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 percent, listing discount was up from 3.6 percent a year ago, but down from 12.4 percent in the first quarter, evidence that more sellers adjusted to the market price correction of the fall.
Another report on the Manhattan market, from Halstead Property, showed the median price of Manhattan apartments declining 19 percent from a year ago to $795,000, the lowest since the second quarter of 2007. That report was based on 1,397 reported apartment sales, a 53 percent decline from a year ago.
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