The latest batch of reports from around the industry found that residential listings picked up in February, while the Manhattan office market continued its upward surge.
Residential
February 2015 Manhattan absorption: Halstead Property
The absorption rate for Manhattan apartments rose to 3.9 months in February, a 15 percent increase year-over-year, according a report from Halstead Property. Condos had an absorption rate of 4.7 months, which was significantly higher than the co-op absorption rate of 3.3 months. Apartments in Upper Manhattan had the borough’s lowest absorption rate of 2.5 months. View the full report here.
March 2015 Manhattan residential sales: CityRealty
Apartment prices in Manhattan remained strong in the first month of the year, with sales averaging $1.9 million, according to a report from CityRealty. The average price for condos remained unchanged month-over-month at $2.9 million, while the average price for co-ops fell slightly to $1.2 million from $1.3 million in the previous month. Sales totaled $1.5 billion from 782 units sold. View the full report here.
February 2015 Manhattan residential sales: Maxwell Jacobs
The Manhattan residential market remained strong in February, with the number of active listings and prices increasing over the month, according to a report from Maxwell Jacobs. The number of active listings increased 11 percent to 6,271 in February, but was countered by a 7.2 percent decrease in closed sales which totaled 689. View the full report here.
Manhattan luxury contracts Feb. 23-Mar. 1, 2015: Olshan Realty
Manhattan’s luxury residential market had a record-breaking month in February. There were 116 contracts signed for homes priced $4 million and above, a 23 percent increase over last year. Sales for the month totaled $978 million, up 16 percent year-over-year, according to Olshan Realty. Thirty contracts were signed during the final week of February, compared to 28 signed the prior week. View the full report here.
Office
February 2015 Manhattan office price index: Green Street Advisors
The Green Street Midtown Manhattan Office Price Index remained steady in February. Manhattan office values continued its upward trend, exceeding 2007 level peaks, according to a report from Green Street Advisors. View the full report here.