Apr 1, 2011

Manhattan Market Report - 1st Quarter 2011


 
Corcoran Manhattan Market Report Q12011


The Manhattan market had a solid performance during First Quarter 2011. The number of sales was improved both versus last year (up 6%) and last quarter (up 7%).

Prices continued their steady course. Market-wide for all apartments the average price was up 2%, median price was down 2% and average price per square foot was down 1% versus First Quarter 2010, all negligible changes. Listed inventory is virtually unchanged from First Quarter 2010 at approximately 9,000 units available for sale.

However, nuances in supply and demand are having different effects between various neighborhoods, product types and market segments. For example, resale condominium median price is up 11% versus a year ago and average price per square foot is up 5%.

But new development median price is down 5% and average price per square foot is down 6%. Why the difference? The supply of new developments is decreasing, as the lack of construction financing for developers means there are very few new properties coming online now.

This is particularly true at the high-end of the market, where most luxury new developments are completely or nearly sold out. As a result, the new development sales that do occur are in lower-priced properties, bringing the average down. Demand for condominiums is therefore shifting to the resale market, driving prices there higher.






 (Download complete Corcoran Manhattan Report)


 
   Reactions:

comments

3 Responses to " Manhattan Market Report - 1st Quarter 2011 "
  1. San Antonio Storage said...
    April 06, 2011

    The NY real estate market is rising abruptly, the response is amazing. Thanks to the new ideas to the new developments. All sold out.

  2. Reno Real Estate Blog said...
    April 09, 2011

    Mitchell,

    Nice report from the Corcoran group..=) we're seeing the same trend over here in Reno/Lake tahoe upper end market where sales went up 7% vs a year ago but prices seem to go up just a tad bit lower in % than sales.

    Thanks for the excellent report..=)

    -Joe

  3. ajlounyinjurylaw said...
    April 11, 2011

    Interesting information, I had wondered how the market was.

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