Manhattan Market Report: Third Quarter 2011

The prices are boring, but the volume is exciting - 3,750 sales marketwide

This report uses market-wide data based on transactions that closed in the Third Quarter 2011 (July 1 through September 30) and compares it to closings that took place last quarter and during the same quarter one year ago. Closings typically occur eight to twelve weeks after a contract is signed; for that reason, the sales activity charted here trails actual market conditions.

  
Pricing market-wide continued to grow at a steady rate. While median price declined 2% from a year ago, average price per square foot grew 3% to $1,061. Compared to Second Quarter 2011, median price, at $854,750, grew 2% while average price per square foot rose slightly by 1%. Both resale and new development market pricing was higher over last quarter and last year. Despite diminishing inventory, the new development sector continues to attract significant demand. New development transactions accounted for 21% market-share this quarter, higher than Third Quarter 2010 when they accounted for 19%.

West Side Resales and New Developments, Click map for more Neighborhoods

Coops and Condos

Both resale and new development market pricing was higher over last quarter and last year. Despite diminishing inventory, the new development sector continues to attract significant demand. New development transactions accounted for 21% market-share this quarter, higher than Third Quarter 2010 when they accounted for 19%. Closings in new developments are comprised of a steady stream of sales in properties opened prior to the downturn as well as a wave of sales in newly completed buildings which opened in the past year. 

Manhattan Absorption

Luxury Market

Townhouses - Lofts

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Manhattan Market Report - 3rd Quarter 2011
Manhattan Market Reports