Apr
02

Elliman releases Elliman Report for 1st Quarter 2013 Manhattan Co-op and Condo Sales.

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Douglas Elliman released the First Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 1Q-2013 reported here  and summarized below was prepared by Miller Samuel for Douglas Elliman.

 

The current state of the Manhattan housing market is best defined by the acute shortage of inventory. “1QTR2013_Manhattan_Sales

 

  • Supply continued as listing inventory dropped 34.4% from the same period a year ago, the steepest drop in the 12 years this metric has been recorded.
  • Median sales price rose 5.9% from the same period last year to $820,555. With the exception of the second and third quarters of 2010, which were skewed higher by the federal homeowners tax credit program, this marked the metric’s highest increase since the credit crunch began.
  • The number of sales increased 6.3% to 2,457 as consumers fought tight credit conditions to take advantage of low mortgage rates and more still were incentivized by the rise in rental prices over the past two years.
  • Days on market, the number of days from the last price change to the contract price, fell by nearly 3 weeks to 132 days, just below the 136-day average over the past decade.
  • Listing discount, the percent difference between the list price at time of contract and the contract price, fell to 4.3% from 6.3% in the prior year quarter.

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