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%.