Today Douglas Elliman released its fourth quarter sales report for 2013. You can view the full reports for Queens and Brooklyn here. Douglas Elliman found that inventory and absorption rate fell to the lowest level since it was tracked in mid-2005, that sales surged from year ago levels (which is likely in response to the spike in mortgage rates this spring), and that housing prices have generally remained stable. In this quarter, condo prices averaged at $448,369, co-op prices averaged at $216,303, and home sales averaged at $568,867. Luxury properties (the upper 10 percent of co-op, condo and 1-3 family home sales) came in at an average price of $1,016,031.
Compared to the fourth quarter of 2012, the median sales price declined 4.4 percent to $372,700, the average sales price was more or less unchanged at $431,241, and the number of sales really jumped — 74.7 percent to 3,344. The listing inventory, however, fell 39.6 percent to 5,248 units. Properties spent less days on the market, at an average of 103 days. And listing discount this quarter came in at 5 percent, compared to 6.1 percent. Finally, the luxury median sales price beefed up by 7.1 percent, averaging at $910,000. The new development market share also increased, if just a little, from 9.9 percent to an even 10 percent.