Saturday, May 1, 2010
Manhattan sees dramatically increased home sales
The big news is that so far this year, sales volume could be as much as 70% higher than last year by current estimates. I've been personally involved in a couple of bidding wars in recent weeks. Correctly priced and marketed properties are meeting buyers, who are acting now without hesitation. Renewed confidence in the market, and a rapid absorption of the outstanding inventory of apartments, has leveled the market off, and many neighborhoods have started to recover off their lows. In my office, we had 20% of deals that went to contract last month, at or above asking prices. Incredible! I'll be posting more analysis soon, but for an overview of the first quarter of 2010, please download the latest Corcoran Report. I'd be glad to discuss any findings and how they might affect the value of your home.