Roxana Baiceanu In conjunction with the the Corcoran Group, PropertyShark.com recently released the Fourth Quarter 2008 Manhattan Residential Sales report.
(You can download the full report from http://propertyshark.com/mason/nyc/home_buyer_resources.html)
Key points taken from the report:
- At least 40% fewer sales traded versus the same quarter a year ago. However, the median price still grew by 3% and average price per square foot grew by 5%, largely due to the new development market. The resale market saw median price fall 4% and average price per square foot remain the same.
- In just a year, inventory has increased by nearly one-third. In December, inventory experienced a marginal decline as some for-sale units were pulled off the market by sellers. In response to the increased inventory, sellers were compelled to readjust their price expectations. (To see the inventory, you can browse a comprehensive list of Manhattan properties for sale at https://www.propertyshark.com/mason/RFS/listings.html)
