Regions Northeast | New York
PropertyShark.com, Corcoran Group Release First Corcoran Report
July 2, 2008

PropertyShark.com, in collaboration with the Corcoran Group, released the first Corcoran Report with sales data audited and supplemented by PropertyShark.com. The report covers Manhattan residential real estate sales for the second quarter of 2008. There has been much discussion of the slower level of sales activity this year and, with sales off 38 percent from the same time last year. The report informs homeowners about the relative value of their property while also educating potential buyers about what they might spend for different property types. It segments the Manhattan market into regions, by property type, and by whether it is a new development or a resale. Additionally, the just-released Second Quarter 2008 Prudential Douglas Elliman Manhattan Market Overview reveals that the number of sales continues to remain below the levels seen at this time last year, while the price indicators continue to show an increase.

• Sales Transactions: The number of residential sales transactions declined by 38 percent compared to the same period in 2007, with re-sale transactions showing the largest decline.

• Median Sale Price: Median sale price rose 13 percent over the same quarter in 2007. Median price was down 2 percent for re-sale properties and up by 48 percent for new development units.

• Region of Manhattan: For re-sales, the uptown Manhattan market had the largest increase in median sale price compared to the same quarter last year. Among new development sales, the upper west side showed the greatest median sale price increase compared to 2Q07.

 
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