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Manhattan Condo Market Heated Up In Q4

NEW YORK CITY-New research shows that the sector closed out 2013 with record setting levels of activity and appeared healthy by several other measures.

By Rayna Katz | Updated on January 03, 2014

NEW YORK CITY-Even without the threat of a capital gains tax this year—a concern that fueled a rush of activity in the fourth quarter of 2012—activity in the fourth quarter of last year set a record for the condominium market. That’s according to the StreetEasy Manhattan Condo Market index, which increased by 1% in November from the previous month and by 12% year-over-year. The spike puts the index at 2,204, meaning that condos are selling at 2.2 times their price in 2000 or, as a spokeswoman put it, “we’re looking at a condo market that is twice as strong as it was 13 years ago.”

The median closing price on a condominium rose to $832,528 in the fourth quarter, compared to $825,000 in the final months of 2012. Total inventory actually decreased by 8.9% since the previous quarter and by 8.7% year-over-year. The number of signed contracts also fell, by 5.5% since Q3, but it spiked by 10.4% since the fourth quarter of 2012.

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