NEW YORK (CBSNewYork) – Manhattan real estate trends may be turning around.

One company’s numbers show median sale prices dropped below the $1 million threshold for the first time in three years.

So what does that mean? New York City Douglas Elliman CEO Steven James stopped by CBSN New York to explain.

“I think the drop below $1 million probably shocked a lot of people,” he told Alex Denis. “The drop is actually a good thing. It means that we are closer to, if you will, a bottoming out and heading back up, because as it goes down it goes back up.”

Denis asked Elliman whether it’s a buyer or seller’s market and what advice he might have for buyers and sellers.

He also spoke about the difference between co-ops and condos and the hottest neighborhoods to watch.

Finally, Elliman addressed the L train service changes affecting Williamsburg, Brooklyn and the Amazon headquarters impacting Long Island City, Queens.

Watch their full interview in the video above.