Christopher Meyers of Houlihan Lawrence and appraiser Jonathan Miller

Sales volume edged higher in Westchester County in the first quarter of 2012, according to reports by Prudential Douglas Elliman and Houlihan Lawrence released today. But, that was countered by growth in inventory, the Elliman report indicates, and a decline in the average sales price.

The number of sales in Westchester increased 1.8 percent to 1,277 from 1,254 sales in the prior-year quarter, the Elliman report shows, but listing inventory increased 1.5 percent to 6,769 units from 6,667 units at this time last year. Meanwhile, average sales prices declined 3.4 percent to $534,977 from $553,846 in the prior year quarter. [more]

There were no surprises in the Manhattan commercial real estate market
in the first quarter of this year, according to Mark Jaccom, CEO of
FirstService Williams. The market continued to decline, with the
availability rate rising to 12 percent, up from 10.9 percent at the end
of the fourth quarter of 2008, according to a first-quarter report from
the commercial real estate firm released today. “Large financial institutions that are major users of space in the city
had earlier announced both employment reductions and goals to utilize
less space per employee,” so the higher availability rate isn’t
unexpected, Jaccom said. TRD [more]