Stop the Presses! Manhattan Real Estate Prices Still Insane!
July 6, 2016 — Co-op and median prices set records, yet again, in the second quarter.
It’s official: the bubble has still not burst. The Manhattan real estate market broke records in the second quarter for median closing price ($1.2 million) and for median co-op selling price ($790,000), Globest.com reports. The median condo selling price ($1.65 million) was the second highest on record, according to a report released by the brokerage firm Compass.
Despite these eye-popping numbers, sales volume was actually down 6 percent in the second quarter compared to a year ago. Condo sales increased by 10 percent, while co-op closings fell by more than 18 percent.
Bennett Rosnick, senior research analyst for Compass and the author of the second quarter report, says, “Despite domestic and global uncertainty around interest rates, the U.S. Presidential election, and the long-term results of the United Kingdom’s decision to leave the European Union, we expect to continue to see record-breaking median closing prices in the coming quarters due to the volume of existing in-contract inventory.”