Real Estate

Resale market’s day in the sun? Listings spike 25 percent in Q2: Elliman

therealdeal.comCould it finally be the resale market’s turn in the sun?

Amid the softening high-end condo market, Manhattan’s resale inventory spiked 25 percent and prices stabilized during the second quarter, according to the latest quarterly sales report from Douglas Elliman.

In new development, the narrative of the last three quarters “has been ‘record, record, record’ because there was a huge flow of contract-to-closings,” said Jonathan Miller, president of real estate appraisal firm Miller Samuel and author of the Elliman report. “Yet that represents the market from 12 to 18 months ago, so record prices represent the market of more than a year ago, skewed to the high-end.”

Categories: Real Estate

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