Median price of Manhattan apartment near $1 million

Miami /
Oct.October 04, 2015 02:03 PM

The median price of a Manhattan apartment was nearly $1 million in the third quarter, according to market reports by realty firms.

Corcoran Group reported that the median price in the July-September period was $999,000.

Douglas Elliman Real Estate reported a median third-quarter price of $998,000.

The inventory of Manhattan apartments listed for sale has been essentially flat since January, according to John Miller, president of appraisal firm Miller Samuel and the author of the Douglas Elliman market report.

Miller told the New York Times that 5,654 Manhattan apartments are listed for sale, which is 20 percent fewer the average of 7,047 over the last 10 years.

On average, listed Manhattan apartments spent a record low 73 days on the market in the third quarter, according to the market report by Douglas Elliman.

The average sale price in the luxury end of the apartment market in Manhattan, defined as the top tenth of closed sales, declined by 12 percent in the third quarter to $6.73 million from $7.68 million a year earlier, the Corcoran Group reported.

“At the upper end of the market, I believe there is a little bit of a pushback [on price] from the buyers,” Diana M. Ramirez, CEO of Halstead Property, told the Times. [New York Times] — Mike Seemuth


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