January 2013 Real Estate Market Report from Manhattan NY by Kelsey Uh

Manhattan real estate market continues to climb up with more contract activities, less inventory and shorter absorption rate, according to streeteasy.com.

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The listing median price has increased up to 8.8% in Manhattan compared with the last year.

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


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