There is a lot of information available about real estate sales these days, not all of which is easy to comprehend
New York, NY (PRWEB) July 2, 2008
PropertyShark.com, in collaboration with the Corcoran Group, today announce the release of the first Corcoran Report with sales data audited and supplemented by PropertyShark.com. The Corcoran Report covers Manhattan residential real estate sales for the second quarter of 2008.
"There is a lot of information available about real estate sales these days, not all of which is easy to comprehend" stated Pamela Liebman, CEO of the Corcoran Group. "That's why, in order to capture the fullest and most accurate data set we could possibly obtain, we approached PropertyShark.com about becoming our collaborator in the report."
The Corcoran Report seeks to inform homeowners about the relative value of their property while also educating potential buyers about what they might spend for different property types. It segments the Manhattan market into regions (downtown, midtown west, midtown east, upper west side, upper east side, and uptown) by property type (coop, condo, townhouse) and by whether it is a new development or a resale. The new development segmentation was added so as not to skew current re-sale prices with prices from closings of new development units that may have been in contract for 12-24 months.
"We are confident that the combination of Corcoran's market knowledge and PropertyShark's data handling expertise will bring valuable insight to anyone considering buying or selling a home" stated Matthew Haines, Founder and Chairman of PropertyShark.com. "Part of what attracted PropertyShark to this project was Corcoran's interest in getting to the heart of the matter and simply 'telling the story like it is'."
Key Takeaways from 2Q08 Manhattan Sales
- Sales Transactions: The number of residential sales transactions declined by 38% compared to the same period in 2007, with re-sale transactions showing the largest decline.
- Median Sale Price: Median sale price rose 13% over the same quarter in 2007. Median price was down 2% for re-sale properties and up by 48% for new development units.
- Region of Manhattan: For re-sales, the uptown Manhattan market had the largest increase in median sale price compared to the same quarter last year. Among new development sales, the upper west side showed the greatest median sale price increase compared to 2Q07.
"There has been much discussion of the slower level of sales activity this year and, with sales off 38% from the same time a year ago, this quarter provides perhaps the starkest example yet of the caution that has overtaken the market" stated Pamela. "By contrast, prices continue to be stable in both the re-sale and new development arenas, demonstrating once again the resiliency of residential real estate value in the borough."
About PropertyShark.com: With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, for sale and for lease listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, real estate investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: http://www.propertyshark.com
About Corcoran Group: The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 47 offices with 2,500 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group, http://www.corcoran.com, is part of NRT LLC, the nation's largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy's company-owned real estate brokerage offices.