City Prices Still Rising

Today's New York Times reports that prices in Manhattan continue to buck the national real estate slump. The average apartment price increased by 17.6 percent last year according to a report by Prudential Douglas Elliman, the primary source of the Times article. In addition, the number of sales increased, as did the average speed in which listings sold. Meanwhile, Brownstoner, the Brooklyn RE site, quotes a report from The Corcoran Group showing that prices in the borough also increased last year--by as much as 19% in some tony hoods. The reports paint a rosy picture for the city market, which stands in contrast to the national scene, which ranges from sluggish to depressed. I haven't seen a report on our local market yet, but rest assured that it won't be as upbeat. Which leads one to believe that the trend reported in Sunday's Times of more and more city dwellers heading to the burbs for the low prices should continue.
SOURCES: The New York Times: Apartment Prices in Manhattan Defy National Real Estate Trend; Brownstoner: Corcoron '07 Market Report: Brooklyn's Still Up