What’s up in Manhattan?

What’s up in Manhattan? Number of sales and prices!

According to the just released EllimanReport: Quarterly Survey of Co-op and Condo Sales, the Manhattan market is going strong.

Highlights:

Most first quarter sales in seven years as listing inventory stabilized.
There were 3,307 sales, 34.6% above the same period last year, marking the highest first quarter total in years. Listing inventory was essentially unchanged at 4,968 after three years of declines.

Average price per square foot set a 25-year record.
The average price per square foot of a Manhattan apartment reached a record $1,363, 23.6% above the prior year level. Median sales price increased 18.5% to $972,428 from the prior year level, but remained 5.1% below the record set in the second quarter of 2008.

Days on market and listing discount tightened.
The time to market a property was 17 days faster than the same period last year, falling to 115 days.  Listing discount decreased 2.6% from 4.3% in the same period last year.

For more information on the city’s real estate market, check out theEllimanReport and a recent article in The New York Times.