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 completion of many new developments.
Pricing this quarter showed further signs of stability. Market wide, the median price of all Second Quarter 2010 sales was $810,000 with an average of $1,040 per square foot. Overall, these metrics remained at levels nearly equivalent to the Second Quarter 2009 and the first Quarter 2010. Moreover, our analysis indicates that the role of the first-time homebuyer tax credit has been marginal to Manhattan sales, and that the strength of our market is attributable to other factors.
New development regained some market share this quarter and accounted for twenty percent of all sales. New development contracts were traditionally signed twelve months or more prior to closing. However, most new developments on the market today are complete and ready for occupancy, which has closed the gap in terms of the currency of these sales for market analysis. In fact, older contracts now represent a minority of recent closings; roughly sixty-five percent of new development sales were contracted since the beginning of 2010.
A comprehensive analysis of Manhattan residential real estate data by neighborhood, apartment size, coops, condos, townhouses, luxury market, new developments, resales, absoption and trends.
Click link to download the Manhattan Second Quarter 2010 Corcoran Report