Jul 2, 2013

Manhattan Market Report | Second Quarter 2013


I am pleased to announce the release of the Second Quarter Corcoran Report for Manhattan. 

The report’s key findings:
  •  Market activity continues at six-year high.  More closings and signed contracts took place than in any other quarter since 2007.
  • Inventory continues to decline.  There have been nine consecutive quarters of diminishing inventory – a 52% drop since the Q1 09 peak.
  •  Prices increased by 5% (ppsf) over a year ago, thanks largely to increasing value in the condominium market.
Manhattan sales flourished this quarter with 3,860 recorded closings, the second highest number of sales since Second Quarter 2007. Market-wide closings increased 48% above First Quarter 2013 and rose 4% above Second Quarter 2012. The number of contracts signed in Second Quarter 2013 was even stronger and reached 4,450 signed contracts - the highest in a single quarter since 2007.

Strong local, national and international demand is currently directed toward a far depleted supply. Prices responded to the strong demand, limited supply, low interest rates (now rising but still low) and continued confidence in New York as a safe and thriving market.

 

For property owners thinking of selling, there has never been a better or more advantageous time since before the financial collapse of 2008. For buyers looking to act in this market, swift and aggressive action is called for. Whichever you may be, I invite you to contact me with your questions about the Corcoran Report and on the market in general.



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