Q2 2010: Manhattan Market Improves

Q2 2010: Manhattan Market Improves
Manhattan Market Overview 2nd Quarter 2010

Manhattan Market Overview Graph for 2nd Quarter 2010 from Miller Samuel

The 2nd Quarter of 2010 proved to be a solid one for Manhattan Real Estate.  During the Q2 2010 the average price of property increased in the overall market with a huge 80% jump in sales volume over the same period in 2009.  As a result, inventory numbers declined. While financing was still challenging to obtain, more options exist today than in 2009, providing impetus to sales above the $2 Million threshhold.  The increase in the Luxury Market (defined as the top 10% of all sales in the quarter) including a spike in 3 Bedroom sales over 2009, helped raise the average price point. The Loft market also saw a 264% rise in sales activity over the same period in 2009.  For perspective, it’s important to note that the Loft and $2 Million plus market was extremely slow from January to June 2009, due to the financial crisis and the challenge for buyers to obtain financing in these price points and higher % down requirements by the banks for higher value loans. 

Per Jonathan Miller of Miller Samuel Appraisers the average price per square foot for the overall market, which remained stable at close to $1,051/SqFt, provides a better measure of the market this quarter, than the average price.  In the Luxury Market (sales over $3 Million in Q2 2010) the average price per square foot was approximately $1,850/SqFt.  – Tony Sargent.  (Source: Manhattan Market Overview prepared for Prudential Douglas Elliman by Jonathan Miller, of Miller Samuel Appraisal).

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