As you’ve probably noted, several real estate market reports were recently released. The data analyzed sales for Manhattan during the last quarter (October through December 2011). There was a plethora of information but the key take-away is that while the market overall is stabilizing, there are some weak spots. Here’s a compilation of the various data:
· Luxury sales of $3 million and up price tags rebounded in early 2011 and continued strong.
· Continued activity by foreign buyers – the most since the 2007 peak.
· Housing prices have stabilized, with the median sales price of $855,000, 1.2 percent above 2010’s median price.
· Q4 2011 sales volume was down 35.3 percent from Q3 2011.
o Analysts point out that the Q4 2010 total may have been inflated due to a last minute surge of buyers who expected the Bush capital gains tax cuts to expire.
· Sales of new condominiums declined most steeply, down 27 percent from Q4 2010 and down 45 percent from Q3 2011. Some causes:
o Fewer new condos have come on the market as development has slowed.
o Lack of condo inventory has hurt sales.
· The median condo price rose 10 percent from last year to $1.197 million.
· Buyers had difficulty getting mortgages for homes in the million-dollar price range.
Manhattan’s real estate market, especially the mid-market price range, continues to be mixed, but prices are stabilizing. The silver lining is that New York continues to outperform other real estate markets and remains highly desirable domestically and globally. We believe there will be good opportunities in 2012 for informed buyers and sellers.
I’d be happy to discuss these reports and Manhattan’s real estate picture in greater detail. Please call or email me to set up an appointment. You can reach me at either (crystal.greencr@gmail.com). I would also welcome the opportunity to discuss your 2012 real estate needs and plans.
I look forward to hearing from you.
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