Jul 3, 2012

Manhattan Market Report | Second Quarter 2012


thecorcoranreport2Q2012

 After a steady start to 2012, Manhattan’s residential sales experienced one of their most robust quarters in years. There were 3,650 market-wide sales during the Second Quarter 2012.

Aside from Second Quarter 2010, this was the highest quarterly sales figure since Second Quarter 2008. In a typical seasonal trend, market-wide sales were up 30% from last quarter. More importantly, sales were higher than a year ago and have more than doubled in number since First Quarter 2009, when they were at their lowest level.

Inventory continues its trend downward. Available listings market-wide totaled 8,060 units, a 12% decline from a year ago and 4% lower than last quarter. With limited new development properties available, condominium inventory is eroding at a steeper rate than co-op inventory; compared with a year ago, condo inventory declined 14% while co-op inventory declined 9%.

 
The overall effect of strong demand, limited inventory, low interest rates and unwavering enthusiasm for Manhattan as a global capital has led to elevated pricing and a sense of urgency in the market. As an example, two of the largest transactions in New York history were recorded this quarter – confident affirmations from those taking a long-term view of the Manhattan real estate market.


Each market segment and neighborhood has it's own nuances. If you're thinking about buying or selling a home, or would like to discuss the market or this report please contact me.


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