Industry News

Manhattan real estate market slows down

Third-quarter co-op prices fall from record levels

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The average sales price of Manhattan co-ops fell 16.1 percent while the average condo sales price climbed 3.3 percent in the third quarter compared to the second quarter, according to the latest Manhattan Market Overview report prepared by Miller Samuel Inc., a residential appraisal company. The report, prepared for the Prudential Douglas Elliman real estate company, also revealed that the inventory of for-sale properties dropped about 0.2 percent from the second quarter to the third quarter while rising 32.3 percent from third-quarter 2005 to third-quarter 2006. The co-op sales data for the third quarter is skewed by the city's release of more public data on real estate sales, said Miller Samuel CEO Jonathan Miller. For example, the report shows a 30.8 percent jump in the number of co-op sales from the second quarter to the third quarter and a 2 percent drop in co-op sales compared to third-quarter 2005. "My estimate is that co-op sales would have been flat if not shown a slight decl...