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Spring 2014 Manhattan Real Estate Market Report: Temps and prices on the rise

Spring in Manhattan
Photo by Bernt Rostad via flickr

Spring is officially here! And along with the increase in temperatures comes the traditional uptick in the New York City real estate market. (After all, who wants to trudge around looking for a new home in all that ice and snow?) Whether you've put your search or sale on hold for the winter, or your just getting started, it's important to stay on top of the current state of the market. Luckily, Corcoran just released their First Quarter Corcoran Report for Manhattan -- full of all sorts of facts and figures on the state of real estate affairs across the borough.

(If you're interested in Brooklyn, never fear, the full Brooklyn report is here.)

Here are a few of the key findings:

  • Closed sales in the Manhattan market remained strong during First Quarter 2014, up 25% from 2013. With more sales at the high end, the price per square foot and the average price both topped the Second Quarter of 2008 peak. Very low inventory levels strongly contributed to this quarter’s significant price appreciation.
  • The average price per square foot in Manhattan and median price both increased by double digits compared to First Quarter 2013. Market-wide price per square foot averaged $1,276 -- 1% higher than the Second Quarter 2008 peak. The average price per foot for resale condos reached $1,420 -- a 13% increase from First Quarter 2013, and the median price increased 12% for resale condos and 15% for resale co-ops.
  • New development pricing also rose to new heights. Average price increased 69% to $3.285 million, median price 35% to $1.880 million, and price per square foot 40% to $1,776. Due to intense demand from luxury buyers, new development purchases tend to be larger than the rest of the market; 31% of new development closings this quarter were on three+ bedroom units. While new developments represented only 11% of market-wide closings, they drove some of the biggest price gains.
  • Signed contracts were down this quarter versus the same time last year, despite a large increase in closings. This is attributed in large part to limited inventory (17% lower in the First Quarter 2014 than the First Quarter 2013). The unusually harsh winter and a lack of large new development project openings also played a role.

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