Manhattan Residential Sales Report - 2nd Quarter 2013

Market Report provided by The Real Estate Board of New York

Manhattan Condo Market Index for May 2013 rose by 1.9% since the previous month and by 9.1% since the prior year. Currently, the market is 3.9% below the 2008 peak. Median closing prices for the Manhattan overall market declined by 1.2% compared to year ago. Condo resale price rose 1.3% from the prior year while co-op median price decreased by 2.2%. New development median price increased by 51.0%. Volume of closings increased 12.1% from last year and jumped by 45.8% from last quarter. Inventory is still 11.4% down from a year ago but has risen 8.4% since last quarter. Signed contracts are up by 21.8% from the prior year and by 34.8% from the prior quarter.