Industry News

Manhattan real estate sales cool in fourth quarter

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Real estate sales cooled in Manhattan in the fourth quarter while average sales prices continued to escalate, though with signs of moderation, according to a market report prepared by Miller Samuel for Prudential Douglas Elliman. All price indicators showed double-digit gains in excess of 20 percent over the prior year quarter but with single-digit gains over the prior quarter, showing evidence that the market has "shifted gears" to more modest appreciation levels, according to the report released Wednesday. The number of Manhattan real estate sales dropped 27.2 percent to 1,574 units from the prior year quarter total of 2,161 units and dropped 21.2 percent from the prior quarter total of 1,997 units. Over the past 15 years, the average drop in the number of sales from third to fourth quarter has been 6.7 percent, according to the report, so the double-digit decline was significant. Though real estate sales historically have slowed at year-end, Miller Samuel CEO Jonathan Miller believ...