While this is good news for buyers, it is a frightening prospect for sellers as the condo market in the prime borough of New York City is rapidly cooling, and is likely to get much worse this year.
After declining for most of 2018, the median sales price for Manhattan apartments slipped again in the fourth quarter, with the median price moving below $1 million for the first time in three years, as brokers and sellers were forced to offer more significant discounts and perks amid a flood of inventory for sale, according to Bloomberg.
Condo and co-op prices declined to $999,000 in the three months through December, a drop of 5.8% from a year earlier, appraiser Miller Samuel and brokerage Douglas Elliman said in a report Thursday. Many apartments were sold for less than sellers originally sought, with an average discount of 6.2% from the last list price. That is up from price cuts of 5.4% a year earlier.