After a slower first quarter, one which saw prices level off, the second quarter saw a total 180◦, setting a historic, record high for the average sales price for Manhattan apartments, now at a whopping $1.87 million. While there are a number of different key themes from the past 90 days, the overarching one is, quite simply, the obvious lack of inventory on the market. Those subthemes, however, include:
- # 1: Stalled Inventory Growth – The consistent lack of inventory, despite last quarter’s slight uptick, is what produced these record-setting, headline-making prices this past quarter. The lack of inventory and strong demand makes it a total seller’s market and as long as that demand remains, whether it’s coming from foreign or domestic buyers, those prices will continue to remain high.