January - February Manhatan Market Snapshot

According to market data from Corcoran Group real estate, condominium unit sales closed increased 9 percent month-over-month, according to Corcoran's monthly market snapshot, while co-op sales went up 23 percent during that same time period.

While co-op sales prices were able to hold steady with an approximately 5 percent increase between January and February, condo prices were 4 percent lower in February 2010 than they were in the previous month.

Manhattan listed available inventory is 32% below its peak during March 2009, and now totals almost 8,400 units. Available inventory increased 6% from December 2009.

From December 2008 to January 2010 the median price of all properties (condos and coops) increased 17% from $700,000 to $820,000. Since September 2009, median prices per square foot has increased 34% from $800 to $1,071.

Median price per square foot is now at the same level it was two years ago. The rebound in prices is partly due to increasing sales of large luxury and new developments.