Manhattan Market Report
Q1 2014 MANHATTAN MARKET REPORT
Manhattan sales activity continues at break-neck speed. While condo inventory finally rose in Q1 from its record breaking low one quarter earlier, the increase in inventory was paltry compared to the increase in demand that rose 40%. Accordingly, the New York market remains as competitive as ever and all-cash deals rule. We expect the above average sales pace to continue, as we don’t expect the credit or equity markets to deteriorate any time soon.
- Price per square foot for condos rose 15.5% year-over-year, rising to $1,591.
- Most price gains, however, were in the top 20% of the market, which clocked in a 28% increase.
- In contrast, for the bottom 20% of the market, prices rose 3%.
- Listing inventory rose 12.7%, but sales activity rose a whopping 40.1%.
- Price per square foot for Luxury condos rose to $2,706.
- Luxury sales activity rose 34.6%.
- Rental vacancy for April was the lowest in four years at 1.45%.