StreetEasy Market Reports
Manhattan, 1st Quarter of 2013
All links are PDF files.
Summary of findings
- Manhattan Condo Market Index for February 2013 rose by 0.2% since the previous month and by 4.8% since the prior year. Currently, the market is 8.6% below the 2008 peak. For details see: http://streeteasy.com/nyc/market/condo_index.
- Median closing prices for the Manhattan overall market declined by 2.5% compared to year ago. Condo resale price rose 3.8% from the prior year while co-op median price decreased by 5.6%. New development median price increased by 27.9%.
- Volume of closings increased 7.3% from last year but dropped by 22.9% from last quarter.
- Inventory is still 16.9% down from a year ago but since last quarter, inventory levels inched up 3.1%.
- Signed contracts are up by 15.0% from the prior year and by 18.4% from the prior quarter.
- Price cuts dropped by 41.3% from last year and by 10.7% from last quarter. In contrast, there were 26.8% more price increases than a year ago and 27.6% more than last quarter.
- Time on market decreased 11.9% from a year ago to 134 days. This is a 1.6% increase from last quarter.
New Development Market Report
- Median listing price increased 5.8% since six months ago and by 9.5% since a year ago.
- Overall inventory has declined by 20.7% compared to six months ago and by 27.5% since last year. The Upper West and Upper Manhattan had the biggest declines in inventory.
- There were 26.1% fewer new contracts compared to six months ago but 21.4% more since a year ago.
Brooklyn & Queens
- In Brooklyn, contracts have decreased 27.6% since six months ago and by 19.2% since last year. Inventory has declined 34.4% since six months ago and by 49.9% since a year ago.
- In Queens, the median listing price is now $660,000 which is 1.3% lower than six months ago and 3.3% higher than a year ago. Inventory declined by 58.5% since six months ago and by 64.3% since a year ago.
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