Strong demand at the upper end of the Manhattan housing market has created excitement in apartment sales, while overall sales volume is being tempered by sluggish sales of lower-priced apartments. Sales of condominiums and co-op apartments is down 11% compared to Q2 2010 and prices remain flat. Although sales in contract on apartments selling for more than $5 million is 38% ahead of Q2 2010, moneyed buyers see the Manhattan market as an investment opportunity and are sensitive to overpaying for a listing.

Source: The Wall Street Journal

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