Prices are beginning to rise in the Manhattan apartment market.
Prices rose and inventory declined during the first quarter of this year, according to several realtors.
Bidding wars, which once were common practice pre the real estate crash, are beginning to reoccur for nicely located units
The average price of a Manhattan unit reached the $1.5 million mark, up almost 10% from the same period last year, and up almost 7% on the previous quarter, according to real estate sources. Sales rose 2% to over 1,800 units.
Average unit prices were skewed however by a 42% increase in sales of apartments priced above the $10 million dollar mark.
There was even an $88 million sale at super-upscale 15 Central Park West, coupled with several blockbuster sales at the plush upper West Side condo the Laureate.
There was also a healthy number of sales of studios and one-bedrooms, which accounted for 56% of inventory sold. The highest share for this lower end of the market in two years.
Rents are rising, pushing people to become buyers, it’s a no brainer really, in this market you can own and save money over renting.
Manhattan real estate improving numbers are calming fears that a decline in Wall Street bonuses will stall the Manhattan Apartment market recovery.
With a rising stock market and improving realty numbers the outlook for the spring looks at the least promising.
Contracts signed in the first quarter rose above 9% compared with a year ago, according to real estate website NycHomesForSale.net
Units are now spending 4.1% less time on market waiting for a buyer and owners decreasing price for a unit fell by almost 5%. These are sure signs of an oncoming sellers market.
Another sign of an improving market saw inventory fall by 5% to 7,411 listings.
Growing confidence from both buyers and sellers is pushing the market ever onwards said Chris Brennan from Manhattan-Apartments.org
While Manhattan is improving, the recovery has been slow. Prices are still about 22% below the peak reached in the first quarter of 2008, and are up just 3.5% from the low point reached in the fourth quarter of 2009.
The New York real estate market has been stable for over 2 years now, and the present figures are pointing in only one direction, upwards.
Tags: Manhattan real estate, manhattan apartment, 15 Central Park West, real estate, stock market <BR/>