By: Sharon Katzoff, VP
Associate Broker, Corcoran
Dear Friends and Brokers,
Now
that we have come to the end of the first quarter, I thought I would
update you on the state of the New York City market once again. Things
are picking up and it is a great time to buy here.
Corcoran has released its First Quarter Corcoran Report, First Quarter Corcoran Report our quarterly survey of residential real estate sales in Manhattan. This
report compares data based on deals that closed in 1Q 2010 (January 1
through March 31) with those closed in the prior quarter and in the
same quarter one year ago.
This quarter continued the price stabilization in residential real estate that began in the Fourth Quarter of 2009. A number of significant factors contributed to the phenomenon, including continued low mortgage rates, renewed consumer confidence and the extension and expansion of the home buyer tax credit. Market-wide, the average sale price and the average price per square foot of an apartment were up two percent versus last quarter; for re-sales only both statistics were up three percent.
The pent-up demand that carried over from 2009 is beginning to be released as buyers take advantage of reduced prices and the favorable financial climate to acquire homes. As a result, 55% of Corcoran agents in Manhattan have reported experiencing bidding wars in the First Quarter, and almost all of them say that their buyers are buying because they need someplace to call home, not for investment purposes.
The window for buyers to act on their advantage may be short-lived. Market
activity is significantly higher in 2010’s First Quarter than it was in
2009, and we are seeing an increase in property coming on to the market. I will be tracking this closely over the spring and summer months, and would welcome the opportunity to answer any questions you may have about the report or the market generally.
Please pass this report along to anyone you feel may be interested.
Looking forward to speaking with you soon.
Sincerely,
Sharon
| __________________ | |
| Sharon Katzoff, VP Associate Broker Corcoran d: (212) 941-2573 f: (212) 415-6127 m: (917) 304-3658 490 Broadway, New York NY, 10012 | |
