The second quarter of 2010 showed precisely what everyone thought it would: that activity was still robust coming off an exciting Q1, not too difficult an improvement to show on a year-on-year basis. Listings were on the market for a shorter period of time and sales volume is now in line with NYC’s 10-year average. The high end of the market saw increased interest and transactions, which helped to push both average and median prices up, while maintaining a steady price per square foot.
| Q2 2010 Data (and year-on-year changes) | ||||
| Elliman | Corcoran | BH / Halstead | Streeteasy | |
| Average Price | $1.43M (+9%) | $1.34M (-1%) | $1.26M (+9%) | $1.39M |
| Median Price | $899K (+7.6%) | $810K (0%) | $843K (+6%) | $800K |
| Price/Sq.Ft. | $1,051 (-.5%) | $1,040 (+1%) | $1,198 (-2%) | n/a |
| # Sales | 2756 (+80%) | 3600 (+47%) | n/a | 3500 (+65%) |
| Days on Market | 105 (-35%) | n/a | 112 (-13%) | n/a |
Now the question is, how sustainable is this quasi-return to normalcy likely to be? The buzz is that buyer traffic is already slowing down, but typical seasonal trends would predict so much. We believe the key will lie in the macro-economic picture, both from a global and domestic standpoint. Watch for key economic indicators and their reflection in the stock market as a leading indicator of what may be to come in housing. (Links to the Q2 reports from Elliman, Corcoran, Brown Harris/Halstead and Streeteasy.)
