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Manhattan Resale Market Increases in Tandem with Inventory Decline

Castellan Real Estate Partners

Based in New York, Castellan Real Estate Partners has full-service capacities spanning a wide range of investment, development, and management activities. The team at Castellan Real Estate Partners pays close attention to trends with an aim of finding profitable opportunities, whatever the current market dynamics.

As reported in Architectural Digest, the second quarter 2017 Douglas Elliman sales report for Manhattan points to a robust market in which year-on-year sales have increased by 15.2 percent. A particular driver has been a 16.4 percent increase in the resale market, with lack of supply causing the first overall inventory decline in three years.
At the same time, listing discounts have started appearing at the upper end of the spectrum, with negotiability accompanying what has been “more realistic” pricing strategies among luxury sellers. This has created a buyer’s market scenario that is helping to ensure steady demand in a market that was seen by some as overly speculative. Despite this softening in the luxury market, a $2.19 million increase in the overall average sale price and $1.19 million increase in the overall median sale price have been registered in the past year.

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