The Manhattan real estate market has made an astounding rebound after one of the worse recessions on record. The number of sales are back to normal level and prices have recouped nearly all of the losses sustained during 2008 and 2009. The Manhattan Residential Market Report for the fourth quarter of 2010 produced by Brown Harris Stevens Residential Sales has just been released and includes the following highlights:
- The average sales price of a Manhattan apartment was $1,432,787 -- 8% higher than a year ago.
- The average co-op sales price jumped 17% from 2009 to $1,158,333.
- Condo prices were up slightly over 2009 to an average of $1,751,219.
- The average time a property is on the market dropped from 132 days to 113 days.
- On average, sellers received 95.5% of their original asking price.
- The ultra-luxury market (over $5 million) showed incredible strength, especially downtown.
- Inventory has decreased in most areas of the city as continued record-low interest rates have fueled a rush of new buyers buoyed by renewed consumer confidence.