Wow, it seems like just a moment ago I posted the first quarter market report of sold and closed properties. Today I'm posting a new set of metrics for last month's deals providing readers with an up-to-the-minute snapshot of the Manhattan marketplace now. Unlike the closed sales data which typically lags the market by 90 days or more, this data is based on Corcoran's proprietary data of deals which went to contract in arms length negotiations in the month of March.
April 7, 2009
First quarter 2009 Manhattan Market report shows a slow down in transactions and re-sale price declines of 8%
It shows both median apartment prices and average price per square foot down 8% from a year earlier. However the market snapshot we published last month on contracts signed in the same period paints a different picture. The reason is that the sold & closed deal figures, show the market negotiated three or four months prior. As 2009 has unfolded, we have noticed even greater price reductions in the market and more negotiability than is reflected in the Corcoran Report; in February, sellers lowered their asking prices by an average of 9% and negotiated another 10% from the revised ask before a contract was signed. The aggregate difference between original listing price and selling price in February was somewhere around -19%; it was about -4% in 2008.