Today we present our 2nd Quarter 2010 Manhattan Market Overview, the leading resource on the state of the housing market.  It is produced in conjunction with Miller Samuel to provide you and your clients with the most comprehensive and neutral market insight available. 

The Manhattan housing market improvement over the past year has been impressive. Conditions are now stronger today than anyone would have expected last year. While Manhattan housing prices remained stable, the number of sales jumped nearly 80% from last year and rose more than 15% from last quarter, returning to more normal levels. The housing market restart began with an increase in sales to first time buyers in 2009, gradually expanding to the high end market in 2010. Although we still face economic challenges, record low mortgage rates and improved affordability continue to drive the market. 

We produce our market reports because I believe access to timely information in this ever changing market is one of the greatest resources we can offer to our clients, and we remain committed to providing the best information and services in the industry. Coming soon are our exclusive 2nd quarter market reports for Brooklyn, Queens, Long Island and the Hamptons/North Fork, plus a Manhattan rental report. We trust that you and your clients will find them useful. 

Warmest regards,
 
Dottie Herman
President & CEO, Prudential Douglas Elliman 

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