The new trend has been more obvious in the last 3 months compared to the past 3 years put together as confirmed by experts. This is partly caused by the way the luxury market was carried away in the beginning of 2015, thereby deceiving people into undue expectations in pricing. As evidence, about 1,050 available listings within Manhattan reduced their prices towards the end of 2015. This gives about 20% of 5,100 luxury properties in the market. There are several lists that show the evidence of this drastic change.
Experts have confirmed New York City market to still be strong despite the price drop, as the bulk of it experiences robust sales from healthy competition. Other encouraging news includes closing prices that are record breaking. The general problem has been attributed to overpricing and undue competitions from sellers who are expecting too much from buyers. Also, other attractive luxury properties have just been introduced to the market, making buyers to be more careful in selection.
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