IPFS News Link • New York
As Manhattan Housing Market Slumps, 54% Of Quarterly Sales Below Asking Price
• https://www.zerohedge.comThe Manhattan real estate bubble appears to have just burst - as 54% of sales in the second quarter closed below asking price, according to Bloomberg. The lowball offers coincide with a significant 17% decline in sales vs. 2017 - resulting in the lowest second quarter tally since 2009.
Manhattan homebuyers are getting bolder these days, demanding bargains or walking away from deals in a market where inventory is swelling. In the three months through June, purchases fell 17 percent from a year earlier to 2,629, according to a report Tuesday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That was the lowest tally for a second quarter since 2009, when the global recession chilled deals. -Bloomberg
Meanwhile, 37% of sales closed at asking price, however as Bloomberg notes, prices had already been reduced in many cases. Combined, "the share of purchases without a premium was the biggest since the end of 2012," at 91%.