Jan
03

Elliman Report for Manhattan 4th Quarter Co-op & Condo Sales Released Today

By

 Today, we released our Fourth Quarter report for the Manhattan Residential Sales  Market.  Manhattan Residential Rentals Market Overview Q4 2012 reported here and summarized below was prepared by Miller Samuel for Douglas Elliman.

“The Manhattan housing market was characterized by inventory falling to 12 year lows across the re-sale and new development markets.”

  • The number of listings fell 34.2% from prior year levels to a 12-year low of 4,749. As a result, the pace of the market quickened, with the monthly absorption rate falling to 5.5 months, the second fastest rate since 2000.
  • Overall price indicators were mixed. Median sales price slipped 2% to $837,500 and average sales price edged 1.1% higher to $1,461,473 over the year ago period.
  • There were a record 2,598 sales in the fourth quarter as looming changes to federal tax laws and general economic improvement elevated activity in an already improving housing market.
  • Listing discount, the percent difference between the list price at time of sale and the sales price, was 3.7%, down from 4.9% in the same period last year.
  • With the number of active listings falling for several years, days on market, the number of days from the last change in price to contract date, expanded by 47 days to 177 from the prior year quarter. The lack of new supply resulted in the absorption of listing laggards characterized by longer market times.

Comments are closed.