Jul
02

Elliman Releases Second Quarter Manhattan Sales Report

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Douglas Elliman released the Second Quarter report for Manhattan Residential Co-op and Condo sales market.  The Manhattan Sales Quarterly Survey of Co-op & Condo Sales for 2Q-2013 reported here  and summarized below was prepared by Miller Samuelfor Douglas Elliman.

“The second quarter Manhattan housing market showed a continued decline in inventory, but a jump in sales activity as prices rose modestly.”2QTR_Manhattan_Sales

  • Median sales price expanded 4.3% to $865,000 from the same period last year.
  • Average sales price edged up 1.2% to $1,425,403 and price per square foot increased 7.9% to $1,149 over the same period.
  • The number of sales jumped 18.8% to 3,144 sales from the prior year quarter, the highest spring housing market sales total since 2007.
  • The number of listings fell 31.3% to 4,795 from the prior year quarter, the lowest recorded second quarter total in the 12 years of this report series.
  • Listing discount, the percentage difference between the list price at time of contract and the contract price, fell to 2.7% from 5.1% in the prior year quarter.
  • Days on market, the number of days from the last price change to the contract price, expanded by 13 days to 178 days, as languishing listings are selling off.

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