Industry NewsMarkets & Economy

Manhattan sales down 50%

Median price slips 18.5% from a year ago

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Second-quarter sales of Manhattan co-ops and condos were down 50.3 percent from a year ago, and the median sale price fell 18.5 percent to $835,700, according to a report by Miller Samuel Inc. for Prudential Douglas Elliman.The median price of resale apartments saw a sharper annual decline of 25.6 percent, to $725,000, although that was an increase of 7.4 percent from the first three months of the year.The median price of apartments in new developments was off 6.7 percent from a year ago, to $1.069 million, and was down 29 percent from the previous quarter.The market share of apartments in new developments fell to 27 percent, the lowest level in 18 months, and the tendency of new-development sales activity to skew overall market data was less pronounced than in recent years, Miller Samuel said.Although second-quarter sales declined to 1,532, listing inventory fell by 10.2 percent from the previous quarter, to 9,378. Days on market was 162 days, up from 135 days a year ago. At 7.8 perce...