Carol Staab
Associate Broker
Douglas Elliman
111 Fifth Avenue
New York , NY 10003

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2nd Quarter Manhattan Luxury Real Estate Market Report

The 2nd Quarter 2017 Manhattan luxury real estate market experienced the highest number of sales in almost two years. The average condo prices set new records. The largest number of sales was in the resale market. The listing discount and days on the market rose sharply.

The three things you need to know is that the market is strongest in the under $3 million market and weakest in the $10 million and over market. The $4 million to $6 million is selling best in the luxury market.

Heres is the “big why”for the large increase in the number of sales. Sellers finally got more realistic and aligned themselves with the market . In addition there was a lot of pent-up demand from buyers holding off until the arrival of the spring market.

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