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Courtesy of Douglas Elliman’s EllimanReport, the chart below presents Q1-2014 metrics for residential co-op and condo sales in the New York City borough of Manhattan!
Performance, when compared to Q1-2013, is extremely impressive and in fact so impressive that one might be moved to ask whether these gains are sustainable going forward.
In fact, year-over-year gains were so strong that the question could arise as to whether the real estate market is approaching the dreaded B-word of bubble-like conditions.
As an example the median price of property rose year-over-year by 18.5%, although that still places values 5% below the records set in 2008. At the same time the average sales price rose a whopping 30.9% to $1,773,523.
The average price per square foot set a 25-year record reaching the lofty level of $1,363 which was 23.6% above Q1-2013 levels.
Sustainable gains that will extend going forward? Only time will tell but for now it’s great news for sellers and makes for a challenging and competitive environment for those interested in buying!
Q1-2014 Manhattan, New York residential real estate statistics!
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