…Listings for nonluxury apartments, encompassing about 90 percent of the Manhattan market, have fallen by more than 36 percent year-over-year in each of the last three quarters, the biggest declines in 12 years of recordkeeping, according to data from New York appraiser Miller Samuel Inc….
…“For the bulk of the market, the 90 percent, it’s probably the most challenging period for a buyer in the 25-plus years that I’ve been observing the market,” Jonathan Miller, president of Miller Samuel, said in an interview.
In the second quarter, 3,638 units priced at less than $3 million were listed for sale, the smallest nonluxury inventory in nine years, according to Miller….
…In Manhattan, where the median price for a two-bedroom apartment is $1.35 million and a three-bedroom unit costs $2.63 million, the nonluxury category encompasses many first-time and move-up buyers, Miller said….
…Listings for the whole market, from studios to four bedrooms, are falling, Miller said….
…The average price of a nonluxury Manhattan apartment climbed 7.8 percent in the second quarter from a year earlier to $1 million, according to Miller Samuel….
…“Relatively speaking, it’s gotten more expensive to buy a nonluxury property,” Miller said.
The pool of available homes at the lower end of the market is shrinking as owners who bought during the boom and then saw values plummet wait to list their properties until their equity climbs high enough to justify a sale, according to Miller….
