The Spring Season Is Looking Up For Manhattan Real Estate

A new report from Elliman says that sales in the Manhattan real estate market have slipped slightly since the last quarter.

The median sales price for the first quarter of 2012 was $775,000, slightly lower than what it was at the same time last year, $782,071, according to the report.

But that's no reason to fret: a new release from Brown Harris Stevens finds that the average Manhattan apartment sale price?of $1,483,591 was up 9 percent from the same period in 2011.

Brown Harris Stevens says that that increase was bolstered by a 42 percent incline in the number of sales over $10 million.

That jibes with what Hall F. Willkie, the president of Brown Harris Stevens,?told Vivian S. Toy in a New York Times article: The sale of an $88 million penthouse at 15 Central Park West, he said,?"provided an emotional lift across the board."

Toy writes that brokers are optimistic about the spring sales season.

Here's a chart from the Elliman report:

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