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Market Update Monday: 2015 Sales are “Over Ask”

Uncategorized // May 18, 2015

manhattan-sales-chart

The first quarter of 2015 saw an increasing number of apartments selling over the asking price in Manhattan with a total of 24% above their list price. Based on the total number of sales in 2015 filed with ACRIS, 12% sold at full ask.

Deals over ask went as high as 20%+ over the initial price – in neighborhoods ranging from the Upper East Side to the West Village. At what point will price resistance curtail this market trend or will this multiple bid environment have staying power through the fall and into holiday season?

Inventory is tight and demand remains high. For now we’ll have to wait and see, but in the meantime sellers should remember to price properly to attain the highest number of interested buyers and therefore the best price.

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