- Market activity in the First Quarter was higher than at any time since 2007; signed contracts were up 24%.
- Inventory continues to decline and is extraordinarily low. The number of listings has decreased 50% since the peak in 2009. With the exception of new development sales, prices were essentially unchanged from a year ago.
- Prices did come down somewhat from the Fourth Quarter of 2012, thanks to accelerated activity in that quarter at the high-end from buyers looking to beat the clock on changes in tax law introduced in 2013.
Apr 2, 2013
New developments are a large driver of this surge in contract activity. For example 56 Leonard Street,
the luxury new development tower in TriBeCa, is already 50% sold with over $450 million in signed
contracts since its sales center opened in February. Demand for new development property is so strong
that buyers are once again purchasing homes based on floor plans.
Resale co-ops grew to represent 60% of closings this quarter and this shift in property type also affected market wide prices. Strong demand for new product drove a 37% year-over-year increase in new development median price and a 6% increase in average price per square foot. Resale condos also held their value with average price per square foot up 1% from last year and median price up 12%. The median price for resale co-ops fell 2% from last year, while average price per square foot increased 2%.
For complete Corcoran First Quarter 2013 Report including neighborhood reports.
Continued steady demand is anticipated from local, national and international sources, putting 2013 on pace for a strong Spring selling season. If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service