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Manhattan had record sales prices in first quarter, reports say

Manhattan's real estate market saw record-high average sale

Manhattan's real estate market saw record-high average sale prices during the first quarter of the year, according to reports released Tuesday, April 4, 2017. Photo Credit: Linda Rosier

Manhattan’s real estate market saw record high prices during the first few months of the year, but buyers still have a lot of bargaining power, according to reports released Tuesday.

Several real estate companies including Douglas Elliman, Halstead and Corcoran said the borough’s co-op and condo average sale prices reached over $2.1 million in the first quarter of 2017.

Elliman’s average price of $2.1 million was a 2.6 percent jump from the same period in 2016; Halstead’s average price rose to $2.2 million from $2.1 million; and Corcoran’s average price was 7 percent higher, at $2.1 million. All prices were record highs for the quarter, according to the reports.

Despite the astronomical prices, the real estate companies said home hunters do have an advantage when it comes to bargaining. Available units are remaining longer on the market. Prices for new developments, which are in the seven-figure range, have been declining as owners scramble to fill the apartments, according to the reports.

Elliman said Manhattan units spent an average of 108 days on the market, 15 more days than in the first quarter of 2016; Halstead reported an average of 95 days, up by a dozen days; and Corcoran reported an average of 103 days, or two days longer.


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