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"That's a staggering increase, since we have never seen the quarterly average for condos exceed $700,000," Mr. Miller said.
Inventory is now 6,851 listings, just shy of the 10-year quarterly average of 7,094, Mr. Miller said.
Joan Solotar, an analyst at Credit Suisse First Boston, said compensation booked for those businesses was $435 million more than the quarterly average for last year.
That is the lowest quarterly average since the final three months of 2007, when the recession began; it was then 338,000.
The commodities trader's earnings in the fourth quarter were $1.26 billion, just 3 percent below the quarterly average in the boom of four years ago.
Mr. Miller, the appraiser and author of the Prudential Douglas Elliman quarterly report, pointed out that Manhattan had 5,923 co-ops and condominiums for sale in the first quarter of 2007, compared with the median quarterly average of 5,200 over the last five years.
Similar(25)
Unlike other indices, Halifax bases this figure on a comparison of quarterly averages, and a straightforward comparison of average prices in March 2013 and March 2014 showed a rise of 8.4%.
The lender's annual growth figure, which compares quarterly averages year-on-year, showed a 6.2% rise – the highest annual rate since June 2010.
But if you smooth out some of the possible monthly anomalies by taking quarterly averages, and then plot average monthly gains over the past three quarters, you get the clear step function below.
We substituted MDL/2 for individual measurements below the MDL when we compiled quarterly averages.
First, for each FPM monitor, quarterly averages were computed from 24-hr average values (of at least every 6th-day schedule) when > 50% of scheduled samples were available.
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