The Manhattan Real Estate Market first quarter 2012 performance continues to show stability and is evidence that the recovery has taken hold in Manhattan.
The Manhattan Market can be categorized as a whole as having price increases and declining activity, a result of overall declining inventory. Luxury property inventory, however, has jumped significantly from prior year. The mix of apartments in Q1 2012 was skewed toward entry-level apartments as rental rates rose significantly.
Condo and Luxury property prices increased 8.3% and 9.2%, respectively, over the same prior-year quarter, as well as New Development prices, which rose 1%.
Sales activity for New York condos and luxury properties, however, has declined, as overall listing inventory has declined. New developments, however, have seen a significant increase in activity over the same prior-year quarter.
For the Luxury Market, we have seen a marked increase in re-sale listings (25.1%) and a modest increase in new development listings (4.4%), for an average increase in Luxury Property listing inventory of 18.2% over the same prior-year quarter.
To find out more about the Manhattan Market in the fourth quarter, see the Manhattan Miami Market Report.