Elliman Report: Manhattan Sales 3Q 2012
October 02, 2012
The Manhattan housing market showed
seasonally stable pricing and sales activity.
Smaller apartments continued to gain market
share as mortgage rates continued to fall and city
employment levels rose. The sharply declining
listing inventory reached a 7.5-year low, while the
monthly absorption rate demonstrated a brisk
market pace as it reached a 5-year low.
All price indicators posted modest year-overyear
declines, as 1-bedroom apartments gained
5% market share to represent 37.8% of all
sales, edging out the 2-bedroom market as the
largest market segment. Median sales price was
$890,000, down 2.3% from $911,333 a year ago.
Average sales price and average price per square
foot slipped 1.4% and 2.4% from the prior year
quarter to $1,444,463 and $1,103 respectively.
Year-to-date, median sales price remained
unchanged from a year ago at $850,000, while
average price per square foot increased 0.6%,
further reflecting price stability in the overall
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