After the typical holiday-lag in the market, new listings have been slow to hit the market, with eager buyers fighting over meager new inventory. I recently put a one-bedroom on the market in Hamilton Heights, which was the first new listing in the area since October. It was a first-floor apartment that needed some upgrades but we ended up with several offers within hours of the first open house.
Fourth Quarter Results confirm the lack of inventory -- key results from the Corcoran Report include:
Inventory challenges. Inventory has grown by 20% since last year, but almost entirely on the basis of condo availability and the introduction of significant high-end new development product. The number of co-op listings has remained flat since Q2 2011, and the market is significantly under-supplied below $2M.
Contract signings are up. Signed contracts rose 3% versus last year. A lack of affordable inventory sent buyers to the co-op market. Co-ops accounted for 58% of signed contracts, their highest share since Q3 2009.
High-end sales helped value reach new peak. Thanks to activity at the high-end, the average price per square foot increased to $1303, up 6% versus Q4 2013.
Feel free to contact me with your questions about the Corcoran Report and the Manhattan residential real estate market.