Elliman Report 4QT 2014 Released

by Laura Matiz

The 4th quarter Manhattan Sales Report from Douglas Elliman is now available. This quarterly survey of co-op and condo sales shows that while housing prices continued to rise, the market remained constrained by a lack of inventory. A highlight from the report is that nearly half of all sales resulting in purchase prices that were at or above the asking price, meaning that many buyers are dealing with bidding wars. 

Sales activity fell below the record volume from last year, but it was still robust. The activity is likely to be affected by new developments that will come on the market this year. The report and I believe that the strong finish in 2014 will lead to an active market in early 2015.

For a shorter read, check out the one-page summary that features such highlights:

• Median sales price jumped 14.6% to $980,000, second only to the record of $1,025,000 reached in the second quarter of 2008 before the financial crisis began. 
• There were 39 luxury sales at or above $10 million, a 143.8% increase from the same period last year. 
• The number of months to sell all inventory at the current pace of sales, was 5.5 months, up from the near record 3.8 month rate in the prior year quarter. 
• The fourth quarter absorption rate was 34% faster than the ten-year 8.3 monthly average. 
• Listing discount, the average percentage difference between the listing price at time of sale and the sales price, fell to 2.4% from 3.6% in the prior year quarter. 

 
Call me to talk about this report, especially if you are considering selling or buying in this market. I can help clarify figures and tables from the report and how they might affect your interests. 

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