Apr 3, 2012

Manhattan Market Report | First Quarter 2012


Manhattan Market Report | First Quarter 2012

With 2,700 sales, Manhattan transaction activity remained steady during First Quarter 2012. This sales level was even with First Quarter 2011 but slightly higher than Fourth Quarter 2011.

Closings were 60% higher this quarter compared to First Quarter 2009. Demand is outpacing supply as inventory continues to fall. Total market-wide listings declined 9% versus a year ago to 8,367. Availability typically rises at the beginning of each year; this year listings increased 7% versus Fourth Quarter 2011, a more substantial increase from the same period one year prior. On the new development front, limited new product introduction is the leading cause of supply constraints.

As a result of steady demand and diminishing inventory, prices are being pushed higher as prospective buyers are forced to enter the resale market. For these reasons, market-wide median price, at $809,000, increased 1% from a year ago and 6% from last quarter. Average price per square foot, at $1,065, increased 4% from a year ago and 2% from last quarter. Condo price per square foot was at its highest since First Quarter 2009.

The very high end of the market continues to record eight figure transactions with records set in First Quarter 2012. Strong demand for super luxury properties only solidifies this city’s position as one of the world’s top real estate markets with broad appeal to home buyers from around the globe.





Download complete report including specific neighborhood reports

comments

1 Response to "Manhattan Market Report | First Quarter 2012"
  1. Commercial Real Estate San Diego said...
    April 07, 2012

    On the new development front, limited new product introduction is the leading cause of supply constraints.

Post a Comment

All related comments are welcome. Spam will be deleted.

 
HOME

Web Analytics

Clicky

This site and its feeds are owned and operated by Mitchell Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

Copyright 2006 -2013 nyc BLOG estate All Rights Reserved