A Quick Look at Manhattan Market
Q1 Report:
The sales inventory in Manhattan
dropped to a 6 year low in the first quarter of 2014 leading to price surges
with higher absorption rates*. Some quick facts courtesy of Streeteasy:
Median Recorded Sale Price increased
to $900,000 in Q1 2014, up 6.5% since last quarter and 16.9% year-over-year.
Total Inventory fell
13.0% since Q1 2013 and by 1.0% compared to the previous quarter. This is the
lowest inventory level since Q4 2007.
Contract Activity decreased
by 9.3 percent since Q4 2013, and 15.2 percent year-over-year.
Time on Market was 89
days on average in Q1 2014, a 35.2% decrease compared to 137 days last year and
the lowest average since StreetEasy began tracking this data in 1995.
StreetEasy Condo Market Index for
February 2014 increased by 2.6% since January and by 16.3% since February 2013.
The index is currently at its all-time high.
For a detailed report, please visit: Q1 Streeteasy
Manhattan Market Report
*The rate at which homes sell in an area; the higher the
absorption rate, the faster homes are selling
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