NEW YORK (1010 WINS) -- If you haven't been paying attention to local real estate, the Douglass Elliman Company reports that the median price for an apartment in Manhattan has been falling.
RELATED: Report describes Dubai real estate as money-laundering haven | Councilman Ritchie Torres Announces New Investigation Into Kushner Real Estate Company | Trump's ex-lawyer admits lies about Russian real estate deal
In the last quarter it dipped below the $1 million mark -- just barely -- at $999,000. Prices haven't been that low since 2015.
A report from another real estate firm Brown Harris Stevens also noted a decline, but said it's not as steep. The Brown Harris report puts the median apartment price at $1,050,000.
Douglas Elliman appraiser Jonathan Miller said 2018 was a reset and the market it moving towards more normal conditions.
"The New York metro area was one of the first to really see a downshift," he said.
He said sales of Manhattan apartments declined more than 3 percent last quarter, compared to the same period a year before. The number of listings has increased by more than 12 percent.
