New York Is A Seller's Market, Says Residential Pro

If you own a co-op or condo in the Apple, maybe now’s the time to make it work for you. According to statistics newly released by Douglas Elliman, it’s a seller’s market, with average prices of a Manhattan apartment leaping by 42% in the second quarter over the same period last year.

The price tags are a new record, the report says, with average sales prices now hovering at $668,105 for a co-op and $1.04 million for a condo Overall, cooperative and condo going rates are rising by 31% and 53% respectively.

“It’s still a seller’s market,” says Elliman COO and managing director Paul Purcell. “In fact, average sales prices have accelerated at increases not seen in the past 10 years.

“Because of the strong demand,” he continues, “the average discount from list price is minimal, holding at just 1.7%.”