NEW YORK CITY–With the average sale price for all co-ops and condominiums in Manhattan at $2,002,835 and median sale price at $1,170,000, residential real estate still shines as a strong investment in the third quarter of 2017. Residential property was on the market for an average of 101 days, with 3,369 sales closings. The median sales prices for apartments according to size were studios: $475,000; 1-bedrooms: $849,000; 2-bedrooms: $1,730,000; 3-bedrooms: $3,258,000; 4+-bedrooms: $7,056,036.

Douglas Elliman, the New York Metropolitan area's largest brokerage, and the fourth largest real estate company in the country today released its Third Quarter 2017 Manhattan Sales Market Report. The numbers show an active market with the number of sales significantly increasing, up 6.9 percent when compared to the previous quarter, and up 13 percent when compared to the third quarter of last year.

Steven James, CEO of New York City, Douglas Elliman, says re-inventory sales simply cannot keep up with the demand. “Inventory has now fallen for two consecutive quarters after rising for 12 quarters. While this elevated activity is not spurring runaway price growth, prices in re-sales are definitely trading up.”