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Trends from last quarter:
- Inventory Starting to Turn Around.
Although the number of properties listed for sale remains very low (52% below the peak in Q1 2009), we are starting to see more of them. Inventory rose for the second quarter in a row.
- Limited Supply Buoys Prices.
The continuing depressed level of available property kept the market competitive for buyers.
- Slower Activity in One and Two Bedroom Sales.
In Manhattan, one- and two-bedroom units are the primary drivers of residential sales activity, but they are occurring with decreasing frequency.
- Luxury Sales Take a Larger Share.
Activity at the high end continued to be robust, and grew as an overall percentage of the market. Properties above $3M now account for 12% of sales (up 3% from a year ago), and 26% of available inventory (up 4%).
- Market-wide PPSF Sets New Record.
The focus on high-end sales drove the average price per square foot for Manhattan real estate up to $1,286.
Full report is available here