The real estate market reports for the third quarter of 2015 are in. The median sales price climbed 9.8% to $950,000, compared to the same quarter last year. The average sales price declined 1.7% to $1,735,700. Inventory was basically unchanged over the same quarter last year. There were 507 sales in the third quarter, 20% fewer sales than in 2014Q3, but still above the ten-year average of 457.
The luxury market (the top 10%) was weak, probably because of declining global markets during the quarter. The luxury median sales price slid 18% to $5,325,000, while the luxury average sales price slipped 15.1% to $7,183,200, compared year over year.
· Elliman Market Reports [PDF]