Manhattan Residential Market Holding Up Well in 2010

We are definitely still in a buyer’s market, but the latest data suggests that prices for Manhattan apartments have held their ground thus far in 2010. According to Miller Samuel (the gold standard of real estate reports), sales in the first quarter of 2010 more than doubled, compared to the same period last year. Low mortgage rates, a surging stock market, tax credits, and a new affordability from the decline in property values significantly stimulated demand. The median sales price of a Manhattan apartment hovered around $870,000 in the first quarter of 2010, well below the $975,000 median sales price of a year ago, but more than 7% higher than the $810,000 median sales price recorded in the December 2009 period. Rising interest rates may take their toll on prices in the coming months, but the Manhattan real estate market remains in great shape compared to most other markets in the U.S. If you would like to receive a full, detailed copy of the first quarter Manhattan Market Report please feel free to email me.