Apr
02

First Quarter 2010 Manhattan Co-op/Condo Residential Sales Market Report

By

Today we are released first quarter sales  for the Manhattan residential market.  Manhattan Market Overview Q1 2010 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • There were approximately twice the number of sales in the first quarter of 2010 as the same period a year ago. The number of sales jumped 99.5% to 2,384 sales in the first quarter from 1,195 sales in the same period a year ago, but saw a 3.6% decline from 2,473 sales in the prior quarter.
  • There were 8,027 listings at the end of the first quarter, 23.1% below the 10,445 listings in the same period last year, but 17.2% higher than the prior quarter total of 6,851. This excludes an estimated 6,500 units of new development “shadow inventory”. Listing inventory levels are slightly above the 7,117 average level for the decade.
  • The median sales price of a Manhattan apartment was $868,000, 11% below the
  • $975,000 median sales price of the prior year quarter, but 7.2% above the $810,000 median sales price of the prior quarter. This price indicator has shown stability since the second quarter of 2009.
  • The average days on market—the number of days from the last list price change, if any, to the contract date—fell to 124 days from 170 days in the prior year quarter as properly-priced listings “moved to the head of the line” before a growing amount of over-priced inventory.
  • Listing discount contracted sharply as sellers were becoming more in sync with market conditions. The listing discount fell to 5.4% from 12.4% in the prior year quarter and from 12.8% in the prior quarter.

Categories : Market Reports

Comments are closed.