The aggregate sales dollars (volume) of all residential sales (co-ops + condos + 1-3 family) for the first quarter of 2012 in Manhattan accounted for 62.5% of all residential sales dollars (volume) for the 5 boroughs (New York City). This is the highest market share in over 8 years and likely the highest market share in decades (my Bronx and Staten Island data only goes back to January 2003.)
No wonder real estate firms, whether brokerage or development, are concentrating on Manhattan. The dollar volume is a reflections of a robust high end market since the market share of the number of sales doesn’t dominate the other boroughs like volume does.
The market share for the number of sales in Manhattan began to jump in 2006, right about when the new development boom was accelerating.
Incidentally, it’s interesting how many people refer to “Manhattan” as “New York City”.
- New York City Residential Housing Market Charts [Miller Samuel]