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Manhattan Residential Market declines in 2007
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The number of sales increased 73% this quarter to 3,474 units as compared to the 2,005 units sold in the prior year quarter. Listing inventory fell 14.2% to 5,923 units from the prior year quarter total of 6,904 units. Average days on the market were 131 days this quarter, one week faster than the same period last year. Listing discounts were 2.6%, down from 2.8% during the same period last year. "The influx of record bonus income is a primary catalyst for the high volume of residential sales that have heralded in the New Year," says Jonathan J. Miller, CRP, President/CEO of Manhattan residential real estate appraisal firm Miller Samuel.
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