Manhattan Residential Coop and Condo Sales Market Report Third Quarter 2012


This week, we released our Third Quarter report for the Manhattan Residential Sales  Market.  Manhattan Residential Rentals Market Overview Q3 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“Manhattan price and sales levels showed seasonal stability, despite listing inventory falling to a seven-and-a-half-year low.”

  • All price indicators posted modest year-over-year declines as 1-bedroom apartments jumped 5% in market share over the past year, reaching 37.8% of all sales. The median sales price was $890,000, down 2.3% from $911,333 in the prior year quarter. Year-to-date median sales price was unchanged from the same period a year ago at $850,000.
  • There were 2,952 sales in the quarter, the second highest total since the credit crunch began four years ago, second only to the prior year quarter total of 3,106 sales. While there was a 5% decline in third quarter sales from the same period a year ago, signed contracts increased 4.9% over the same period.
  • Listing inventory continued to decline, dropping 24.3% to 5,847 at the end of the third quarter, its lowest level since the first quarter of 2005. Despite the drop in supply, only 8.5% of all sales sold for more than their list price at the time of contract, down from 10.1% in the prior year quarter.
  • Days on market—the number of days from the last price change if any to the contract date—jumped from 119 days in the prior year quarter to 190, reflecting the increased sales of much older inventory.
  • Listing discount—the percent difference between the list price at time of sale to the sales price—increased from 4.4% in the prior year quarter to 7.2%.

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