Ed's Views

Thanks to our professionals at Prudential Douglas Elliman and Miller Samuel for there insights into the current Manhattan sales market

……There were approximately twice the number of sales in the first quarter of 2010 as the same period a year ago, however, this is the first quarter-over-quarter decline in the past year. The number of sales jumped 99.5% to 2,384 sales in the first quarter from 1,195 sales in the same period a year ago, but declined 3.6% from 2,473 sales in the prior quarter. The number of sales over the last three quarters has been consistent with the 2,301 quarterly average number of sales over the last decade. The first quarter of 2009 saw the lowest level of sales activity over the prior 15 years and was reflective of the nearly “frozen” market conditions after the Lehman Brothers bankruptcy in the autumn of 2008 and the onset of the credit crunch. The rise in the number of sales over the past year reflected a release of “pent-up” demand resulting in a decline in the number of apartments available for sale. Low mortgage rates, a surging stock market, tax credits, and a new affordability from a sharp decline in property values stimulated demand. There were 8,027 listings at the end of the first quarter, 23.1% below the 10,445 listings in the same period last year, but 17.2% higher than the prior quarter total of 6,851. This excludes, however, an estimated 6,500 units of new development “shadow inventory”. Although inventory is at its second highest level of the past decade, total inventory remains slightly above the ten year average of 7,117 listings…

Download 1Q 2010 Manhattan Market Overview

Filed under: Broker/Agent News, Market Conditions by Administrator