Manhattan Market Report | Fourth Quarter 2012

Fourth Quarter Corcoran Report, the quarterly survey of residential real estate sales in Manhattan compares data based on deals that closed in 4Q 2012 (October 1 through December 31) with those closed in the prior quarter and in the same quarter one year ago.

  

For those who still harbored doubts about the recovery of Manhattan’s residential real estate market in the wake of the economic downturn several years ago, 2012 was the year that finally put those fears to rest.  

Available inventory in the Fourth Quarter logged its seventh consecutive quarter of year-over-year decrease, reaching its lowest point in seven years.  With such limited choices available to them, prices have continued to rise: median price is now $827,000 (up 8% versus Q4 2011) and price per square foot is $1076 (up 3% versus Q4 2011). 

 

As we enter 2013, these trends represent unique challenges for both sellers and buyers, the kinds of issues that benefit from the sound expertise of an experienced real estate broker.  I will be monitoring the market closely as 2013 unfolds, and would welcome the opportunity to answer any questions you may have.

Download full 4th Quarter Manhattan Market Corcoran Report