NEW YORK—The Manhattan housing market is climbing out of its deep hole and stabilizing, according to a Q4 2009 report prepared by Miller Samuel.
The fourth quarter saw increased sales activity, declining inventory, fewer price cuts, and price stabilization in the residential market, the report said.
“Improvement in the national economy, rising stock market, and mortgage rates at historic lows have all played a role in the improvement of the Manhattan housing market second half of 2009,” said Jonathan Miller, president/CEO of Miller Samuel.
Dottie Herman, president/CEO of Prudential Douglas Elliman, said the firm is very pleased with the improvement in the New York City market.
“This quarter we saw 10.9 percent more sales than the prior quarter and the real estate market was very active for a time of year where sales generally decline due to the holiday season,” Herman said. “Unlike the rest of the country where there is an abundance of inventory, New York City’s listing inventory fell 25 percent from the same time last year. We believe that improved economic conditions and a strong belief in New York City all played a role in improving our housing market.”
Unemployment will remain a big factor in the future market conditions, the report says. Easier credit for buyers and resolution of the shadow inventory situation will also play a role in 2010.
The fourth quarter saw increased sales activity, declining inventory, fewer price cuts, and price stabilization in the residential market, the report said.
“Improvement in the national economy, rising stock market, and mortgage rates at historic lows have all played a role in the improvement of the Manhattan housing market second half of 2009,” said Jonathan Miller, president/CEO of Miller Samuel.
Dottie Herman, president/CEO of Prudential Douglas Elliman, said the firm is very pleased with the improvement in the New York City market.
“This quarter we saw 10.9 percent more sales than the prior quarter and the real estate market was very active for a time of year where sales generally decline due to the holiday season,” Herman said. “Unlike the rest of the country where there is an abundance of inventory, New York City’s listing inventory fell 25 percent from the same time last year. We believe that improved economic conditions and a strong belief in New York City all played a role in improving our housing market.”
Unemployment will remain a big factor in the future market conditions, the report says. Easier credit for buyers and resolution of the shadow inventory situation will also play a role in 2010.
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