Showing posts with label Manhattan Market Report Second Quarter 2014. Show all posts
Showing posts with label Manhattan Market Report Second Quarter 2014. Show all posts

Jul 1, 2014

Manhattan Market Report | Second Quarter 2014

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 Manhattan Market Report | Second Quarter 2014
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      Overall, the market-wide cost for Manhattan’s homes increased 20% in average sale price, 6% in median sale price, and 15% in average price per square foot versus Second Quarter 2013. The average price per square foot reached $1,286 this quarter, a new peak. 



Highlights of Manhattan Second Quarter 2014 Market Report:

·         Inventory Starting to Turn Around.  Although the number of properties listed for sale remains low (52% below the peak in Q1 2009), inventory rose for the second quarter in a row.

·         Limited Supply Buoys Prices.  inventory was up, but its overall continued depressed level maintained competitive conditions among those in the market to purchase.

·         Slower Activity in Bread-and-Butter Sales.  In Manhattan, one- and two-bedroom units are the primary drivers of residential sales activity, but they are occurring with decreasing frequency.  (see Sales by Price Category, p. 6.)  

·         Luxury Sales Grow Disproportionate.  Activity at the high end continued to be robust, and grew as an overall percentage of the market.  Properties above $3M now account for 12% of sales (up 3% from a year ago), and 26% of available inventory (up 4%).

·         Price Per Square Foot Sets New Record.  The focus on high-end sales drove the average price per square foot for Manhattan real estate up to $1,286.


The Second Quarter described signs of buyer fatigue and caution, particularly amongst prospective buyers of small units.  With prices at their peak, there is less incentive to become a first-time buyer, or to trade up from a starter home. 

Sellers act now and price it right. 

Each market segment and neighborhood has it's own nuances. If you're thinking about buying or selling a home, or would like to discuss the market or this report please contact me.
 

For the complete Corcoran Manhattan Second Quarter Report including neighborhood reports.














 
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