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.
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Editor: Marley Lynch (@marleyasinbob)