Tribeca Property

After coming off an active February, Tribeca contract signed activity slowed in March to 30 contracts signed, off of last year’s March total of 45.  Almost 70% of all Tribeca contracts signed were in the $3 million dollar or less category.  The most active price range was the $2 million to $2.99 million range, accounting for 35% of all contract signed activity.  Pricing held quite nicely averaging about $1360 per square foot with a median of about $1290 after adjustment for discounting.

 Total Supply

Supply inched upwards to approximately 257 active listings up from 236 at the beginning of February.  54 new listings came onto the market after adjusting for closed and contract signed activity.  This is typical for the spring and expected.  Of the current active listings, a little more than half were priced at $3 million or less.  The average square footage price for all active Tribeca listings was $1533.  The median was $1439.

Analysis

Although the pace of sales is quite off from last year this time, pricing is still holding.  The market is becoming more normalized.  Buyers are becoming more discriminating and taking their time.  The increase in supply will help since selection has been limited.  Sellers who are pricing correctly are seeing action rather quickly.  New development is also still in demand and selling at a steady pace.  We will continue to monitor absorption rates as we move through 2008.