Apr
01

Manhattan Co-op/Condo Residential Sales Market Report First Quarter 2011

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Our Q1 Manhattan Market Overview which was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

 

  •  There were more sales in the first quarter of 2011 than in any first quarter in 3 years or since the credit crunch in 2008. There were 2,394 sales in the quarter, 0.4% more than 2,384 in the same period a year ago and 4.3% more than 2,295 in the prior quarter.
  • Median sales price for the first quarter was $782,071, down 9.9% from the same period last year.
  • Price per square foot averaged $1,025 in the first quarter, slipping 1.3% over the same period.
  • The amount of active listing inventory is at its lowest level for a first quarter since 2007.
  • There were 7,605 listings in the first quarter of 2011, 5.3% below the 8,027 listings in the same period last year.
  •  The percentage difference between the listing price at time of contract and the contract price—the listing discount—slipped to 4.5% from 5.3% in the prior year quarter.
  • The number of days between the change in the list price, if any, and contract date—known asdays on market—edged 4 days longer to 127 days from 123 days in the same period last year.

Categories : Market Reports

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