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Manhattan New York Condo Market Overview 2012/2013
Manhattan New York Condo Market Overview 2012/2013 How’s the condo market doing right now? Are the sales prices going up? Is it seller’s or buyer’s market? These are some of the questions that we are receiving on an increasing basis so far this year.  And the answers to each question are never easy, as it depends on each segment of the market and each individual’s personal situation.
How did the condo market perform in 2012?The most impactful aspect of the condo market in 2012 was the declining amount of inventory on the market.  The decline of inventory has been a multi-year event, peaking in 2009.  Condominium inventory decreased approximately 30% in 2012. The total number of listings both condo and co-op is hovering around 5,000, about half of the peak in 2009 when there were 10,000 condo units for sale.
So had did this impact the market?
With demand outpacing supply, when a well-priced apartment came on the market, multiple offers were becoming quite commonplace, and increasing prices resulted.  Throughout many segments of the condo market including studio, one bed, two bedroom buyers in a variety of neighborhoods open houses were full, best and highest scenarios became more routine for the most prime condo ... more

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