Manhattan NY (PRWEB) February 13, 2013
Street Easy Manhattan Condo Market index shows that the Manhattan condo market had made an increase of 5.0% from January 2012. This is actually the tenth month from which an index has continuously been able to show a Year over Year % increase.
Overall, the contract volume has increased by 19.9% this month as compared to the amount from 12 months ago. The Upper East market has shown a jump of 34.3% more contract activity while contracts in the the Upper West side had 11.4% increase than the previous year.
The inventory has shown a sharp decrease in all the major markets which amounts to an overall reduction of 20.0% since last year. The Upper Manhattan had shown the biggest decline in the inventory market amounting to a 29.6% decrease.
The listing median price has increased up to 8.8% in Manhattan compared with the last year. The Upper East listing median price had a massive increase with a growth amount of 22.6% since last year while the Midtown price remained steady with an increase of 0.2% in the same time frame.
Compared to the January last year, the contract activity has recorded 10.5% increase for the starter apartments (studio and 1 bedroom apartments) while the contract volume for family apartments (2 bedrooms and up) rose to an amount of 30.0%.
The entire inventory is absorbed within 6.4 months, a 15.4% decrease from the 6 month absorption rate from the previous year which was 7.6 months.
Manhattan Real Estate Sales Report by Kelsey Uh