Oct 3, 2013

Manhattan Market Report | Third Quarter 2013


Third Quarter 2013 Corcoran Manhattan Market Report

Third Quarter 2013 recorded sales reached 4,164 closings, their highest level since the market
downturn five years ago. Strong local and international consumer confidence in the New York
market and extreme pent-up demand drove this quarter’s performance. 
Sales increased 5% from Third Quarter 2012 and were stable from Second Quarter 2013. Historically low interest rates and a continued influx of all-cash buyers contributed to the highly competitive market this quarter.

The high number of sales is even more impressive considering Manhattan’s chronically low supply of homes for sale. Manhattan has experienced year-over-year inventory declines for ten consecutive quarters. Despite depressed inventory levels, buyer activity has been intense; the last time there were more closings in a single quarter (Second Quarter 2008) listed inventory was 73% higher.

Market wide average price per square foot reached its highest point since 2008, increasing 11% from Third Quarter 2012 and 5% from Second Quarter 2013. Resale co-op, resale condo and new development average price per square foot all increased by double-digits compared to Third Quarter 2012. 

Market wide median price increased by 7% from Third Quarter 2012 and 3% from Second Quarter 2013. The new development market only represented 10% of closings which makes this quarter’s price gains all the more impressive.

Resale condo and co-op median price both reached their highest point ever this quarter.




Comnplete Third Quarter 2013 Corcoran Manhattan Market Report

If you have any questions regarding this report, the Manhattan market or your future and specific needs, please contact me for expert market knowledge and exceptional service.
 

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