1Q Manhattan Real Estate Market Report Now Available

Here it is:

Prudential Douglas Elliman Manhattan Market Overview 1Q 07 prepared by Miller Samuel.

And a brief summary directly from Miller Samuel:

…The Manhattan housing market saw a large increase in the number of sales, a drop in listing inventory and a general increase in price levels this quarter. This market has not experienced a large level of individual investors seeking short-term profits (a.k.a. flippers) but rather this market has attracted primarily owner occupant or second home purchasers from the surrounding suburbs, regions and other countries. This condition contradicts the national housing market. The national economy has been tepid, and has showed more recent signs of weakness, which has helped keep mortgage rates low, further stimulating demand in the local market. In the national market, inventory levels remain high, the number of sales have fallen and prices continue to weaken. Solid local economic conditions including low unemployment, rising income levels in the financial services sector, rising corporate profits, the weakening dollar, and gains in tourism have all provided an environment for fostering housing demand. The state of the economy has kept the number of new development projects entering the market at a relatively high level, and so far, the demand has been able to absorb the new supply…

Manhattan real estate bulls abound…but for how much longer.  I will take a look at the report and weigh in with my thoughts as well as thoughts on other market reports later in the week.

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