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Thursday, April 19, 2007
The Corcoran Report shows a 9% increase in deal activity
Corcoran's just released market report about the first quarter of 2007 is now available for download here. The market had very respectable performance, especially in light of the continued softness in other parts of the nation. The latest figures back up firmly what I'd been reporting here since January when the most visited story on this blog ran about open house attendance soaring. Some highlights for Manhattan include:
- overall number of deals increased +9%
- overall average sale price is up +6%
- downtown condos are up +48% average; and +9% on a price per square foot basis.
- downtown coops are up +3% average; and +2% on a price per square foot basis.
"With very few high-end co-op properties available for sale, business at that end of the market was concentrated in condominiums, especially in new development as buyers preferred the allure of the city’s newest properties when seeking multi-million dollar homes."
PAM LIEBMAN, CEO, THE CORCORAN GROUP
luxury properties
In the luxury market, defined as properties above $2.7 million, increased activity at the high-end of the condo market fueled performance this quarter. The luxury market saw its average sale price increase to $5.193 million, up 5% from 1Q 2006. Price per square foot was similarly stronger, up 8%. The “luxury” category is the top 10% of all Manhattan properties.download full report (527 kb .pdf).
