It's A Sellers Market For Manhattan Real Estate

It's a sellers market in Manhattan judging by the latest Douglas Elliman report.

"Manhattan housing prices continued to press higher, driven by low inventory and seven consecutive quarters of year-over-year sales growth," according to the latest report.

The luxury market had the most price gains, while homebuyers looking for affordability also helped drive the co-op market. "Much of the gain came from the co-op market, which comprised 59.5% of sales and a 9% rise in median sales price," according to the report.

Median sales price in Manhattan was down 6.4% on the month but up 5.2% year-over-year in the second quarter to $910,000. The average sales price and average price per square foot were up 17.9% YoY and 10.4% YoY respectively, according the report.

What's more, homes spent a lot less time on the market and sold at or above the asking price.

Homes spent 96 days on the market, down from 115 days in Q1 2014, and 178 days a year ago.

"The number of sales that closed at or above the list price at time of contract rose to 45.9%, the highest level reached since 51.6% in the third quarter of 2008," according to the report.

The good news is inventory picked up as supply picked up faster than sales. Inventory was up 18% on the year to 5,659, with the biggest gains coming from the condo market.