The report also provides sale data separating condominiums from co-ops. Co-ops had an average sale price of $1,427,544 and median sales price of $850,000, and an average price of $1,335 per square foot. Co-ops were on the market for an average of 69 days. Miller notes the median sales price for co-ops set a 28-year high.

However, the average sales price across all markets fell 8.5 percent from last quarter and dipped 1.3 percent from the same time period last year. “This is likely due to the decline in legacy contracts, which I identify as sales that were signed a few years ago, but due to construction, are just closing now as buildings are completed. This pipeline was skewed much higher in price, and as it is starting to dissipate, we see the market coming back to a more stable level,” says Miller.

Condominiums showed a median sales price increase of 6.3 percent to $1,700,000, up from $1,600,000 from a year ago but a drop from $1,875,000 from the second quarter. Condominiums had an average sales price of $2,725,706 and average price of $2020 per square foot. They were on the market an average of 136 days.

The Third Quarter 2017 report now includes Northern Manhattan, defined as the area north of West 116^th Street, Central Park, and East 96^th Street. Miller Samuel Inc. also prepared a separate third quarter sales report for this area, breaking down the co-op and condominium sales prices for Harlem, East Harlem, Washington Heights, Fort George and Inwood.

In Northern Manhattan, the average condominium and co-op sales price was $755,753 down 2.9 percent from the second quarter average price sale of $778,657 but up 13.9% from the third quarter 2016 average price of $663,721. The median sale price was $599,000 and the average price per square foot was $870. Homes in this area were on the market for an average of 88 days.

The report noted “buyers seeking affordability flock to market as apartment sales continue to overpower inventory,” with the decline in apartment inventory.

By comparison nationwide, Realtor.com lists the median home price from Aug. 2017 at $275,000 with a listing time of 66 days on the market. Similarly, Zillow.com lists as of Aug. 31, 2017, the median US home value at $201,900 and $139 per square foot. Zillow reports the median price of homes for sale is $254,900, and median rental price at $1,600. The National Association of Realtors plans to releases its third quarter Metro Home Prices statistical report on November 2.