Manhattan median prices down 25-30% - Streeteasy

The median asking price is a weird statistic for measuring market performance… even more so when restricted to the neighborhoods showing the worst movement. The bears have had it right for nearly 20 years, but the price story has been “sideways” not “down” when you look at same home resales stats.

@inonada Sideways relative to inflation or ex inflation?

Sideways in nominal terms for the past 5 years & 10 years, so underperforming inflation by ~23% and ~36%, respectively.

Up 20% in nominal terms over the past 15 years, 29% over the past 20%. But underperforming inflation by ~23% and ~29%. I imagine even the nominal gains here over ~20 years were to a material degree used up by renovations.

We're experiencing a very segmented market, especially in Manhattan. After many months we recently put two of our listings into contract one on West 28th Street, one on East 23rd Street. Overall, it feels like a very slow start to spring. Currently have five listings in contract. Brooklyn has been very frustrating for our brownstone buyers, If not all cash, it's almost impossible to get a deal done. Multiple bids on every home that's coming to market in prime brownstone Brooklyn. Also a relatively strong market for most other properties in prime brownstone Brooklyn.

https://www.theburkhardtgroup.com/transactions

http://olshan.com/marketreport.php