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Despite a 4.5 percent drop in average sales price from the second to the third quarter of 2015, prices are still at 1.5 percent increase compared to the year-ago. Additionally, property is on the market for one week less than the previous quarter, representing the city’s inventory shortage and high demand.

In the second quarter of 2015, New York real estate prices generally saw a modest year-over-year increase, according to prior research from agency Town Residential.

In terms of pricing, the condominium market was healthy, with a smaller, 3.3 percent drop quarter-over-quarter, but a 7.4 percent rise year-over-year in average price. Median sales prices have had even larger increases with minimal change in price per square foot and days on market.

For co-ops, average prices have dropped somewhat noticeably, at just over 3 percent on the year and more than triple that compared to last quarter. But, price per square foot and a sharp drop in days on market indicate real estate is healthy.

Photo of 56 Leonard Street, NY, Courtesy Pinkwater Select