Jul 1, 2010

Manhattan 2nd Quarter Corcoran Report Released


The Second Quarter Corcoran Report has been released. The report is a quarterly examination of Manhattan's residential real estate market.

The report utilizes market wide data based on deals that closed in the Second Quarter 2010 (April 1 through June 30) and compares it to closings that took place last quarter and during the same quarter one year ago.

Closings usually occur eight to twelve weeks after a contract is signed (in new development, the wait can be as long as two years); for that reason, the sales activity charted here trails actual market conditions.

The Second Quarter is typically the strongest sales period of the year. The Second Quarter 2010 brought a flurry of buyers back to the residential real estate market in Manhattan.

Approximately forty-seven percent more transactions occurred during Second Quarter 2010 than in the same quarter one year ago, making this the strongest quarter since before the market’s downturn in September 2008.

A variety of factors encouraged buyers this quarter: stabilized prices, lower inventory levels, interest rates at historic lows, increased consumer confidence, a strong lending environment with greater availability of jumbo loan financing, and the completion of many new developments.

Pricing this quarter showed further signs of stability. Market wide, the median price of all Second Quarter 2010 sales was $810,000 with an average of $1,040 per square foot. Overall, these metrics remained at levels nearly equivalent to the Second Quarter 2009 and the First Quarter 2010.

The the role of the first-time home buyer tax credit has been marginal to Manhattan sales, and that the strength of our market is attributable to other factors. New development regained some market share this quarter and accounted for twenty percent of all sales.

download the complete 2nd Quarter Corcoran Report

 
   Reactions:

comments

1 Response to " Manhattan 2nd Quarter Corcoran Report Released "
  1. billy said...
    July 12, 2010

    I just found this great website for no fee apartments called www.SkipBrokers.com No fee apartments....

Post a Comment

All related comments are welcome. Spam will be deleted.

 
HOME

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

© Copyright 2006 -2014 © nycBLOGestate.com © BlogEstate.nyc Al l Rights Reserved