The Real Deal New York

Tight market is trending in favor of sellers

Brokers say the post–Labor Day bump in listings didn’t materialize

October 02, 2012 10:30AM
By Leigh Kamping-Carder

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From the October issue: If a year ago the watchword for buyers was cautious, this October a better term might be competitive.

In the third quarter of this year, sales of Manhattan condominiums and co-ops rose 11.5 percent, to 2,952 transactions from 2,647, compared to the previous quarter, according to a market report prepared by appraisal firm Miller Samuel for Prudential Douglas Elliman.

The median sale price increased 7.4 percent, to $890,000 from $829,000, in the same span — thanks largely to a whopping 45.4 percent increase in the median price of new development units, to $1.49 million, the data show. [more]

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