Douglas Elliman's 2023 Q2 Market Report reveals stabilization in Manhattan's co-op and condo market, with median sales prices the third-highest on record. Cash buyers now represent two-thirds of all closings due to fewer mortgage transactions. Co-op median sales prices have declined for three consecutive quarters, while condo resale prices have increased, driven by larger average sizes. The luxury market is experiencing rising median sales prices and reduced listing inventory, resulting in the third-highest luxury bidding war share on record. See report here.
