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Condos taking control of Manhattan market share, report says

07/11/2016

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The Manhattan real estate market kicked off the year with a strong foot forward, according to Compass’ recently released Q2 2016 Manhattan Market Report. Inventory and prices increased annually over last year by the end of the second quarter of 2016, and nearly all major markets and neigborhoods are progessing in the same direction, the report says. In the second quarter of 2016, Manhattan’s median closing price was the highest reported on record, at $1.195 million. For the second quarter of the year, months of supply is rising and inventory has also increased. Overall, inventory grew 2 percent over the same time period last year. Sales volume also increased year-over-year in the second quarter of 2016,  from $31.05 billion to $33.03 billion. The biggest increases were report…

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