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Manhattan Monthly Market Report for November 2012 by Kelsey Uh
Date:12/17/2012

Manhattan, New York (PRWEB) December 17, 2012

As the listing median sale price has increased by 10.4% from $950,000 to $1,049,000, the number of contracts has increased from 794 to 838 from a year ago, while the inventory absorption rate has decreased to 5.9 months from 6 months from a year ago, according to Streeteasy.com's condo market index as well as contract and listing volume charts released on December 5th, 2012.

As all price indicators posted an increase in year over year, contract activity for studios and one bedroom apartments have gained by more than 2.1% and for two bedroom flats and above the increase is 7.4%.

The Upper East Side listing Median Price has reported the maximum increase by registering 16.7% over the previous year with the prices increasing from $1,050,000 to $1,225,000. The number of contracts in the Upper East Side has also shown an increase of 16.2% while the inventory levels have gone down from 2486 to 2150 resulting in lesser number of days on the market.

The Upper Manhattan increased the least by 5.8% on the previous year from $449,000 to $475,000 and inventories dropping from 1089 to 876 units resulting in increase in number of contracts from 64 to 79.

The Midtown listing median sale price increased by 8.8% from $887,000 to $965,000 with the noteworthy fact that the percentage of contracts have shown an increase of 12.3% over the same month last year and the number of days on the real estate market decreasing from 173 to 148 showing that old inventories has been exhausted.

The downtown reports show an increase in the average median prices by 7.7% from $1,295,000 to $1,395,000 though the number of contracts has gone down from 232 to 203 due to the damag
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