4th Quarter Reports: Prices Flat, Sales Up, Inventory Down
Confirming exactly what I was seeing on the ground during the 4th Quarter, inventory dwindled on a strong increase in sales, while prices were flat from the 3rd Quarter and down around 10% from the same time the prior year. While as a whole the reports were encouraging, a rebound in sales activity was largely limited to the sub- $1Million range. Whether due to sheer economics or steep and hard to secure jumbo mortgages, I have yet to see any significant increase in volume for properties priced $2 Million and up. But, you have to start somewhere! Perhaps with renewed profits and bonuses on Wall Street and a possibly stabilizing job market, the high end will see a pick-up over the next couple of quarters.
Sales Spur Optimism In Manhattan Market (NY Times)
Corcoran 4th Q Market Report (PDF) (Corcoran)
Elliman 4th Q Market Report (PDF) (Elliman)
Halstead 4th Q Market Report (PDF) (Halstead)