Manhattan, New York (PRWEB) April 22, 2013
With the completion of the first quarter of 2013, the reports of the Manhattan real estate market are available. The residential market of Manhattan saw 2,900 sales that were recorded during this quarter from agents.
The condo sale recorded some upsurge during this quarter as the Manhattan Condo Market Index for the month of February 2013 saw an increase by 0.2% as compared to January. However, as compared to the figures of 2012 for the same month, the index in 2013 saw a rise by 4.8%. Despite the increase in the condo sale during this time, the figures are still below the peak point by 8.6% that the market saw during 2008.
The overall market closing prices had a median price that declined by 2.5% when compared with the same period, a year ago. The median prices of condo resale saw an increase by 3.8% when compared with the same period a year earlier. And, the median prices for co-ops went down by 5.6% as compared to the previous year. There was an increase seen in the median prices of new developments as there was an increase by 27.9%.
Talking of inventory of units that were available for sale, there has been a decrease by 16.9% in the inventory when the figures for the first quarter of 2013 are compared with that of the previous year. However, if these figures are compared to the last quarter of the previous year, the inventory levels have increased by 3.1%.
The closing of deals is an important criterion to decide the actual sale figures and the volume of closings during the first quarter of 2013 increased by 7.3% when compared with the figures of the previous year. However, the first quarter’s volume of closing stands down by 22.9% when compared with the figures of the last quarter of the previous year.
The figures for contracts that were signed saw an increase by 15% over last year and by 18.4% over the figures of the last quarter of 2012.
It indicates less time on market by 11.9% from 12 months ago to 134 days, approximately 4.5 months. This is a slight increase by 1.6% since last quarter.
Manhattan Real Estate ‘2013 Q1 Report by Kelsey Uh