DE just released the “Elliman Report: Manhattan Decade 2003-2012,” and the “Elliman Report: Manhattan Townhouse 2003-2012,” the leading resources on the state of the Manhattan housing market. As always, our market reports are produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available.
The Manhattan co-op and condo market finished 2012 with the second highest number of sales in the past decade after the 2007 peak. For the fourth consecutive year, housing prices showed stability but listing inventory fell to a twelve year low, likely placing upward pressure on housing prices in 2013. Record low mortgage rates have brought new buyers into the market despite tight mortgage lending conditions. We remain encouraged about the direction of the market and will continue to keep you informed of the trends.
The Manhattan townhouse market had the most sales since the market peaked in 2007 and activity has been rising for the past three years. Prices remained stable over past year, as they have been during the past four. The market has tightened over the past year as listing inventory fell and marketing times are now faster on average than during the boom. The townhouse market has continued to perform well and we look forward to another active year in 2013.
We constantly look for ways to provide our clients with better information to enable them to make more informed decisions. Our efforts to make this market report series possible reflect my strong belief that in a market that is constantly changing, access to timely information is one of the greatest resources we can offer our clients. We are committed to providing the best information and services in the industry. Explore our full market report series covering Manhattan, Brooklyn, Queens, Long Island, The Hamptons, North Fork, Westchester/Putnam, Miami, Boca Raton, Fort Lauderdale and Palm Beach at http://www.elliman.com/marketreports.