Fourth Quarter Manhattan Market Overview

The end of the year results are in and we can say yet again that Manhattan defies the national housing market. Contrary to the downturn around much of the country, Manhattan continues to show growth.

Average and median prices rose with the average sales price reaching a record $1,439,909. The greatest price gains were in the two and three bedroom apartments. The average price per square foot of a Manhattan apartment at $1,180 was also a record.

There were more sales this quarter, 2,518, than either 3rd quarter 2007 or 4th quarter 2007. Listing inventory fell to 5,133 units from the prior quarter, the listing discount showed no change. All are indications of a strong market where home values are holding steady.

The average price per square foot of a co-operative unit rose 21% from last year and of a condo 10.6% over the same quarter in 2006. Both reflect the price gains in the larger apartments.

The luxury market median sales price hit a record $4,300,000 in 4th quarter and loft sales show gains in all indices.

In all, 2007 was a banner year for real estate in Manhattan. We look forward to keeping you up to date each quarter on the market results not only in Manhattan, but on Long Island and in the Hamptons as well as the new year evolves. And check back with us for the year-over-year results for Manhattan as well as the ten year analysis of the market that will come out shortly.