Yesterday, the New York Times reported that the average housing price in Manhattan has reached an unprecedented high of $1.87 million in the second quarter of this year. The Times cited the strength of the local economy and a high demand for housing with limited availability as the driving forces behind these record-setting figures.
As the area has rallied from the effects of the global financial crisis, housing prices have risen in the city to historically high levels. As a result of the remarkably high housing prices, sales rates fell somewhat in this year’s second quarter. In the Times article, Diane Ramirez of Halstead Property found that reported closings fell 10 percent in the second quarter compared to the same time last year. With regard to these statistics, Ramirez expressed concern that the inability of residents to find affordable housing could worsen the lack of housing inventory that caused the prices to rise in the first place.
Other analysts are somewhat less concerned, noting that housing values in Manhattan have always operated at much higher levels than just about anywhere else in the country. Periods of high sales activity, such as the period we saw last year, are also typically followed by brief stalls in the market.
Here at Skyline Properties, we’re continuing to provide our clients with uncommon expediency and discretion by facilitating quiet deals before they hit the market. We’re able to leverage our industry expertise and extensive network of local real estate professionals in order to connect clients with highly desirable properties all over the city.
Stay tuned for more updates from Robert Khodadadian of Skyline Properties!