Manhattan Real Estate Sales Stabilize

Reports from Prudential Douglas Elliman, the Corcoran Group and data from sister firms Halstead Property and Brown Harris Stevens show that in Q2, the Manhattan residential real estate sales seem to be stabilizing, despite the still strict lending environment.  The Corcoran Group notes that there has been a 4% increase in median sales prices over the last quarter, which is 6% greater than the same period last year. Currently it stands at $830,000, and is bolstered by the growth in sales volume over the past quarter, which is now just 7% under the five-year average. Unsurprisingly, much of this growth is from wealthy buyers, specifically foreigners paying in cash, who are in no need of financing.

Most interestingly, the average price per square foot of a unit in a new Manhattan development fell 9 percent in the second quarter to $1,069. Read more of the report here.

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