We have just released," the leading resource on the state of the Manhattan sales market. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
While Manhattan sales did not keep up with the high levels experienced last year, activity remained well above long term averages. Re-sale housing prices showed modest increases while the market share of bidding wars slowed from last year’s record to more sustainable conditions.
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The Manhattan market continues to be one of the better performing housing markets in the country, despite the turmoil we read about every day. Housing prices showed continued stability this quarter consistent with the past several years. Condo sales activity benefited from an increase in demand as foreign buyers took advantage of the weak US Dollar, while entry-level sales increased as buyers took advantage of falling mortgage rates. Although we will continue to face economic challenges going forward, we anticipate continued seasonal stability through the end of the year.
Here is the full third quarter report from Prudential Douglas Elliman:
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