New York City 4th Quarter 2009 Rental Report
Rental price indicators below prior year quarter, stable since third quarter
All rental price indicators, excluding concessions, were below levels seen in the same period a year ago, but showed signs of stability since the prior quarter. Rental price per square foot was $47.02, down 4.6% from the prior year quarter and down 1.7% from $47.84 in the prior quarter. Average rental price fell 4.3% to $3,789 in the fourth quarter from $3,958 in the prior year quarter, but saw a nominal 0.8% uptick from $3,759 in the prior quarter. The smaller price declines and mixed results from the prior quarter suggest near Read more
New York City 4th Quarter 2009 Sales Report
The number of sales increased over the prior year quarter as inventory fell
There were 2,473 sales in the current quarter, up 8.4% from the 2,282 sales in the prior year quarter and up 10.9% from the prior quarter. This level of activity was more than twice the 1,195 sales seen in the first quarter of 2009, which had been lowest level of sales in nearly 15 years. The return to more normal historical levels of sales activity was also reflected in the decline in inventory levels. There were 6,851 active listings at the end of the quarter, a 24.6% decline from 9,081 listings in the same period a year ago, but down 18.3% from 8,389 listings in the prior quarter. The seasonal average decline in the number of listings from the third quarter to fourth quarter over the last decade with the exception of 2008 was -3.4%. Therefore the 18.3% decline in listings was considered atypical. Excess inventory was worked off by the Read more
The Wall Street Journal- The New York Times
- Matrix
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