Jan 6, 2015

Manhattan Market Report | Fourth Quarter 2014


Manhattan Residential Real Estate Market Report | Fourth Quarter 2014

This report uses market-wide data based on transactions that closed in the Fourth Quarter 2014 (October 1 through December 31st) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight to twelve weeks after a contract is signed in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions. 


Key findings of the current report:

·         Inventory challenges.  Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product.  The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.
·         Contract signings are up.  Signed contracts rose 3% versus last year.  A lack of affordable inventory sent buyers to the co-op market.  Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.
·         High-end sales helped value reach new peak.  Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.
















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