Apartment sales are the lowest since 2012 in Manhattan.The declining trend in city-wide sales by price and volume was revealed in January to be the lowest since February 2012.
The prices fell 15.5% to $1.8 million in January. Last year’s average was $2.2 million. Who’s to blame? The decline in new luxury condos in the area.
Apartments priced over $10 million have doubled since 2013, with the average price of a luxury condo being $2.8 million in January. only 61 units were sold in upper Manhattan in January due to it’s low activity.
-Allen A Garzone II, Garzone Real Estate, Inc, Boston Real Estate Agent