This Friday heralds some promising news for the Manhattan real estate market. In New York City and Brooklyn, the monthly performance of the market is a positive. November has seen some modest improvements in both median and average sales price. There has also been an increase in number of closed transactions. The number of properties actively listed has decreased by 8.5%. As the year draws to a close, it will be interesting to see how the market is positioned to enter 2011.
- Median sales price increased to $825,000 from $786,250.
- Average sales price increased to $1,390,403 from $1,216,157.
- Discount from Last Asking Price decreased to 5.4% from 5.6%
- Discount from Original Asking Price decreased to 10.9% from 11.3%
- Transactions under $1Million increased to 63% from 60%
- Transactions over $5 Million increased to 3% from 2%
- Transactions from $1 Million - $2 Million decreased to 23% from 27%
- Median number of days on market to contract signed, since last ask price, decreased to 52 days from 70 days.
Data has been provided by Prudential Douglas Elliman Real Estate. Check back next Friday for a quick snapshot of information on market performance in New York. Have a great weekend and please email any questions to: mdubour@elliman.com.
