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Bloomberg
The price of Manhattan resale homes hit a record in the third quarter, but sellers shouldn’t get too bullish. It took some discounting to get there.
Owners pared an average of 6.8 percent off their asking prices in the quarter—the second-most since 2010—and the adjustments spurred a flurry of sales at all price levels, pushing the resale median up to $995,000, according to a report by Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That was the highest level since the firms started tracking the data in 2003. “Whenever the market feels and looks and smells healthy, sellers get intoxicated by that, and, as an agent, you want to say, ‘Please don’t drink too much here,’†Steven James, CEO of Douglas Elliman’s New York City division, said.