NYC New Development Market Report for December 2012 by Kelsey Uh

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Manhattan new development market report for December 2012 indicates higher demands and lower supply which result in increased median listing prices and declined inventory, according to streeteasy.com.

The median listing price has increased by 5.8% from June 2012 and by more than 9.5% as compared to the same month in the previous year.

In contrast to June 2012, Manhattan is witnessing increased interest of consumers in new developments taking place in and around Manhattan. This is reflected in the median listing price that has increased by 5.8% from June 2012 and by more than 9.5% as compared to the same month in the previous year.

Although, as compared to June 2012 there have been fewer number of contracted sales, however the number of contracted sales have increased by more than 26% when compared to the figures of the same month in the previous year.

There has been a regular and continuous decrease in the inventory levels showing that previous listings are being consumed very fast and that fewer apartments are available for long time. The overall inventory levels have decreased by 20.7% over June 2012 and by 27.5% when compared to the same month previous year.

The Upper Manhattan and the Upper West has shown the biggest declines in the inventory levels indicating that people are keener to buy apartments in these areas as compared to the other areas. The median listing price in the Upper West has increased from $3,375,000 in June 2012 to $3,950,000 in December 2012 indicating an increase of more than 17% in just six months while the median listing price in Upper Manhattan increased by 2.9% over June 2012.

The Upper East Side has shown the biggest increase in median listing price in the entire Manhattan area by a whopping 21% over June 2012 and by more than 36% when compared to the same month in the last year. The number of contact sales in the area has also increased by more than 275% as compared to December 2011, although there are no changes in the inventory position in this area.

The total number of listings in the Manhattan area has shown a decline of around 20% as compared to June 2012 from 1198 in June to only 950 in December 2012 indicating strong sales of apartments in the area. Further there have been 26% fewer new listings in the area in December 2012 as compared to June 2012 indicating strong demand for apartments in new development areas and low need for listings.

People have also shown keen interest in new developments around Manhattan area like Brooklyn, Williamsburg, Park Slope, Queens, Downtown Brooklyn, etc. The total number of listings in Brooklyn for December 2012 decreased from 378 to 248 when compared to June 2012 indicating a change of more than 34% and new listings decreased from 34 to 22 indicating requirement of listing for fewer number apartments.

Park Slope in Brooklyn has shown the greatest interest amongst the apartment buyers as the area has shown the biggest increase in the median listing price. The area has shown a change of 92% from June 2012 with the listing price increasing from $843,000 to $1,625,000.

The Queens area has also shown a decrease in the total number of listings and also the number of new listings from 183 in June 2012 to 76 in December 2012 and 16 in June 2012 to only 2 in December 2012. The median listing price for the area decreased from $669,000 to $660,000 in December 2012 and the number of months supply increased from 6.1 to 7.6.

by Kelsey Uh

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