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Friday, October 19, 2007
A new record, median sale price hits $1,414,00
Now available for download is the 3rd quarter 2007 Corcoran Report (1mb pdf) on the Manhattan residential marketplace, which shows solid performance as the average sale price in the borough increased by 14%, with a record setting median price increase of 5% to $1,414,00 (that's the price most commonly paid for a Manhattan apartment). It is said that all real estate markets are local. Our particular conditions, and strong demand, continue to cause Manhattan to perform in sharp contrast to the rest of the nation. Co-ops still comprise the vast majority of the city's housing inventory for sale. We have benefited from the extra financial scrutiny imposed by co-op boards. It seems to have insulated us so far from the fallout of the sub-prime mortgage implosion that has set back the credit and housing markets elsewhere. Corcoran data showed that available housing inventory for sale has dropped by at least 16% over the past 12 months; Jonathan Miller of appraisal firm Miller Samuel put the decrease in available listings at 31.7%. Unlike many markets which have become overbuilt, the scarcity of land available for development, a growing population, and demand as a global destination city would have caused a severe housing supply crisis here, if the pace of new construction had slowed recently. If you have questions about how your home might be priced in today's market, or any other questions about the Q3 report, please contact me.
related articles:Tribeca homes jump 36% in third quarter 2007
Facing the Fall? Seasons change in NYC real estate
Q2 2007 Corcoran Report
Q1 2007 Corcoran Report
Updated October 20, 2007
