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Elliman Report: Manhattan Sales 3Q 2017

The Manhattan housing market was characterized by elevated sales activity, sliding inventory and record pricing associated with segments that have not enjoyed significant new development activity. Median sales price increased 9.3% to $1,170,000 while average sales price slid 1.3% to $2,002,835 from the year ago record, respectively, over the same period. The difference in direction is a reflection of the decline of the “legacy contract” pipeline, defined as contracts signed several years ago that closed when construction of the building was completed…

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