Real estate reports released Wednesday found that sales prices for Manhattan homes have evened out, signaling a favorable market for home buyers.
Real estate group Douglas Elliman’s report for the first quarter of 2015 found the average sales price was roughly $1.733 million, a 2.3% decline from the same period in 2014 and a 0.4% drop from the fourth quarter. Halstead Property’s survey had the Manhattan average sales price of $1.735 million during the first quarter of 2015, a 2% increase from the first quarter of 2014.
Diane M. Ramirez, Halstead Property’s CEO, said experts predicted prices would flatten out around this time, and that “buyers who have been waiting on the sidelines” should start looking now. “New York remains a unique marketplace: We are a global city with a booming economy, low mortgage rates and we have quality housing,” she said in a statement.
Buyers have a stocked inventory to choose from as well, according to the Elliman report.
The group’s survey said there was a 5.5% increase in inventory from 4,968 units in the first quarter of 2014 to 5,243 homes during the same period this year.