The 4th Quarter NYC Residential Report is here!

New York City- a place that could never be duplicated!

From Dottie Herman:

In wrapping up 2010 it is encouraging to reflect on how quickly the Manhattan housing market rebounded since the credit crunch began more than two years ago. Although the economystill faces many challenges, Manhattan's final quarter of 2010 showed a continuation of what we have seen over the past several quarters: stabilized prices, sales activity at seasonal norms and a modest level of inventory.  This modest level of inventory has enabled days on market—the number of days between the change in the list price and contract date—to fall from a record high last year to 125 days this quarter, the market average of the last 15 years.

http://assets.elliman.com/NYCPhotos/retail_reports/manhattan_q4_2010.pdf

The bottom line is that the market continues to move sideways.

High end properties sold at a greater % 4th quarter over a year ago .

Days on market reduced significantly.

All healthy signs of a well breathing market.

Listen to Jonathan Millers pod cast here to hear more:

From Jonathan:

Here’s a quick and dirty recap of the Manhattan Market Overview released today that we prepare for Prudential Douglas Elliman.  Audio quality is so-so because I used my iphone mic and then tried to clean it up with filters.

http://thehousinghelix.blogs.millersamuel.com/2011/01/04/special-report-4q-2010-manhattan-market-overview/