Manhattan Sales Reach Fourth Quarter Record

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Co-op and condo sales in Manhattan increased 26.8 percent during the fourth quarter, compared to last year, marking the highest fourth quarter ever recorded, according to a Douglas Elliman Real Estate report. 

The number of sales in Manhattan exceeded last year's 2012 Fiscal Cliff-related "rush to close," where the market witnesses a flurry of buyers rushing to close on deals. 

During the fourth quarter, listing inventory for the market fell 12.3 percent from last year to a record low of 4,164 units, according to the report. However, the rate of decline is slowing. 

"We are probably at or near a bottom for inventory," the report states. 

Year-to-date sales reached 12,735 units, increasing 21.2 percent from last year. Fourth quarter market sales were led by co-op sales, which jumped 29.4 percent from last year, while condo sales increased 23.2 percent.  

During the fourth quarter, average sales prices generally increased across all categories, with the condo market helping set a fourth quarter record high. 

The fourth quarter median sales prices for Manhattan increased 2.1 percent to $855,000 compared to last year. The condo median sales price set a record, outpacing co-op price growth, with a 14.3 percent yearly increase to $1,320,000. The median co-op price grew 4.6 percent to $680,000.

The new development market in Manhattan had a positive fourth quarter. The price per square foot increased 17.7 percent to $1,588 during the fourth quarter. Closings rebounded from the previous quarter's decade-low with new product beginning to close.

The median sales price for the luxury market, considered the top 10 percent of sales, reached $4,900,000 during the fourth quarter, increasing 10.4 percent from last year.