Over the past year, a sharp decline in condo sales lowered the overall average and median Manhattan apartment sales prices over the past year.
Condo closings feel 24% from the 4th Q2010 accounting for only 40% of all apartment sales.
The economic and financial turmoil that began in the late summer led to fewer transactions than a year ago.
While there was stagnation in hiring recently, New York’s recovery remains well ahead of schedule. This combined with a relatively low rate of available apartments has led the Manhattan market to continue to outperform the rest of the nation.
Click Here to read Halstead Property’s Manhattan 4th Quarter 2011 Market Report
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