It might be Fall in Manhattan but neither temperatures or home prices are falling here. It's 85% today and the third quarter of 2007 was HOT! too.
So far Fall traditionally a slow period is HOT! as well. We are still seeing crowded Open Houses, bidding wars, low inventory and lots of activity.
Major NYC brokerage firms reported third quarter 2007 sales reports this week. On average buyers paid the highest prices ever for real estate in Manhattan during, July, August and September of 2007.
- The average price for a Manhattan apartment in 3Q-07 was $1,370,000 an icrease of 6.3% from 3Q-06
- Apartment inventory declined by almost 1/3. 5,204 3Q-07 from 7,623 in 3Q-06
- Prices rose in every type of apartment in most Manhattan neighborhoods
- Upper East Side apartments with 4 bedrooms + - average price $6.6 million (17% increase from 3Q-06)
- Upper West Side apartments with 4 bedrooms + - average $4.5 million (46% increase from 3Q-06)
Sales that closed in July, August and September were in contract in the Spring before the credit crunch. It remains to be seen if the credit crunch, losses on Wall Street jobs and bonuses will affect the market in the months a head.
As I've written in previous reports because 70% of our housing is coops with strict financial requirements to purchase we have not been affected by foreclosures like the rest of the country. Most New Yorkers have large equity in their homes.
So far the market continues to be strong. Our local economy is very good. We have limited inventory and many buyers.
More Information: Home Prices Buck Trend, for Now - By Christine Haughney,The NY Times
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