patrick.net

Manhattan apartment sales hit a six-year low last quarter and the average transaction price fell to its mark in nearly a decade.

Brokers and market trackers attribute the fall-off to prospective buyers collectively holding their breath after the federal tax reform roll-out at the end of last year. ...

Bond’s report noted a 20 percent year-over-year decrease in contract activity during the first quarter and a nearly 8 percent dip in average price. ...

Meanwhile, Douglas Elliman saw its year-over-year sales decline by 24.6 percent, Halstead’s closings were down 30 percent and Corcoran moved 314 fewer properties, an 11 percent decline. Industry executives credit this to buyers being unwilling or unable to meet high asking prices and sellers are unwilling to drop them.