Manhattan, New York (PRWEB) August 09, 2013
The Manhattan market report for the second quarter of the year 2013 has been released and as per the statistics, one can assess that there has been an increase in the condo market index whether compared by the past month or by the past year. The figures show an improvement of 1.9% when compared to the previous month and by 9.1% when compared with the previous year. However, the peak figures of 2008 have not been breached as the present figures are still down by 3.9%.
Comparing to last year, the figures for the Manhattan market on the median closing prices have shown a decline of 1.2%. The resale price of condos has increased by 1.3% and the coop median price decreased by 2.2% when compared with last year. New development median price rose by 51.0%.
The luxury market sales over $2.9M show a 1.8% increase in price since last quarter but remain the same since last year. The luxury condo and coop sales represent the top 10% of all sales, in terms of price.
The figures for the volume of closings during this quarter showed an improvement of 45.8% when compared with the last quarter and by 12.1% when compared with last year.
The inventory figures for the quarter rose by 8.4% when compared with the previous quarter but was down by 11.4% when compared with the same period, a year ago.
Improvement showed in the figures of signed contracts as they were up by 34.8% and 21.8% for the previous quarter and the previous year, respectively.
The figures for price cuts decreased by 32.7% as compared to the figures of the previous year. However, these figures indicated an increase by 9.0% from the previous quarter.
The figures for the time that the properties remained on the market decreased from 149 days to just 102 days, a decrease of 31.5%.
Manhattan Real Estate ‘2013 Q2 Report by Kelsey Uh