February 12, 2013
Market Snapshot: January 2013
Marketwide inventory increased slightly in January due to the typical seasonal increase in new listings at the start of the new year. Nevertheless, inventory remains 23% lower than this time last year while contract activity increased by 44% compared to last January. This strong demand and limited supply has pushed pricing up compared to last year. Average price per square foot increased in every bedroom category for both condos and co-ops leading to an overall 13% gain for condos and a 22% gain for co-ops compared to January 2012. Limited supply has also constricted the average number of days on market and discounts from last ask to sale.
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