Luxury listings now account for a bigger share of available real estate in the Big Apple. A new third-quarter report from property portal StreetEasy found that nearly 20% of homes for sale in Manhattan and Brooklyn fall into the luxury tier. DNA Info New York reports on the analysis: It highlights "the extent to which luxury units have saturated the marketplace," StreetEasy data scientist Alan Lightfeldt said. Overall, the median sales price — which represents the middle of the market — for Manhattan rose 6 percent from last year to a record $982,958 and is expected to hit just under the $1 million mark this month, StreetEasy predicts. Brooklyn median prices jumped 9 percent over the past year to a record $545,139. The luxury market seems to be running on a slightly separate track though, with listings in the top echelon taking 45 days longer to sell in Manhattan than the typical listing and 18 days longer in Brooklyn — but that doesn't help most buyers. "With existing luxury listings lurking about for a longer period of time and more luxury product introduced by developers, there is a crowding-out effect at play," Lightfeldt said.
The report elevated the price requirement for listings to be considered luxury properties, from $3.35 million to $3.59 million in Manhattan and from $1.24 million to $1.39 million in Brooklyn. Read the full report[DNA Info New York]View full listing (pictured top)