Last year at this time, it started to look as though Manhattan real estate was in trouble. Condo inventory had skyrocketed to a 10-year high, prices had flattened, etc. Fear was, NYC’s fate would be the same as the rest of the country’s.
Nopee. (At least, not yet.)
The just-released Second Quarter 2007 Prudential Douglas Elliman Manhattan Market Overview reports that the Manhattan residential real estate market continues to be characterized by falling inventory, rising prices and a record number of sales in contrast to the national housing market.
The number of sales increased 104% this quarter to 3,939 units as compared to the 1,934 units sold in the prior year quarter. Highlights from the 2nd Quarter Prudential Douglas Elliman Manhattan Market Overview report include:
â€” Listing inventory dropped 31.5% to 5,237 units from the prior year quarter total of 7,640 units, which had been the highest level recorded in more than ten years. â€” Days on market were 117 days this quarter, 4 weeks faster than the same period last year.
Median sales price of co-ops dropped but median sales price of condos increased, and since 3/4th’s of sales were condos, the overall median sales price increased, as did price per square foot.
Obviously, a banner year, last year, on Wall Street led to much of the price appreciation, as did the large number of foreign-buyers invading the US real estate market.
Can we get some of their money, up here in Boston?
Source: Manhattan Residential Market Indicates High Sales Volume, Declining Inventory, Rising Prices and Shorter Time on Market – PR Newswire
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