Is the party over? The real estate market reports for the second quarter of 2015 are in. The median sales price declined 6.5% to $849,000, compared to the same quarter last year. The number of sales fell 15.7% to 590. The average sales price declined 10.4% to $1,577,944. Inventory eased, increasing 3.5% over the same quarter last year. There were 590 sales in the second quarter, 15.7% fewer sales than in 2014Q2 and the least sales activity seen in a second quarter in three years.
The luxury market (the top 10%, which in this case are properties priced at $3,325,000 and above) showed better results. The luxury median sales price increased slightly, 1.8%, to $5,293,000, while the luxury average sales price rose 6.6% to $6,775,823, compared year over year.
We don't think the party is over—all other economic indicators are good. The market is just taking a break from its torrid pace.
· Elliman Market Reports [PDF]