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Michael Druckman's Blog

Manhattan Luxury Real Estate

By Michael Druckman | Agent in 10022

StreetEasy Manhattan 4th Quarter Market Report Highlights

Highlights of the StreetEasy Manhattan 4th Quarter Market Report of 2012:

•Manhattan Condo Market Index for November 2012 rose by 0.8% since the previous month and by 4.8% since the prior year.
•Currently, the market is 10.0% below the 2008 peak. For details see The StreetEasy Manhattan Condo Market Index.
•Median closing prices for the Manhattan overall market rose by 10.3% compared to year ago. Condo resale price rose 3.5% from the prior year. Also, co-op median price increased by 11.8% and new development median price increased by 30.0%.
•Volume of closings increased 35.3% from last year but decreased by 5.7% from last quarter.
•Inventory continued to decline 14.3% from last year and 11.8% from last quarter.
•Signed contracts are up by 20.2% from the prior year but down by 4.7% from the prior quarter.
•Price cuts dropped by 34.5% from last year and by 14.6% from last quarter.
•Time on market has remained the same from last quarter at 130 days but decreased 9.7%, from 144 days a year ago.   

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