Manhattan Property Sales and Prices Up

NEW YORK (TheStreet) -- Manhattan, New York second quarter 2010 market reports are out showing positive signs by all metrics. Prices increased slightly, days-on-market decreased and transactions increased. This is driven by low mortgage rates, good deals, increased consumer confidence and the first time homebuyer credit.

Report Summary

Median price for the second quarter, according to Miller Samuel Appraisers, is $899,000, a 3.6% increase compared to the first quarter and 7.6% increase compared to last year.

It is more realistic to say that prices have stabilized rather than risen because there has been a larger proportion of larger apartments that transacted.

Average price per square foot is now at $1,051, a slight 1.2% increase over first quarter and flat compared to last year.

Transactions increased to 2,756 units, a 16% increase compared to the first quarter and a whopping 80% increase compared to last year. Transactions are also now in line with the 10-year average for second quarter sales.

Days-on-market is now at 105 days, 16% less than the 124 days of the first quarter and 35% less than the 162 days from last year.

These second quarter closings, which reflect transactions entered into during the first quarter, shows that the market has turned for the better. But prices are definitely lower than during the peak. For example, median price was $1.025 million during spring of 2008, compared to $899,000 this quarter, reflecting a 13% decrease.