Douglas Elliman published the Manhattan sales report today that I author. This report is part of an evolving series I’ve been writing for Douglas Elliman since 1994.

Key Trends

– Most first quarter sales in 7 years, but not expected to keep torrid pace.
– Price per square foot sets 25-year record of $1,363.
– Median sales price jumped 18.5% but remained 5.1% below 2008 peak.
– Inventory was flat for first time in 3 years.
– Comparisons against year ago levels skewed higher from brief “fiscal cliff” lull.
– Credit remains tight partly due to implementation of QM – keeping inventory low.

Here’s an excerpt from the report:

First quarter Manhattan housing market
conditions included double-digit price gains
from prior year levels as the sales mix shifted
to larger units and a growing new development
market share targeted the luxury market. Sales
momentum from a record setting 2013 carried
into the new year and listing inventory stabilized
after twelve consecutive quarterly year-over-year
declines.

Median sales price increased 18.5% to $972,428
from the last year, but remained 5.1% below
the high water mark set in the second quarter
of 2008 before the Lehman tipping point in the
subsequent quarter. Average sales price jumped
30.9% to $1,773,523 from the same period last
year due to a number of factors, including the
rise in luxury new development market share,
the increase in the average sales size and larger
price gains at the upper end of the market. The
average square footage of an apartment was
1,301, a 5.9% increase from the same period
last year. The average price per square foot of a
Manhattan apartment reached a record $1,363,
23.6% above year the prior year level…

There was heavy media coverage of the report release this quarter.

_________________

The Elliman Report: 1Q 14 Manhattan Sales [Miller Samuel] The Elliman Report: 1Q 14 Manhattan Sales [Douglas Elliman] Miller Samuel Aggregate Database [Miller Samuel] Chart Gallery [Miller Samuel]