Manhattan Residential Sales Report - 1st Quarter 2013

Market Report provided by The Real Estate Board of New York

Manhattan Condo Market Index for February 2013 rose by 0.2% since the previous month and by 4.8% since the prior year. Median closing prices for the Manhattan overall market declined by 2.5% compared to year ago. Condo resale price rose 3.8%from the prior year while co-op median price decreased by 5.6%. New development median price increased by 27.9%. Volume of closings increased 7.3% from last year but dropped by 22.9% from last quarter. Inventory is still 16.9% down from a year ago but since last quarter, inventory levels inched up 3.1%. Signed contracts are up by 15.0% from the prior year and by 18.4% from the prior quarter.