Feb
18

Elliman Decade 2003-2012 Survey for Manhattan Co-op and Condo Sales released

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The Elliman 2003-2012 Decade Survey for Manhattan Co-op and Condo Sales was released recently and summarized below was prepared by Miller Samuel for Douglas Elliman.

Despite listing inventory falling to a record low, the number of sales edged higher for the third consecutive year

The Manhattan co-op and condo market finished 2012 with the second highest number of sales in the past decade after the 2007 peak. For the fourth consecutive year, housing prices showed stability but listing inventory fell to a twelve year low, likely placing upward pressure on housing prices in 2013. Record low mortgage rates have brought new buyers into the market despite tight mortgage lending conditions. We remain encouraged about the direction of the market and will continue to keep you informed of the trends.

  • The 2012 total number of sales was 10,508, 3.4% above the year ago total and 19.4% above the 2003 level. The number of sales remained 21.8% below the 2007 housing/credit boom peak.
  • Median sales price was $835,000, 1.8% below the year ago levels. Average sales price and price per square foot followed the same pattern, slipping 0.7% and 0.1% over the same period.
  • There were 4,749 listings available at the end of 2012, 34.2% less than the prior year and 21.9% below the 2003 total. Inventory is at the lowest level in 12 years since we began tracking the metric.
  • The number of days to sell a Manhattan apartment in 2012 was 172, a month and a half days slower than in 2011 as older inventory was absorbed from the chronic shortage of supply.
  • Listing discount, the percentage difference between the list price at time of sale and the sales price, was 5.6% in 2012, up from 4.3% in 2011 and above the 4.5% decade average

 

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