Friday, July 8, 2011

The Corcoran Report: Second Quarter

It is my pleasure to inform you that Corcoran has released its Second Quarter Corcoran Report, our quarterly survey of residential real estate sales in Manhattan. This report compares data based on deals that closed in 2Q 2011 (April 1 through June 30) with those closed in the prior quarter and in the same quarter one year ago.

Manhattan continued to enjoy significant sales activity in the Second Quarter of the year as market-wide sales increased 15% over the First Quarter. Renewed levels of competition led prices higher as buyers took advantage of lower pricing in the resale market. Manhattan’s median price in the Second Quarter reached $790,000, up 9%, and the average price per square foot was $1024, an increase of 4% from a year ago.

In many ways, the Second Quarter was the most relentlessly average period of sales activity in several years: it displayed typically active sales for the spring season, with prices driven modestly upward by competition, but without breaking any records. While Corcoran found itself working with many all-cash and foreign buyers, large numbers of New Yorkers of all kinds found their homes in Manhattan with us in the Second Quarter.

If you have any questions about the Corcoran Report or about sales activity or trends in the residential real estate market, I am always happy to discuss it with you. I hope you are having a good summer and look forward to speaking with you soon.

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