Third Quarter Market Reports are Out: The Free Fall is Over

After months of hyping up the possibility of a Manhattan market rebound, the moment we have all been waiting for has arrived: the release of the third quarter market reports. So, the question remains: do we have something to be happy about? The reports show that the free-fall of market prices is over, and the number of sales is way up from the previous quarter. Here, some “key metrics” from three brokerage firms describing their individual sales from the last quarter:




Average sale price

• Elliman: $1.323M Down 10% from last year, up 0.8% from last quarter
• Corcoran: $1.282M Down 16% from last year, down 11% from last quarter
• Halstead/Brown Harris Stevens: $1.274 million Down 13% from last year, flat over last quarter
  

Median sale price

• Elliman: $850,000 Down 8.4% from last year, up 1.7% from last quarter
• Corcoran: $799,000 Down 18% from last year, down 4% from last quarter
• Halstead/BHS: $781,000 Down 14% from last year, down 1.7% from last quarter
  

Number of sales

• Elliman: Down 16% from last year, up 45.6% from last quarter
• Corcoran: Down 38% from last year, up 16% from last quarter
• Halstead/BHS: Down 25% from last year
  

For a more in-depth look at third quarter market data, click here.