The Q3 2013 Manhattan Residential Sales Market Report

A few highlights from the Third Quarter:

·         Despite diminishing inventory levels, the Manhattan sales market thrived in Q3 2013 with 4,164 closings recorded, 5% higher than the same period a year before.  Last quarter also marked the highest level of sales activity since Q2 2008 – the last time there were more closings in a single quarter listed inventory was 73% higher.

·         Prices reflected strong local, national and international demand, historically low interest rates and a continued influx of all-cash buyers.  Market wide average price per square foot reached $1,170 – an increase of 11% from Q2 2012 and 5% from Q2 2013.

·         Market wide median price for resale co-ops and condos both reached an all-time high this quarter – at $720,000 and $1,220,000, respectively.

·         Inventory continued an established decline with 20% fewer listings available than a year prior.

Full report can be accessed here.

Posted In: Home Buyers and Sellers
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