The monthly CORE Real Time Report is the first of its kind for the Manhattan residential market. It is an analysis of real-time information that tracks current contract pricing and absorption.

This report is different from other published reports in that it reflects existing contract data, not sold and closed data which often take months or years to be recorded.

We noticed…

• Sales inventory was at a low for 2010 with a 43.78% decline from July

• Contract signed prices remained strong with a low rate of decline

• New Development availability and contract signings dropped, but that is typical for August

• Smaller apartments continued to attract buyers during August

• There were no 5-bedroom apartments sold in July or August

…………and the July Realtime Report numbers have just come in. Read more here.

Which sign to follow?

Second quarter Realtime Report is released…….

Looking back over the past six months of market activity, it is clear to see that we are in a stage of absorption recovery, yet further price weakness. This has been the fastest market adjustment we have ever seen in the city and it is clear that Manhattan has not been immune to the effects of the national housing market and weakened global economy. The last three months of 2008 had the lowest deal volume for decades, and perhaps historically. Even the post September 11, 2001 market activity decline was brisker than the decline we are currently facing. January 2009 had fewer than 200 new contracts signed in Manhattan, but since then, the deal activity has consistently increased across the board. June had more than four times the volume of new contracts signed than January. On average, the market is selling close to 40% lower than its highs from 18 months ago. In the past six months, we have seen new contracts being signed at consistently lower prices. The weakest part of the market continues to be the luxury market (3 bedrooms and larger) and even though we see a slight increase in contract prices, there are still very few larger units purchases being negotiated. There are small signs of a recovery, but it is unclear if this is seasonal, pent up demand from no activity, or buyers starting to recognize that this is clearly their market, and they are beginning to taking advantage of the opportunities that exist. As prices have continued to decline, there is a sense that we are nearing a bottom, although the timing of a turnaround is uncertain. Thanks CNBC for taking note. (more…)

We have just released the May Core Realtime Report reflecting the numbers for May and here are our findings.

The Manhattan market was one of the last to feel the effects of the global financial crisis, but we can clearly see that we have not been immune.  (more…)

The Monthly CORE Real Time Report is the only one of its kind in the Manhattan residential market.

As the fourth quarter of 2008 brought unsettling news we looked to the first quarter of 2009 to provide an indication of what to expect for the coming year and beyond. Although uncertainties in many aspects of the entire economic picture remain, there are some reassuring indicators to grasp at this point. Our new president has been a strong proponent of economic policies that will shore up badly damaged sectors of the economy and will no doubt continue to implement much needed regulation. As the financing needed to allow homebuyers to purchase property is loosened we will certainly see rises in numerous measures of consumer confidence. At this time, we are seeing a steady increase in sales volume, albeit down from this period last year, as sellers become more comfortable with realistic pricing in this cooled market.

February is always a pivotal month because of Wall Street bonuses. The expectation this year is that weakness in the financial sector will lead to a continued destabilized real estate market. Click here to read the report.

February saw a large increase in deal activity, especially in the one bedroom market with 123 new contracts signed. This is still an historically bleak number year to date, but a great improvement over the past three months. Contract prices continued to trend downwards in the one, two and three bedroom markets, but the luxury 5/6 bedroom segment of the market showed improvement in the number of contracts signed as well as a 54% increase in contract signed price from January. The greater volume of absorption this month is a direct result of lowered unit prices.

With the overall number of transactions remaining nominal, the market remains in a state of uncertainty and pause.

The Monthly CORE Real Time Report is the first of its kind in the Manhattan residential market. It is an analysis of real-time information that tracks current contract pricing and absorption. This report is different from other published reports because it reflects existing contract data, not sold and closed data, which often takes months or years to be recorded. In order to get an accurate snapshot of the current market, contract data is the most pertinent information. Sold and closed data reflects historical market information and cannot be accurately attributed to a specific time in the market due to the nature of the length of a transaction. This is further skewed with new development transactions which can sometimes reflect more than a two year period from contract signing to closing. As is the case with all residential reports, the accuracy of this report is not 100%, but this is a very reliable snapshot of current market conditions. The information in this report is gathered from numerous sources and includes parameters in Manhattan below 96th Street and does not include new development data unless otherwise noted.