New York City 4th Quarter Market Report
I was very interested in the 4th Quarter Market Reports coming out from the major real estate companies here in New York City. Unless you were on a deserted island somewhere or had your head buried in the sand, the last quarter of 2008 showed a lot of distress for New York City real estate.
What does all of this analysis mean to you? Are you looking to buy, sell, invest, or rent? Are you looking to buy a co-op, condominium, loft, or townhouse? Do you want to live Downtown, on the West Side, the East Side , or Uptown? Each type of property in Manhattan is affected differently, and each neighborhood is has it's owns variables that will shape value. We all know that prices have gone down, but depending on your own situation you need to know the facts.
The overall conclusions from all the reports are that the number of transactions occurring has decreased dramatically and that sales prices have declined. The actual drop for median closed prices was small, 3-4%, a reflection of the long lag time between contracts being signed and closing dates. Its been agreed that the last quarter's drastic drop in transactions and downward pressure on contract prices indicate that the 1st Quarter reports of 2009 will confirm the current declines.
One of the more interesting statistics that I took away was that contract price levels showed an average decline of 20% from August 2008. There were over 9,000 apartments available during the 4th quarter, up over 39% from the same period last year. The days on market increased 25 days to 159 days from last list date. The Listing Discount from last list price was 7.3% up approximately 5% from the prior quarter.
If you would like a specialized market report for your building or neighborhood focusing on what you are thinking of buying or selling contact me with your criteria.
Prudential Douglas Elliman 4th Quarter Market Report for Manhattan
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