Manhattan, New York (PRWEB) December 17, 2012
As the listing median sale price has increased by 10.4% from $950,000 to $1,049,000, the number of contracts has increased from 794 to 838 from a year ago, while the inventory absorption rate has decreased to 5.9 months from 6 months from a year ago, according to Streeteasy.com's condo market index as well as contract and listing volume charts released on December 5th, 2012.
As all price indicators posted an increase in year over year, contract activity for studios and one bedroom apartments have gained by more than 2.1% and for two bedroom flats and above the increase is 7.4%.
The Upper East Side listing Median Price has reported the maximum increase by registering 16.7% over the previous year with the prices increasing from $1,050,000 to $1,225,000. The number of contracts in the Upper East Side has also shown an increase of 16.2% while the inventory levels have gone down from 2486 to 2150 resulting in lesser number of days on the market.
The Upper Manhattan increased the least by 5.8% on the previous year from $449,000 to $475,000 and inventories dropping from 1089 to 876 units resulting in increase in number of contracts from 64 to 79.
The Midtown listing median sale price increased by 8.8% from $887,000 to $965,000 with the noteworthy fact that the percentage of contracts have shown an increase of 12.3% over the same month last year and the number of days on the real estate market decreasing from 173 to 148 showing that old inventories has been exhausted.
The downtown reports show an increase in the average median prices by 7.7% from $1,295,000 to $1,395,000 though the number of contracts has gone down from 232 to 203 due to the damage by the Hurricane Sandy. However, inventory has gone down by 19.5% from 3,138 to 2,530.
The listing median prices for Upper West Side of Manhattan has shown an increase of 6.6% with prices going up from $999,000 to $1,065,000 and the number of contracts increasing by 6.4% from 157 to 167.
Throughout Manhattan, the total listed inventories have continued to decline sharply by a mammoth 17.2% from 11,211 a year ago to 9286 in this month resulting in the exhaustion of older inventories and decrease in the number of days on the market for the listings with Midtown registering the steepest decrease by more than 14.2% over the same month in the last year.
The Manhattan Condo Market index has increased by 4.1% in September as compared to the same a year ago becoming the eighth consecutive month of reporting the YOY growth. Overall contracts have increased by 5.5% YOY with the Upper East Market registering the strongest contract activities increasing the contracts by 16.2% YOY and the downtown market reporting a slowdown by 12.5% in contracts.
This year the most expensive closing has been registered by 785 Fifth Avenue with $ 54,000,000 while the most popular listing has been reported with 155West 71st Street Condo.
by Kelsey Uh