Manhattan had the most sales in 25 years in the last quarter of 2013
Prospective Manhattan homeowners, take note: That’s not the only record broken in the last quarter
Fri Jan 3 2014
Congrats, Manhattan! After a bonkers year in real estate, the borough managed to close out 2013 with a multi-record-breaking fourth quarter. Today, the city's big broker companies like Elliman and Corcoran released their quarterly market data, and it's pretty nuts—especially when you consider that Q4 is typically the slowest period of the year. Ready?
Sales volume in Manhattan hit an all-time high for a fourth quarter in at least 25 years, and inventory was at its lowest for the last 14 years. The average sales price for condos ($1,538,203) set a new record, as did the median sales price ($855,000). The time an apartment remained on the market was 95 days, down by about 50 percent in last year's quarter. Plus, median sales for the luxury market increased faster than the overall market.
As for 2014? Reports suggest that while the luxury market will continue to grow, price increases overall are likely to lessen. We'll believe it when we see it.
You might also like
What do you think? Tell us below!
Send tips and cat photos to:
Editor: Marley Lynch (@marleyasinbob)
See more recent blog posts
City stories: Cecelia Gomez, 57; Bushwick, Brooklyn
Join the Kickstarter block party as we count down the city’s five best crowd-funded restaurants and bars
More details and renderings of New York's +POOL revealed
Photo of the day: Check out this incredible balloon's-eye view of New York
It’s William Shakespeare’s 450th birthday! Where and how are you celebrating?