Jan 7, 2014

Manhattan Market Report | Fourth Quarter 2013

The key takeaways from this quarter’s report:
  •         Low inventory: available residences in Manhattan decreased in number for the twelfth straight quarter (three years).
  •         Demand is aggressive and on the rise: more contracts are being executed now than at the same time a year ago, a trend that has been ongoing for eight quarters (two years).
  •          Short supply and high demand meant higher prices: the price per square foot in Manhattan reached $1197, a five-year high (just 5% off the all-time high of $1261 in Q2 08)
  •        New development sales are pumping up luxury sales and resulting in dramatic price gains at the high end.
      The Manhattan market remained very strong during the Fourth Quarter 2013. Closed sales increased 1% year-over-year, exceeding 4,000 transaction sides for the third consecutive quarter. Additionally, signed contracts were up 10% versus the same quarter last year. Fourth Quarter 2013 was the eighth consecutive quarter with double-digit year-over-year gains in signed contracts. The sustained release of pent-up demand continued to drive this quarter’s sales performance. Fourth Quarter 2013 sales performance is even more remarkable considering the current low inventory level.

      This was the twelfth quarter of year-over-year listing decline. Condo inventory declined 3% and co-op inventory declined by 8% compared to Fourth Quarter 2012. Inventory is currently 54% lower than its peak of 12,336 listings in the First Quarter of 2009.

     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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