The (Manhattan Real Estate) World is Flat After 2010

Tuesday, January 4, 2011, by Sara Polsky


It's the second business day of 2011, which means it must be time
for the fourth quarter market reports from the major brokerages
wrapping up 2010. This morning's headlines tell us that Manhattan
real estate sales experienced steady growthsideways movement,
and a dip all at the end of 2010. We're a little dizzy just thinking
about it. So we turned to the person we knew could help us out:
market guru and Elliman report creator Jonathan Miller, who tells
us that the story in the fourth quarter of 2010 is about the types 
of apartments that sold, not about prices. In the fourth quarter
of 2009, 18 percent of sales were studios and 40 percent were
one-bedrooms, according to the Elliman numbers. In the same
quarter of 2010, those numbers shifted, with studio sales down
to 13 percent and 1BR sales down to 34 percent. But sales of
2BRs rose, from a market share of 25 percent to 37 percent. So
even though the number of sales declined by 7.2 percent year
over year, prices went up, from an average sales price of $1.296
million at the end of 2009 to around $1.482 million last quarter.
Not a bad showing considering that the fourth quarter of 2009
was actually Manhattan's most active fourth quarter in more
than 20 years. But rather than a sign of a boom or a bust, the
numbers for the fourth quarter show that the return to normal
seasonal patterns continues.
Happy New Year?


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