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Manhattan Second Quarter 2010 Market Report
Manhattan 2nd Quarter 2010 Corcoran Report has been released. The report is a quarterly examination of Manhattan's residential real estate market. This report utilizes market wide data based on deals that closed in the Second Quarter 2010 (April 1 through June 30) and compares it to closings that took place last quarter and during the same quarter one year ago. Closings usually occur eight to twelve weeks after a contract is signed (in a new development, the wait can be as long as two years); for that reason, the sales activity charted here trails actual market conditions.
The Second Quarter is typically the strongest sales period of the year, and this year was no exception as the Second Quarter 2010 brought a flurry of buyers back to the residential real estate market in Manhattan.
An estimated forty-seven percent more transactions occurred during Second Quarter 2010 than in the same quarter one year ago, making this the strongest quarter since before the market's downturn in September 2008. A variety of factors encouraged buyers this quarter; stabilized prices, lower inventory levels, interest rates at historic lows, increased consumer confidence, a strong lending environment with greater availability of jumbo loan financing, and the ... more
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