If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

It looks like the slowdown in the rest of the country has not touched Manhattan. Sales volume was up 15.5 percent on lower mortgage rates and increased market confidence. While this is not indicative of the rest of the country, my feeling is that once confidence is restored to markets that the world is not going to end, you will see sales bumps like Manhattan as the fence sitters jump back in.

Despite a downturn in the housing market nationwide, Manhattan apartment prices rose 6% in 2006 - to a record average of $1.295 million, a new study found.
The boom that began the decade with 20% annual sales price hikes has definitely ended. But locally, a bust hasn’t followed.
“We completed the transition from double-digit growth rates to single-digit growth,” said Jonathan Miller, CEO of appraisal firm Miller Samuel, which analyzed sales for real estate brokerage Prudential Douglas Elliman.
During the final three months of the year, the Manhattan market softened - as it normally does during the holidays. Fourth-quarter sales prices fell 5%, to an average of $1.22 million, from the third-quarter average.
But the number of deals closed - which also usually slides in the fourth quarter - surged by 15.5% from the third quarter, partly because falling mortgage rates encouraged potential buyers to get off the sidelines. via the New York Daily News

You may notice the name Jonathan Miller, he is a fellow blogger and creator of the Matrix.

Related posts:

1. Manhattan Apartment Prices Soar In 4th Quarter, 2007
2. Manhattan Commercial Real Estate Occupancy at 8.7%
3. Manhattan Home Prices Soaring to an Average 1.37 Million Dollars
4. Manhattan Real Estate Facing Tough Times With Wall Street Collapse
5. Manhattan Prices Fall Slightly After Long Run Up