Second Quarter 2011 Douglas Elliman Manhattan Market Report Released
Sunday, July 3rd, 2011
The latest Douglas Elliman report compared to second quarter last year showed mixed, but improving results, particularly in the luxury market which saw median sales prices increase 11.2%. Overall sales were up 10.7% compared to the previous quarter, but 3.8% less than the second quarter of 2010, which had sales driven by the federal tax credit for first-time home buyers.
Dottie Herman, President & CEO of Prudential Douglas Elliman reminded that: ’Relative to other housing markets across the country, Manhattan continues to be one of the best performing markets to date. While our regional economy is showing a slow pace of improvement, we anticipate the Manhattan housing market to follow the same trend for the remainder of 2011.’
Jonathan Miller who helped prepare the report was quoted as saying, ‘I would describe it as stable,’ Miller said. ‘It’s not booming, it’s just solid.’
This is the stability and improvement that we mentioned and expected after promising signs from the first quarter report. Barring any new obstacles, we expect to see continued improvement in 2011.
We’ve included the complete report below. Please let us know if you have any questions or need more analysis of the information provided. We can also do a comprehensive, free market analysis of your property. You can reach me at wlandhauser@elliman.com or 212-350-2807.
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