Oct 3, 2012

Manhattan Market Report | Third Quarter 2012


Sales activity reached a four-year high in Third Quarter 2012, making it the strongest quarter since Second Quarter 2008, before the financial crisis began. Sales rose 3% from a robust Second Quarter 2012 and significantly increased by 17% compared to Third Quarter 2011.

 Consumer confidence is clear with a 125% increase in sales since the market’s lowest point in the First Quarter of 2009. Manhattan’s reputation has solidified as a safe haven for investment amidst global economic uncertainty. Low mortgage rates, combined with record high rental rates are both contributing to buyer and investor interest.


Market-wide inventory is at its lowest point in over seven years, with 7,041 available listings. Strong demand diminished supply faster than it could be replenished through resale turnover and new development. As a result, inventory declined 11% from Second Quarter 2012 and 22% from Third Quarter 2011. Co-op and condo inventory are declining at similar rates, each down over 20% from last year.


The combination of strong demand and depleted inventory is pushing prices higher. Resale co- op overall median price is down year-over-year as more small residences traded this quarter, but each individual bedroom category increased. Resale condo median price increased 1% versus last year, and, most impressively, new development median price increased 18%.




The market-wide median price at $850,000 — unchanged from the second quarter of 2012, or the third quarter of 2011.

Download complete report:  

http://www.corcoran.com/thecorcoranreport/CorcoranReportQ32012.pdf

If you have questions regarding your specific needs, I'm happy to help you with expert market knowledge and exceptional service.


 
   Reactions:

comments

0 Responses to " Manhattan Market Report | Third Quarter 2012 "

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