The Market

Buying in Manhattan? Don't expect to haggle

By Virginia K. Smith  | July 1, 2014 - 12:00PM

In an already competitive market, it doesn't look like buyers will find relief any time soon. In the last three months, nearly half--45.9 percent--of all Manhattan co-ops and condos sold for their asking price or higher, the biggest percentage in six years.  At the same time, the average number of days a place spent on the market fell to 96 from 178 last year, according to Douglas Elliman's just-released report on second quarter Manhattan sales.

In other words, if you're a buyer, now isn't the time to dawdle (or shoot for an apartment that's out of your price range in hopes of haggling). It's a seller's market out there. The one silver lining is that this seller's market has convinced more people to put their apartments on the market (and developers to build a near-constant influx of new units): inventory went up 18 percent over the same time last year, per Elliman's numbers.

Another plus? It's not as crazy as 2013, says Jonathan Miller, president of appraisal firm Miller Samuel, and author of Elliman's report. "The way I view this is [the market] has returned to a more sustainable trajectory as opposed to the frenetic, manic pace of last year," he tells The Real Deal.

The key figures:

  • Number of listings sold at or above listing price: 45.9%
  • Average sales price of a Manhattan apartment: $1,680,185 (17.9% increase)
  • Median sales price of a Manhattan co-op: $725,000 (9% increase)
  • Median sales price of a Manhattan condo: $1,260,000 (0.8% increase)
  • Average number of days on the market: 96 (46.1% decrease)

Dig deeper:

Average sales price for Manhattan apartment hits $1.68M (The Real Deal)

Manhattan apt. sales market eases back off the boil (Crain's)

Manhattan market slows, but prices and inventory push higher (Curbed NY)

Brooklyn co-op prices rise 71 percent in the past year, reports show (DNAinfo)

Related posts: 

After a brief detour, Manhattan landlords "back in the driver's seat"

Will anything stop the upward march of Brooklyn rents?

How to buy a NYC apartment

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