NEW YORK CITY-The median sale price of all co-ops and condominiums in Manhattan shot up 5.9% at the end of the first quarter as compared to a year earlier.
The median price of all co-ops and condominiums at the end of the first quarter of this year stood at $820,555, according to a report issued today by appraiser Miller Samuel Inc. and real estate brokerage firm Douglas Elliman Real Estate.
Sales rose 6.3% in the first three months of this year to 2,457, while for-sale inventory plunged 34%, the most in more than 12 years of record keeping by Miller Samuel and Douglas Elliman.
Jonathan Miller, president of New York-based Miller Samuel, told Bloomberg News, “The defining characteristic of the housing market is a lack of supply, and that's why we're seeing upward pressure on prices.” See story on Bloomberg News.
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