Dec
05

StreetEasy November Manhattan Market Report

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StreetEasy posted their November 2012 Manhattan Market Report last week, based on contract data and Street Easy Condo Market Index.

  • StreetEasy Manhattan Condo Market Index shows that the Manhattan condo market in October had a 4.1% increase from a year ago. This is the eighth consecutive month that the index has seen a Year-over-Year % increase.
  • Overall, contract volume rose 5.5% this month, compared to one year ago. The Upper East market had the biggest increase in contract activity with 16.2% more contracts while the Downtown market had 12.5% fewer contracts than the prior year.
  • Inventory has continued to fall across all major markets – an overall decrease of 17.2% since last year. The Upper West had the biggest decline in inventory with a 20.7% decrease.
  • Listing median price rose 10.4% in Manhattan compared to a year ago. The Upper East listing median price had the biggest increase with 16.7% since last year while Upper Manhattan price increased the least with a 5.8% gain Year-over-Year.
  • Compared to the prior November, contract activity increased 2.1% for starter apartments (studios and 1BRs) while contract volume for family apartments (2BRs and up) went up by 7.4%.
  • Total inventory would be absorbed in 5.9 months, a 16.4% decrease from the 6-month absorption rate from a year ago.

You can see the full report from StreetEasy here.

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