nyc BLOG estate

nyc BLOG estate

Fourth Quarter 2010 Manhattan Market Report

The Fourth Quarter Corcoran Report 2010  has been published is available to download  and is live on corcoran.com

2010 has been an encouraging year in Manhattan real estate, which experienced a 20% boost in sales transactions compared to full-year 2009, even with a 17% decrease in sales transactions in Fourth Quarter 2010 compared to the same quarter in 2009.

Following normal seasonality, market-wide Fourth Quarter sales were 11% lower than Third Quarter 2010. In Fourth Quarter 2010, mortgage rates remained at very attractive levels with the 30-year fixed-rate mortgage hitting a record low in November.

Pricing market-wide is stable. The Fourth Quarter median price for all market-wide transactions increased 3 percent from a year ago to $825,000, while average price per square foot remained even at $1,030. Pricing typically eases at the end of the year and 2010 was no exception; compared to Third Quarter 2010, median price declined 5% while average price per square foot remained unchanged, in large part to a higher percentage of smaller apartments having sold this quarter.

New development sales accounted for 19 percent of market-wide transactions this quarter, down slightly from Third Quarter 2010 but even with Fourth Quarter 2009. Prices of new development sales have clearly re-adjusted and were lower from both a year ago and the Third Quarter. However, a continued decline in and a limited outlook for new inventory is reducing options and intensifying competition among buyers who favor new developments.

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