If you've got an extra million in the bank, now's a good time to get a hot Manhattan apartment.
Steep price drops in residential real estate lowered the average Manhattan availability to $1.2 million, a decrease of about 25 percent from the same quarter a year ago, according to the New York Post.
The falling prices don't appear to be slowing anytime soon, as the prices reflect a 16 percent drop from prices in the first quarter of this year, the Post reported.
Sales prices aren't only lower in the luxury market. Those looking for smaller homes like studios and one-bedrooms can grab deals as well. Averages for a Manhattan studio ($405,000) and a one-bedroom ($650,000) have fallen by about 7 or 8 percent, according to the paper.
"More than half of all sales were under $800,000," economist Greg Heym told the Post. "You're still seeing strong activity in the lower end of the market because interest rates are low."
More than 60 percent of all apartments sold in the last quarter were priced below $1 million, the Post reported.
The most expensive apartment in the city -- a 5-bedroom, 8,300-square foot penthouse at Time Warner Center -- recently sold for $37.5 million. Sounds like a nice payday, but its owner first asked for $65 million.