Home sales up slightly in quarter

By The Mercury

Manhattan area home sales rose by 1.6 percent in the first quarter of 2013 compared to the same period the prior year, according to figures released Friday by the Manhattan Association of Realtors.  Sales totaled 127 units in the first quarter, up from 125 units in 2012.

Across the Manhattan area, there were 249 active listings at the end of the quarter.  The supply of new and existing homes on the market — which is determined by taking the number of active listings and dividing by the number of sales — represents 5.9 months.

The average sale price last quarter was $194,054, compared to $189,930 in the first quarter of 2012. This represents an increase of 2.2 percent. The median sale price last quarter was $187,000, compared to $178,500 for the same period last year. The median price is the value for which half of the homes sold for more and half sold for less.

“Our steady growth reflects the strength of our local economy,” remarked Kathleen McPeak, president of the Realtors association.

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