Manhattan Residential Real Estate Market Report | Third Quarter 2014
This report uses market-wide data based on transactions that closed in the Fourth Quarter 2014 (October 1 through December 31st) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight to twelve weeks after a contract is signed in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions.
Key findings of the current report:
· Inventory challenges. Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product. The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.
· Contract signings are up. Signed contracts rose 3% versus last year. A lack of affordable inventory sent buyers to the co-op market. Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.
· High-end sales helped value reach new peak. Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.
While there continues to be upward movement in prices – thanks to strong high-end sales – we are seeing significant pent-up demand for quality homes in the one- and two-bedroom categories. The inventory creeping on to the market is not feeding those market segments, and we are seeing overwhelming turnout at open houses for them when reasonably priced properties actually do go up for sale.
Please contact me with your questions about the Third Quarter 2014 Market Report and the current real estate market. I look forward to speaking with you.
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