Manhattan Market Reports

3^RD Quarter Market Reports

The third quarter market reports were released this week. 

In the Manhattan Market the median sales price of an apartment fell 8% from the prior years quarter

The overall median sales price fell %8.4 from the prior years median sales price.

With this drop in price came an uptake in transactions.  We saw the market repairing itself ; with a 45.6%  increase in sales from the prior quarter.  With this jump in sales (it is not typical for the market to jump like that from the second to third quarter) there was a resulting decline in listing inventory. Historically the number of transactions peaks in the second quarter when Wall St receives their bonuses.  Due to the current economic climate we are now seeing a peak in transactions in the third quarter and not the second.  Elliman explains this as “the unsually low level of sales activity in the first quarter of 2009 appeared to set the stage for a release of pent up demand later in the year.” 

 Even though we saw a surge in sales transactions this quarter the number of days on market continue to increase.  What this translates to is that the apartments that have been sitting on the market for an extended period of time were snatched up this quarter.  With this comes a listing discount that is up to 7.6% from the prior years listing discount of 2.6%.  We actually have seen the discount in price begin to stabilize as it went from 7.8% in the prior quarter to 7.6% in the 3^rd quarter.  The days on market is still up from a year ago but we are selling an increase in what is actually selling.  This increase in sales with the increase in the listing discount shows that sellers are “meeting the market.” Sellers are more willing to price an apartment to sell.

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