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

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

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

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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