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Manhattan Trends :
- The Manhattan market has now experienced two consecutive quarters of annual growth in closed sales as a result of improved contract activity during first six months of 2017 versus 2016.
- In Third Quarter 2017, the Manhattan market saw closings rise by 3% year-over-year to 3,703 sales, primarily due to strong performances in the new development and resale co-op markets.
- Listed inventory has stabilized this year. At 5,930 active listings, the number of available ‘for-sale’ properties was nearly level with last year, rising by just 1% annually.
- Pricing trends were mixed during the quarter. Marketwide median price and price-per-square-foot both experienced annual gains, with the median price rising by 10% and median price per square rising 2%.
- However, the effects of rising inventory, widespread price decreases, and marketwide negotiability at the higher end of the market impacted average price and average price-per-square-foot figures, which fell for the first time since Fourth Quarter 2013, by 3% and 5%, respectively.
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