The Manhattan Real Estate Market fourth quarter 2011 performance can be characterized by 1) across the board price increases, 2) declining activity and 3) declining inventory.
Condos and luxury properties prices increased 8.1% and 3.1% respectively over the same prior-year quarter. New development prices increased by 18.8%, although this is somewhat attributed to a large number of closings in the quarter at several high-end new developments like the Laureate and Aldyn.
Sales activity for New York condos, luxury properties, and new developments, however, has declined significantly. This, however, is likely attributable to the surge in activity in the prior quarter and lower available inventory in the current quarter. Accordingly, lower sales activity is not expected to be a future trend.
To find out more about the Manhattan Market in the fourth quarter, see the Manhattan Market Report.