The median price of all condominiums and co-ops sold in Manhattan fell below $1 million for the first time in three years, according to Douglas Elliman‘s fourth-quarter market report for Manhattan.
The median condo or co-op sold for $999,000, 10.6 percent lower than last quarter and 5.8 percent lower than the fourth quarter of 2017.
Steven James, the New York City president and CEO of Douglas Elliman said the price dip is a good thing and represents a continuing reset of the residential market in Manhattan that started at the end of 2017.
“It means we are finally moving in the right direction to a better more normal market, which in turn will mean an eventual uptick in values down the road,” James said. “Sellers are finally getting the message about pricing and once that occurs on a bigger level, we’ll have an even better market.”
The total number of sales also fell year-over-year by 3.3 percent – and 18.6 percent from last quarter – to 2,432 condos and co-ops sold in the fourth quarter of 2018.
But more good news, outside of prices declining, is that inventory is simultaneously rising. Listing inventory rose 11.8 percent year-over-year.
The median sales price of townhouses in Manhattan dropped 4.1 percent to slightly more than $2 million.