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Tuesday, October 2, 2007

Manhattan housing boom continues

October 2 2007
Despite a housing slump across the rest of the nation, home sellers in New York City are selling houses faster with the number of listings reaching a two-year low, according to data released Tuesday. Prudential Douglas Elliman reported that inventory in Manhattan fell 31.7 percent to 5,204 units in the third-quarter from a year-ago total of 7,623 units, while units stayed on the market for 123 days, faster than the 150 days seen in the same period last year. The broker reported that the number of sales increased 65.6 percent this quarter to 3,499 units as compared to the 2,113 units sold a year ago. In similar quarterly reports from Brown Harris Stevens, Halstead Property and the Corcoran Group, all three brokers also reported shrinking inventory. A Manhattan apartment market wide sold for between a median price of $815,000 and $895,000 during the three months ended September 30. The low estimate was reported by Halstead and Brown Harris Stevens, while Prudential Douglas Elliman pegged it at $864,000. Corcoran recorded the high figure among the group.


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