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.
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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