| The Manhattan residential market’s comeback accelerated in the third quarter, as the number of closings hit an eight-year high. Prices for resale apartments averaged $1,724,750, a 3% gain from the prior quarter, and 17% more than a year ago. Perhaps the best indicators of the current market are the sharp decline in both time on the market, and the discount off last asking price. The average days on the market fell 25% from a year ago to 117, while sellers received 97.4% of their last asking price, the highest percentage in almost four years. These figures tell us that prices have adjusted to meet the market, which in turn has brought more buyers to the table with serious offers. The biggest takeaway from this report is that the Manhattan market is back, to the point that most areas can now be characterized as a seller’s market. There is still value out there for buyers, but they need to be realistic when making offers or they may lose out on the home of their dreams. |