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Second Quarter Reports: Market Increased Steadily, Until it Didn't

Prudential's market reports have arrived—and here's what they have to say for themselves. As you guessed, things are doing much better than they were this time last year: The median sale price is up 16.9% to $900,000, the number of sales is up 107.4% to 479 units, and listing discounts are down from 16.2% to a mere 6%. But beneath the shiny veneer rests some troubling news: Compared to the last quarter, our favorite statistical metrics aren't looking as great. The average sale price, for example, dropped a marked 13.4% from ~$1.75 million to ~$1.5 million, with the median sale price showing a similar, albeit less significant drop. That said, the number of sales since last quarter has thankfully still shown improvement, jumping up 21%.

Even our beloved luxury market showed a downward trend from the last quarter. The average sale price dropped 22% from ~$6.9 million to ~$5.4 million, with the median sale price dropping 25% to about $4 million. With prices at a discount, the number of sales showed steady improvement from 49 units to 58 units. Either way, the luxury market is much better off than it was this time last year. The average sale price, for example, increased by about $500,000.
· Market Reports [Prudential Elliman]