Jul
01

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

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Today we are released Second Quarter sales  report for the Manhattan residential market.  Manhattan Market Overview Q2 2010 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • The number of sales continued to rise. There were 2,756 sales in the second quarter, up 79.9% from 1,532 sales in the prior year quarter and up 15.6% from 2,384 sales in the prior quarter.
  • The number of sales was the highest in 2 years and higher than the 2,411 quarterly average of the past decade.
  • Available listing inventory continued to decline. There were 8,157 listings in the second quarter, 13% below the 9,378 listing total of the prior year quarter, but up 1.6% from the prior quarter total of 8,027. The total level of available inventory was in sync with the 8,037 listing inventory average of the past five years.
  • Price indicators remained stable over the year. Price per square foot was $1,051 per square foot in the second quarter, essentially unchanged from $1,056 per square foot in the prior year quarter and up 1.2% from $1,038 per square foot in the prior quarter.
  • The other price indicators increased due to the 9.7% rise in square footage to 1,364 square feet, up from 1,243 square feet in the prior year quarter.
  • Properties sold much more quickly in the quarter. The average days on market—thenumber of days between the last list price change, if any, to the contract date—fell to 105 days from 162 days in the prior year quarter.
  • Sellers tested buyers this quarter by pricing properties higher, but were met with resistance.
  • Listing discount—the percentage difference between the list price at time of contract and the contract price—increased to 9.1% from 7.8% in the same period last year.

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