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Tuesday, February 12, 2013

Market Snapshot: January 2013

monthly snapshotNo surprise that even with a seasonal Q1 bump in inventory, the number of apartments and lofts available for sale in Manhattan, remains 23% tighter than at this time in 2012. This can be frustrating for buyers who have few choices in any particular size category. It can be good news for sellers who can deal with largely recovered or appreciating values; and shorter times on the market. I would love to list your property today!

Download the full Manhattan Snapshot as a PDF »
Download the full Brooklyn Snapshot as a PDF »

Market Snapshots are compiled from both Corcoran's proprietary information regarding contracts signed, and public sales records. Excerpt below:
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.