Outside its Cold (-5°); at least the Market is Hot. Q4 Report came out today

Q4 Report thumbnail.2Today it was -5°, with the wind factor in NYC; but at least the NYC Real Estate Market is Hot. Again, my apologies for such a cheesy headline, but how could I resist?

Regardless, our Q4 New York City Real Estate Market Report just came out, and here are the key takeaways:

  • Low inventory: available residences in Manhattan decreased in number for the twelfth straight quarter (three years).
  • Demand is aggressive and on the rise: more contracts are being executed now than at the same time a year ago, a trend that has been ongoing for eight quarters (two years).
  • Short supply and high demand meant higher prices: the price per square foot in Manhattan reached $1197, a five-year high (just 5% off the all-time high of $1261 in Q2 08)
  • New development sales are pumping up luxury sales and resulting in dramatic price gains at the high end.