Posted by Jonathan J. Miller -Tuesday, April 3, 2012, 8:58 AM
After 6 quarters of talking “luxury this” and “$88M that,” we get to look at something new. The entry-level in Manhattan (studios and 1-bedrooms) saw it’s largest market share since 2009. If you recall, I dubbed 2009 as the “Year of the First Time Buyer” due to to falling mortgage rates post-Lehman and the federal homeowner tax credit for first time buyers. However be on the look out for excessive market hyperbole concerning bidding wars. The quarter didn’t kick in until late February after the pummeling the consumer received in the fall with a swirl of bad economic news and pressed the “pause” button. The late start in the season suggests a pretty robust 2nd quarter ahead.
Here’s an excerpt from the report:
Despite global economic turmoil last fall, the housing market continued to show stability, continuing a pattern that began in mid- 2009 after the credit crunch began. The S&P’s downgrade of US debt, paired with the European debt crisis, Wall Street bonus concerns, and large swings in the stock market indices all contributed to the market’s slowed pace leading into the first quarter. As a result, the number of sales slipped 3.5% to 2,311 from 2,394 in the prior year quarter. However, sales levels began to rise during the middle of the first quarter. The price indicators continued to show stability. The median sales price slipped 0.9% to $775,000.
As I’ve mentioned before, we just launched this site and I am getting used to how it works under the hood. The data section will be updated shortly, if not by the time you read this. Charts may be a bit longer since I am doing some house cleaning.
Here’s the press coverage for the report today.