Why Manhattan Is the Most Robust Real Estate Market in U.S.
By Lauren Riefflin
While national home values remained strong this past quarter, 2014 is expected to bring a slowdown of appreciation to much more sustainable levels. The Manhattan real estate market, on the other hand, continues to heat up. Taking a deep dive into the most robust real estate market in the U.S., the latest StreetEasy Manhattan Market Report, released Friday, shows Manhattan condo prices reached an all-time high in fourth quarter of 2013. This surge in condo prices in Manhattan has been driven by a fourth quarter spike in sales at new, high-end condo buildings that have brought more inventory onto the market.
The StreetEasy Condo Market Index for November 2013 increased by 1 percent since October and by 12 percent since November 2012, rising 22.9 percent since hitting bottom in November 2009. As mentioned, this is an all-time index high, surpassing the previous market peak in March 2008 by 1.9 percent. Fueling increasing prices is a surge of quickly turning inventory. According to the report, new listings are coming onto the Manhattan market more quickly than at this time last year, with an average of 263 new listings per week in the fourth quarter of 2013.
Listings are also staying on the market for shorter amounts of time. On average, listings are on the market for around three months (92 days) –- a 31.3 percent drop compared to 4½ months (134 days) in the last quarter of 2012. For further details on Manhattan's inventory, contracts, and price trends in the StreetEasy Q4 2013 Manhattan Market Report, download the full report.
Based on recorded sales and sales listings data, the StreetEasy Manhattan Market Report provides a comprehensive look at real estate activity for condos, co-ops, and new developments in Manhattan, and includes metrics such as StreetEasy's Condo Market Index, median sales prices, contract activity, transaction volume, price cuts/increases and more. To see more New York real estate studies, visit the StreetEasy reports page.
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