A few highlights from the Third Quarter:
- Despite diminishing inventory levels, the Manhattan sales market thrived in Q3 2013 with 4,164 closings recorded, 5% higher than the same period a year before. Last quarter also marked the highest level of sales activity since Q2 2008 – the last time there were more closings in a single quarter listed inventory was 73% higher.
- Prices reflected strong local, national and international demand, historically low interest rates and a continued influx of all-cash buyers. Market wide average price per square foot reached $1,170 – an increase of 11% from Q2 2012 and 5% from Q2 2013.
- Market wide median price for resale co-ops and condos both reached an all-time high this quarter – at $720,000 and $1,220,000, respectively.
- Inventory continued an established decline with 20% fewer listings available than a year prior.
Full report is available here