Third Quarter 2013 recorded sales reached 4,164 closings, their highest level since the market
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.
Comnplete Third Quarter 2013 Corcoran Manhattan Market Report