Manhattan Market Still Strong

Jul 08, 2008

Rising gas prices, falling stock prices, Wall Street layoffs, foreclosures.... Apparently, the Manhattan Real Estate market has not received the message. The average selling price of a Manhattan apartment surpassed $1 million for the first time.

Cautionary Note: inventory increased by more than 30% in the second quarter of 2008, versus the same period last year. Moreover, the number of sales dropped by more than 20%. Consequently, we may be seeing the market peak.

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