The Second Quarter 2011 Manhattan Market Report by Jonathan Miller was just released today. The report’s results have reinforced what we have been seeing in the Manhattan marketplace over the last three months, that the Manhattan home sales market is very stable and confident.
Notably, the Manhattan real estate market has seen respectable price increases (4.2% for Condos and 6.8% for Luxury),normal sales activity, declining inventory levels, and fewer discounts fromlist prices.
The average price of a Condo in Q2 2011 was $1,182 per sq. ft. vs. a New Development price of $1,160 per sq. ft. The average price of a luxury property was $1,968 per sq. ft.
The overhang of New Development inventory that was evident at the same time last year, has, for the most part, been absorbed by the market, as New Development inventory levels have declined by 21.3%.
For a deeper analysis of the Manhattan Real Estate Market in Q2 2011, see the Manhattan Market Report.