- Most first quarter sales in 7 years, but not expected to keep torrid pace.
- Price per square foot sets 25-year record of $1,363.
- Median sales price jumped 18.5% but remained 5.1% below 2008 peak.
- Inventory was flat for first time in 3 years.
- Comparisons against year ago levels skewed higher from brief “fiscal cliff” lull.
- Credit remains tight partly due to implementation of QM – keeping inventory low.
Here’s an excerpt from the report:
First quarter Manhattan housing market conditions included double-digit price gains from prior year levels as the sales mix shifted to larger units and a growing new development market share targeted the luxury market. Sales momentum from a record setting 2013 carried into the new year and listing inventory stabilized after twelve consecutive quarterly year-over-year declines.
Median sales price increased 18.5% to $972,428 from the last year, but remained 5.1% below the high water mark set in the second quarter of 2008 before the Lehman tipping point in the subsequent quarter. Average sales price jumped 30.9% to $1,773,523 from the same period last year due to a number of factors, including the rise in luxury new development market share, the increase in the average sales size and larger price gains at the upper end of the market. The average square footage of an apartment was 1,301, a 5.9% increase from the same period last year. The average price per square foot of a Manhattan apartment reached a record $1,363, 23.6% above year the prior year level…
There was heavy media coverage of the report release this quarter.