Friday, January 4, 2019

Median Price of Manhattan Apartments Drops Below $1 Million

Is this another sign of a developing recession in addition to the other factors?

The median price of a Manhattan apartment has fallen below $1 million for the first time in three years, according to research by Miller Samuel, a real estate appraiser, and Douglas Elliman, a real estate broker. reports the Financial Times.

The median price paid for co-operatives and condominiums in Manhattan. the prime borough of New York City, fell 5.8 percent to $999,000, according to the research.

Steven James, chief executive of Douglas Elliman, said a glut of luxury apartments was “still an issue” despite many having been taken off the market.

Part of the issue is fewer foreign buyers from China and Russia, he said. 

Inventory increased 10 percent in the fourth quarter compared to the same period a year earlier, to just under 7,000 active listings. That is 66 percent higher than a low hit just five years ago, and the highest for a fourth quarter since 2011.


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