Friday, July 1, 2011

Second quarter reports are in, and the news is good.

(Yes, I know brokers always say that.  This is because when the news is bad, we do as our mothers taught us and don’t say anything at all).

Note that I said “good,” not “fantastic.”

This quarter, the number of sales is up 10.7% over the previous quarter according to a report prepared by Miller Samuels, the appraisal firm.  While there were fewer sales than in the same quarter last year, the 2010 number was inflated by the expiration of the government tax credit.

Average sales price and average price per square foot each showed a 1.6% increase from the same period last year to $1,455,098 and $1,068 respectively.  Median sales price was $850,000.

There are some cautionary notes.   The unemployment rate in New York City in May was still high at 8.6%, as reported by  And loan limits will tighten under new federal guidelines that take effect in October.

“The quarter is a continuation of the stability we’ve been seeing since the middle of last year,” Jonathan Miller, chief executive of Miller Samuel, told Crain’s

Nobody’s saying prices will drop.  But nobody’s saying they’ll rise, either.

Bottom line, if you’re thinking of selling but waiting for the market to go up, you could be waiting a long time. 

©copyright Confidence Stimpson 2011

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