Monday, July 12, 2010
One of the graphs that I find informative is this one from the Second Quarter 2010 Corcoran Report on the Manhattan Real Estate Market. Downtown Manhattan, comprised of neighborhoods below 34th Street, accumulated the largest percentage of sales this quarter with 35%, a small increase in market share from First Quarter 2010. The West Side accounted for 21% of sales while the East Side accrued 24%. One-bedroom residences accounted for the highest percentage of sales during Second Quarter 2010, with 35%. If you've been holding out from selling, you might want to take another look right now. Mortgages hit 50 year lows recently, so conditions haven't been this good to trade in a while.
Downtown Manhattan is the market that's moving first. From the report: "Resale coops increased 7% in median price as average price per square foot increased 5% versus Second Quarter 2009. One and three bedroom co-ops increased by 11% and 18%, respectively, from a year ago. Versus First Quarter 2010, condo median price increased 11% while average price per square foot increased by 4%." Download a copy of the complete second quarter report for the city's complete picture. Feel free to write me with your questions.