Manhattan, NY (PRWEB) October 25, 2013
The 3rd Quarter reports of the residential real estate market trends of Manhattan have been released by most brokerages. The figures obtained from these reports still show a recovering trend.
As per the figures obtained, the inventory listings stand at 10,955 which show a decrease of nearly 12.8% as compared to the same period last year. 2,927 contracts have been signed, which is a significant 10% increase over the 3rd Quarter in 2012. Properties on an average are remaining on the market for nearly 95 days which is a drop of 27.8% from last year. Another thing that has been noted from the figures is that the median sale price of all properties, whether it is a condo, a co-op, a luxury apartment or a new development, has shown a positive trend. There has been a rise in the prices of the properties varying from 0.8% to 9.6%.
Therefore, what these figures indicate is that:
- There is a decline in the inventory this quarter as compared to the same period last year.
- The units are not remaining on the market for a long time, on an average.
- The median sale price of properties has shown an upward trend, especially in the condo resale segment (+9.6%).
The recovery of the market is being threatened by the rising mortgage rates and it is still very sensitive to interest rates. The brokerage firms are expecting the prices to steadily increase by the end of the year.