Manhattan, NY (PRWEB) August 23, 2013
The luxury market of the Manhattan real estate is defined by the top 10% of the sales of the co-ops and condos. The results for the second quarter of this market are out and as per the figures, the sales have been better this quarter.
From the figures received for the luxury market for the second quarter, there has been the sale of 152 co-ops and 256 condos, which show a 90% and 32.2% change and 20.8% and -5.9% change since the first quarter of 2013 and the second quarter of 2012, respectively. While the sale of the co-ops has shown a positive change, the sale of condos, as compared to the same quarter last year, has shown a decrease.
If the figures for individual areas are taken into consideration, then the Downtown area saw the most closings as it stood at 40.1% of the total luxury closings for the period. Upper East Side stood at the second position with 29.1% luxury closings.
If the figures for the overall median prices are taken into consideration, they stand at $3,900,000, which is 1.8% less than the previous quarter and 5.7% less than the second quarter of 2012. This is indicative of the fact that despite an increase in the number of luxury homes sold, the prices have actually decreased.
Manhattan Luxury Market Report Q2 2013 by Kelsey Uh