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Manhattan apartment prices on the decline

Manhattan apartment prices dropped in Q-1/

The median price of all condominiums and co-ops that changed hands in the Quarter ended 31 March fell 0.9% from a year earlier to $775,000 according to the data.

Deals totaled 2,311, down 3.5% from Q-1 of Y 2011.

Studios and 1-bedrooms accounted for 56% of sales completed in the Quarter, the highest share since Q-4 of Y 2009, when 1st-time purchasers qualified for a federal tax credit of as much as US$8,000. The smaller units, favored by entry-level buyers, accounted for 49% of all transactions a year earlier.

“Because the rental market is so hot, people are realizing that maybe buying a starter home is a better option, especially if they can take advantage of these low interest rates,” according to a person at property-listings service www,StreetEasy.com, which also released a report on the Manhattan sales market Tuesday.

Among pending sales; contracts signed but not completed in Q-1, studio deals climbed 19% from a year earlier, according to www.StreetEasy. Buyers agreed to purchase 12% more 1-bedroom units than in Q-1 of Y 2011.

Other reports issued Tuesday on the Manhattan apartment market showed mixed results for sales and values in Q-1. Corcoran Group said purchases of condos and co-ops totaled 2,700 deals, little changed from a year earlier. The median price climbed 1% to $809,000.

StreetEasy said the median price was unchanged at $775,000, while completed deals climbed 9.4% to 2,969.

Paul A. Ebeling, Jnr.

www.livetradingnews.com

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. Read the Terms of Service

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