Compass Q3 2019 Manhattan Quarterly Market Report - Nicholas DeLotell by Nicholas DeLotell

Q3 2019

M A N H AT TA N MARKET REPORT

M A N H AT TA N SALES REPORT Q3 2019:

ECONOMIC UNCERTAINTY

Look at any major news site, channel, or

sion speculation has slowed and shifted the

paper, and you'll easily find a story about

market. Manhattan saw 12% fewer sales this

the economic storm on the horizon. No

quarter compared to 2018. The increased

While real estate continues to move, the

one knows whether these rumors are true,

sales seen in 2015, 2016, and 2017 deserve

upcoming election year, general state of pol-

but everyone is taking the revolving door

consideration, however, and 2018 and 2019

itics, ever-changing trade agreements, and

seriously this time around. While it's evident

trends are suggestive of market normaliza-

much more could shift things any direction,

whatever is going on with the U.S. and glob-

tion, not crash.

as we've seen with the stock market. We ex-

al economy involves more than the housing

per square foot support this.

pect economic climate and taxes to continue

market, real estate maintains its importance

The distribution of purchase price differed

dictating price, and the increased contract

as a prime contender of economic predict-

significantly, with only 9% of units selling

activity seen to lead to market stabilization.

ability.

for $3M and above, the fewest since 2015. Many look back to 2008 and want to avoid

Looking back to last quarter's report, the

purchasing at the wrong time, so even with

results are in on the newly-established

low mortgage rates, buyers are appropriate-

Mansion Tax in New York: it prompted a

ly re-evaluating their price range and opting

large number of sales in a race to beat the

for something slightly less expensive. De-

July 1, 2019 deadline. Since then, buyers are

clines in overall average price and average

uncertain. The new tax coupled with reces-

size but limited reduction in average price

RORY GOLOD

ELIZABETH ANN STRIBLING-KIVLAN

New York Regional President

Senior Managing Director

MARKET HIGHLIGHTS 05 RECORDED SALES 07 PRICE PER SQUARE FOOT 13 CONTRACTS SIGNED 15 TIME ON THE MARKET 21 TOTAL INVENTORY 23 MONTHS OF SUPPLY 29

SOURCES Compass proprietary database, ACRIS (Automated City Register Information System)

RESEARCHED & WRITTEN BY: Josh Chamberlain

METHODOLOGY U PPE R M A N H AT TA N

GEOGR APHY covered in this

MONTHS OF SUPPLY is an estimated

report is Manhattan.

time it would take to sell all current active listings based on the trailing

INVENTORY is calculated based

12-months sales rate.

the quarter at the time the report

TIME ON MARKET is calculated by

is prepared.

how many properties entered contract

U PPE R W EST S I D E

C E N T R A L

during the quarter in the given period. CONTR ACT SIGNED figures for the current quarter are based on publicly

DISCOUNT is the percentage

reported transactions at the time the

difference between the initial list

report is prepared. The signed price

and recorded sale price.

reflects the latest available asking price.

CURRENT QUARTER is reflective

P A R K

on all properties actively listed during

M I DTOW N W EST

U PPE R E AST S I D E

M I DTOW N E AST

of the initial day of the quarter until the RECORDED SALES figures for the

20th day of the closing month of the

current quarter are based on known

quarter. These numbers will be updated

closings recorded at the time the

in subsequent reports to reflect the

report is prepared.

dataset of the entire quarter.

MEDIAN PRICE is the middle

QUARTERS

price of a given dataset.

1Q: January 1 – March 31

FI N A N C I A L D I STR I C T/

2Q: April 1 – June 30

BAT TE RY PA R K C IT Y

AVER AGE PRICE is the sum of all

3Q: July 1 – September 30

prices divided by the total number

4Q: October 1 – December 31

of properties. 5

D OW NTOW N

MARKET HIGHLIGHTS

“New taxes and economic speculation drove buyers to different price points.”

$1,650,175

152

AVER AGE SALES PRICE

AVER AGE DAYS ON THE MARKET

AVER AGE DISCOUNT

$968,750

28%

MEDIAN PRICE

SHARE OF

INVENTORY

CLOSINGS

OVER $3M

$1,368

33%

AVER AGE PRICE PER SQUARE FOOT

OF PROPERTIES TOOK MORE THAN 180 DAYS TO ENTER CONTR ACT

RECORDED SALES RECORDED RECORDED SALES SALES by by UNIT UNIT TYPE TYPE BY U N IT T YPE There were 2,826 recorded sales to-date in Q3 2019, a 12% decrease from this time last year. 1BR units made up 41% of all transactions, with an average price per square foot of $1,267 and average size of 782 square feet. 2BR units were the second highest with 32% of the market, an average PPSF of $1,423, and an average size of 1,241 square feet. Studios took 13% of the market and saw the lowest average PPSF of

2 19 PERCENTAGE OF UNITS Q Q3 3 20 019 PERCENTAGE OF UNITS

Condo sales were mixed. The 3BR category saw the largest increases, jumping 15% in average PPSF to $2,075, with only a 2% increase in average size. The 4+ BR group saw an 11% decline in average PPSF despite an 8% decline in average size, indicating prices were noticeably reduced compared to this time last year. Studios were 5% larger on average this year, but steady in value, while 1BRs, with 43% of the market,

3% 3%

4+ BR 4+ BR

18% 18%

2 19 AVERAGE PPSF Q Q3 3 20 019 AVERAGE PPSF

27% 27%

36% 36%

45% 45%

$1,115 $1,115

STUDIO STUDIO

$1,267 $1,267 $1,423 $1,423

1-BR 1-BR 2-BR 2-BR

$1,652 $1,652

3-BR 3-BR

$2,154 $2,154

4+ BR 4+ BR

$0 $0

$500 $500

$1000 $1000

$1500 $1500

$2000 $2000

$2500 $2500

2 19 AVERAGE SIZE Q Q3 3 20 019 AVERAGE SIZE

size. 3BRs, with 12% of the market, saw their PPSF decline 8% on average,

1-BR 1-BR

despite being 10% smaller on average. 2BRs were the second highest

2-BR 2-BR

517 517

SF SF SF

782 782

SF SF SF

1,241 1,241

SF SF SF

1,927 1,927

3-BR 3-BR

SF SF SF

3,299 3,299

4+ BR 4+ BR

0 0

9% 9%

0% 0%

STUDIO STUDIO

3%, respectively.

11% 11%

3-BR 3-BR

market, dropped 5% in average PPSF to $968, but grew by 3% in average

market share at 31% and declined in average size and PPSF by 6% and

32% 32%

2-BR 2-BR

saw limited change. Co-ops saw declines in value in all categories. 1BRs, with 39% of the

41% 41%

1-BR 1-BR

$1,115. 4+BR units were both the largest and the most expensive, and captured just 3% of closings.

13% 13%

STUDIO STUDIO

800 800

1600 1600

2400 2400

3200 3200

SF SF SF

4000 4000

Q 3 2 0 1 9 T O TA L S A L E S B Y U N I T T Y P E

4+BR

3-BR

31111%

Q3 2019 CONDO RECORDED SALES STUDIO

1-BR

2-BR

3-BR

4+BR

% UNITS

10%

43%

33%

10%

AVERAGE DISCOUNT

10%

$1,050,000

$1,950,000

$3,801,072

$6,934,802

-5%

12%

-15%

$1,148,827

$2,256,493

$4,466,991

$9,239,611

-1%

17%

-15%

$1,494

$1,666

$2,075

$2,493

-5%

-0.5%

15%

-11%

AV E R AG E S F

547

779

1,283

2,069

3,261

YOY

-2%

-1%

-8%

$635,000

MEDIAN PRICE

-2%

YOY

$692,215

AV E R AG E P R I C E

-3%

YOY

$1,303

AV E R AG E P P S F

2-BR

904

STUDIO

367

32%

YOY

13%

Q3 2019 CO-OP RECORDED SALES STUDIO

1-BR

2-BR

3-BR

4+BR

% UNITS

15%

39%

31%

12%

AV E R AG E D I S CO U N T

10%

14%

$705,000

$1,236,250

$2,050,870

$3,587,500

-2%

-6%

-14%

-11%

$747,500

$1,331,076

$2,296,147

$5,244,938

-4%

-11%

-16%

-2%

$968

$1,063

$1,191

$1,365

MEDIAN PRICE

1-BR

1,159 41%

YOY AV E R AG E P R I C E YOY AV E R AG E P P S F

$443,750 -4% $450,772 -6% $936

YOY

-8%

-5%

-3%

-8%

-7%

AV E R AG E S F

489

787

1,179

1,775

3,387

YOY

-6%

-10%

16%

4+ BR

0 0 0

800 800 800

1600 1600 1600

2400 2400 2400

3200 3200 3200

3,299

4000 4000 4000

RECORDED SALES RECORDED RECORDED SALES SALES by by PRICE PRICE POINT POINT RECORDED SALES by PRICE POINT BY PR I CE PO I NT Sales priced between $1-3M were the greatest share of closings in 3Q19, with 39% of all deals. The $500K-1M bracket closely followed with 36%. Properties less than $500K occupied 16% of sales, the highest since 2015. Discounts leveled off this quarter, holding at 8% on average for properties priced $5M and below. The $10-20M price bracket saw the greatest negotiability, with average discount of 23%. Units priced $1-3M were 5% smaller on average, but only saw a 2% increase in average PPSF as their average and median price both fell 4%. The $3-5M price bracket were 6% more expensive on average at $2,076 PPSF compared to this time last year. Properties under $500K were more cost-effective at an average of $791/SF, a 6% decline year-over-year. The condo market was mixed. Units priced $1-3M took 50% of the market and on average were 5% smaller and 3% more expensive, at 1,098 square feet and $1,646 PPSF, respectively. The $20M+ bracket saw notably smaller units, declining 11% in size. However, their prices did not decrease accordingly, leading to an 18% higher average price per square foot. Co-ops saw mixed changes as well. Units priced under $5M all became more affordable on average. Those below $500K saw the most variance in this group, with average PPSF falling 10% with a 3% increase in average size, indicating prices were reduced. The $500K-1M price point had 40% of the market, where average PPSF fell 4%.

Q Q3 3 2 20 0 11 9 9 P PE ER RC CE EN NT TA AG GE E O OF F U UN N II T TS S Q 3 <500K 2 0 1 9 P E R C E N T A G E 16% OF UNITS 16% 16%

<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M

1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M 10M-20M 20M+ 20M+

3% 3% 0.5% 0.5% 3% 0.5% 0.5% 0.5% 20M+ 0%0.5% 9% 0% 9% 0% 9%

39% 39% 39%

5% 5% 5%

18% 18% 18%

27% 27% 27%

36% 36% 36%

45% 45% 45%

$5200 $5200 $5200

$5,825* $5,825* $5,825* $6500 $6500 $6500

Q AV PP Q3 3 2 20 0 11 9 9 A VE ER RA AG GE E P PS SF F Q 3 <500K 2 0 1 9 A V E R $791 AGE PPSF

$791 $791$1,046 $1,046 $1,046 $1,510 $1,510 $1,510 $2,076 $2,076 $2,076$2,610 $2,610

<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M

1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M

$2,610

10M-20M 20M+ 20M+ 20M+$0

$0 $0

$1300 $1300 $1300

Q Q3 3 2 20 0 11 9 9 A AV VE ER RA AG GE E S S II Z ZE E Q 3 <500K 2 0 1 9 A V E 546 RAG E S I ZE SF 546 SF <500K SF SF 546 757 757 SF 757 SF 1,184 1,184 1,184

<500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M

1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M 10M-20M 20M+ 20M+

20M+ 0

0 0

36% 36% 36%

1300 1300 1300

SF SF SF

$2600 $2600 $2600

$2,411* $2,411* $2,411* $3900 $3900 $3900

1,970 1,970 SF SF 1,970 SF 2,593 SF 2,593 SF 2,593 SF 2600 2600 2600

4,804* SF 4,804* SF 4,804* SF 3900 3900 3900

* Denotes limited data available

5200 5200 5200

6,084* 6,084* SF SF 6,084* SF 6500 6500 6500

Q3 2019 CONDO RECORDED SALES

Q3 HISTORICAL TRENDS IN RECORDED SALES

100% 100%

90%

0.1% 1% 0.1% 3% 1% 6% 2%

0.1% 1% 0.1% 3% 1% 3% 6%

0.2% 0.1% 1% 1% 3% 0.2% 0.1% 2% 1% 1% 5% 3% 6% 2% 4%

90%

80% 80%

31% 29%

31% 30%

32% 28%

0.4% 0.4% 0.3% 0.2% 0.5% 1% 1% 2% 1% 1% 0.9% 0.4% 0.4% 0.6% 0.6% 4% 4% 5% 1% 1% 2% 2% 2% 5% 5% 3% 6%

5% 7%

31%

35% 35%

35% 36%

60% 60%

40% 40%

39% 38%

<500K

500K-1M 1M-3M

3M-5M

5M-10M

10M-20M

20M+

% UNITS

31%

50%

AVERAGE DISCOUNT

22%

MEDIAN PRICE

$430,000 $816,500

$1,615,000

$3,900,000 $6,337,380 $12,750,000

$26,750,000

10%

YOY

-4%

-2%

AVERAGE PRICE

$406,880 $790,621

$1,758,042

$3,967,994

$6,612,383

$13,241,852

$33,276,090

YOY

-3%

-2%

24%

AVERAGE PPSF

$871

$1,186

$1,646

$2,232

$2,656

$2,617

$6,107

YOY

12%

-2%

-20%

18%

AVERAGE SF

570

682

1,098

1,850

2,576

4,356

4,901

YOY

-20%

-5%

-4%

-6%

12%

-11%

33% 33%

38% 37%

32%

70% 70%

50% 50%

0.5% 0.5% 0.5% 3% 2%

38% 37%

39% 40%

Q3 2019 CO-OP RECORDED SALES

37% 37% 37% 39%

38% 38%

36% 36% 33% 35%

30% 30%

36% 34%

34% 32%

37% 36%

36% 31%

<500K

500K-1M 1M-3M

3M-5M

5M-10M

10M-20M

20M+

% UNITS

25%

40%

31%

0.6%

0.3%

0.1%

AVERAGE DISCOUNT

12%

25%

MEDIAN PRICE YOY AVERAGE PRICE

20% 20%

10% 10%

0% 0%

YOY

21% 25%

22% 22%

23% 28%

AVERAGE PPSF

20% 22%

20% 19%

19% 16%

YOY

14% 13%

12% 11%

2012 2Q13 2013 2Q14 2014 2Q15 2015 2Q16 2016 2Q12

2017 2Q17

11% 11%

16% 12%

AVERAGE SF YOY

2010 2Q10 <500K <500K

2011 2Q11

500K-1M 500K-1M

1M-3M 1M-3M

3M-5M 3M-5M

5M-10M 5M-10M

2018 2Q19 2019 2Q18

10M-20M 10M-20M

20M+ 20M+

$405,600 $719,000

$1,500,000 $3,475,000 $5,430,000 $10,348,500 -

-1%

-5%

-4%

$398,321

$724,452

$1,631,108

-1%

-0.5%

$775

-14%

-18%

$3,668,630 $5,850,714

$10,574,250

-4%

-11%

-20%

$929

$1,209

$1,610

$1,951

–

-10%

-4%

-3%

-1%

–

541

818

1,375

2,328

2,840

–

-4%

-3%

-2%

-21%

–

1,184 1,184

1M-3M 1M-3M 3M-5M 3M-5M

RECORDED SALES

SF SF

1,970 SF 1,970 SF SF 2,593 SF

5M-10M 5M-10M 10M-20M 10M-20M 20M+ 20M+

SF 4,804* SF SF 6,084* SF

1300

2600

3900

5200

6500

RECORDED SALES by SUBMARKET S U B MAR KET Downtown captured 28% of the market, the greatest share of any submarket, with an average PPSF of $1,791 and average size of 1,225 square feet. The Upper West Side saw the second highest market share of 22%, where average PPSF was $1,335 and average size was 1,084 SF. The Upper East Side saw 19% of deals and units were more affordable at $1,237 average PPSF, a decline of 4% compared to last year. Midtown West saw the second highest average PPSF of $1,608/SF (21% higher than this time last year), but still only accounted for 4% of the market as it did in Q3 2018. Units in Upper Manhattan were 7% more affordable than last year at an average of $811/SF and 926 SF. Condos were more affordable in all submarkets except Midtown West (6% of sales), where the average price per square foot climbed 23% compared to this time last year. Downtown, with 37% of the market, fell only 1% in average PPSF, but condos were 20% smaller this year. Midtown East saw a 13% decline in average PPSF, the most of any submarket. Co-ops were more affordable in all submarkets except FiDi/BPC (<1% of sales), where the average PPSF and median price climbed 12% and 11%, respectively. Midtown East, as with condos, saw the largest decline of 11% to an average of $845/SF. Upper Manhattan also fell 11% as well to $651/SF. Co-ops on the Upper East Side were 12% larger on average, but their prices increased accordingly leading to only a 3% decline in average PPSF.

Q3 2019 PERCENTAGE OF UNITS 8%

UPPER MANHATTAN MANHATTAN UPPER UPPER UPPER EAST EAST SIDE SIDE

19% 22% 22%

UPPER UPPER WEST WEST SIDE SIDE MIDTOWN EAST EAST MIDTOWN

16% 16% 4%

MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN

28% 3% 3%

FIDI/BPC FIDI/BPC

14%

Q Q3 3 2 20 0 11 9 9 A AV VE ER RA AG GE E P PP PS SF F

21%

35%

$811 $811

UPPER UPPER MANHATTAN MANHATTAN UPPER EAST EAST SIDE SIDE UPPER

$1,237 $1,237 $1,335

UPPER WEST WEST SIDE SIDE UPPER MIDTOWN EAST EAST MIDTOWN

$1,154 $1,608

MIDTOWN MIDTOWN WEST WEST DOWNTOWN DOWNTOWN

$1,791 $1,791 $1,159 $1,159

FIDI/BPC FIDI/BPC

$0 $0

$400 $400

$800 $800

$1200 $1200

$1600 $1600

$2000 $2000

Q3 2 2019 A AVERAGE S SIZE 926 SF 926 SF

UPPER MANHATTAN MANHATTAN UPPER UPPER EAST EAST SIDE SIDE UPPER

SF 1,270 SF SF 1,084 SF

UPPER UPPER WEST WEST SIDE SIDE MIDTOWN MIDTOWN EAST EAST

SF 973 SF 1,010

MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN

879

FIDI/BPC FIDI/BPC

28%

375

750

SF SF

1,225 SF 1,225 SF

SF SF

1125

1500

NUMBER OF RECORDED SALES

U PPE R M A N H AT TA N

226 UNITS: 8%

Q3 2019 CONDO RECORDED SALES UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

% UNITS

14%

16%

15%

37%

AVERAGE DISCOUNT

11%

13%

$1,075,000

$1,868,750

$1,982,500

$870,000

-7%

33%

-21%

-25%

$2,464,265

$2,739,981

$2,782,872

$990,667

38%

-26%

-35%

$1,470

$1,856

$2,012

$1,170

-13%

23%

-1%

-10%

1,057

1,098

1,276

857

-9%

13%

-20%

-21%

MEDIAN PRICE YOY

U PPE R W EST S I D E

622 UNITS: 22%

$840,000 9%

AV E R AG E P R I C E

$917,054

YOY

AV E R AG E P P S F

$959

YOY

-2%

AV E R AG E S F

944

YOY

$1,525,000 -9% $2,375,201 -3% $1,491 -5% 1,279 -6%

$1,397,500 -13% $1,891,787 -26% $1,570 -4% 1,135 -17%

U PPE R E AST S I D E

537 UNITS: 19%

Q3 2019 CO-OP RECORDED SALES UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

% UNITS

24%

26%

17%

22%

<1%

AVERAGE DISCOUNT

10%

$679,500

$483,500

$920,000

$807,500

-7%

-17%

-2%

11%

$846,769

$667,958

$1,212,202

$844,857

-9%

-13%

-7%

$845

$927

$1,260

$1,069

-11%

-4%

-3%

12%

892

766

1,105

1,050

-9%

-3%

M I DTOW N W EST

113 UNITS: 4% M I DTOW N E AST

452 UNITS: 16%

MEDIAN PRICE YOY

D OW NTOW N

791 UNITS: 28%

AV E R AG E P R I C E YOY AV E R AG E P P S F YOY

FI D I / B P C

85 UNITS: 3%

AV E R AG E S F YOY

$522,000 -16% $680,198 -14% $651 -11% 906 -10%

$1,010,000 2% $1,559,375 -12% $1,044 -3% 1,264 12%

$950,000 -3% $1,281,896 -9% $1,095 -2% 1,032 -6%

PRICE PER SQUARE FOOT

PRICE TRENDS

$1,547,740

$968,750

$1,700

$2,500,000

$1,887,207 $1,099,710

$2,250,000

$1,600

$2,000,000

$1,500

$1,750,000 $1,400 $1,500,000 $1,300

$1,274

$1,250,000

Average Price Per Square Foot Since Q3 2010

$1,200

$1,000,000 $1,100 $750,000 $1,000 $500,000

$900

$800

$00 2010

$1,368

$1,589

$1,465

$1,469

$1,407

$1,476

$1,482

$1,460

$1,506

$1,551

$1,518

$1,513

$1,503

$1,507

$1,383

$1,486

$1,353

$1,335

$1,349

$1,281

$1,253

$1,254

$1,242

$1,153

$1,122

$1,060

$1,082

$1,047

$1,028

$1,042

$1,037

$1,034

$1,010

$1,036

$1,004

$1,014

$985

$1,003

$250,000

2011

2012

2013

2014

2015

2016

2017

2018

2019

CONTRACTS SIGNED BY U N IT T YPE The third quarter saw 2,513 contracts signed in the third quarter, an 11% increase year-over-year. Properties spent an average of 152 days on the market, the longest average since 2012. 8% of all properties entered contract in the first 29 days, including 7% of condos and 8% of co-ops. 33% of all homes took 180 days or longer to get signed, representing 37% of condos and 30% of co-ops. 1BR units comprised 38% of all contracts signed in Q3. 2BR units made up

CONTRACTS SIGNED BY UNIT TYPE Q3 2019 PERCENTAGE OF UNITS

CONTRACTS SIGNED BY UNIT TYPE Q 3STUDIO 2 0 1 9 P E R C E N T A G E O 12% F UNITS

38%

Q 3STUDIO 21-BR 0 1 9 P E R C E N T A G E O 12% F UNITS 2-BR 1-BR STUDIO

32%

38%

14%

32%

38%

14%

32%

12%

3-BR 2-BR 1-BR 4+ BR 3-BR 2-BR

4+ BR0% 3-BR

16% 14%

24%

32%

40%

24%

32%

40%

24%

32%

40%

32% of the total, while 3BR units trailed further behind at 14%. Studios

Q 3 4+ 2 0BR1 0% 9 A V E R4% A G E8%P P S F

16%

followed at 12% of all contracts signed, and also moved the fastest, with 10%

Q 3STUDIO 2 0 1 0% 9 A V E R A G E8%P P S F

16%

signed within 29 days, and 28% signed before the 60-day mark. By contrast,

Q 3STUDIO 21-BR 019 AVERAGE PPSF

3BRs moved the slowest, with only 5% signed in the first 29 days, 19% in the

$1,124

$1,124$1,236 $1,124$1,236 $1,473

2-BR 1-BR STUDIO 3-BR 2-BR 1-BR

$1,236 $1,473 $1,699

Condo prices declined across all unit types. 3BRs saw significant change,

4+ BR 3-BR 2-BR

$1,473 $1,699

with the largest median price drop of 17% to $3,400,000, and a 16% drop in

4+ BR$0 3-BR

first 59, and 37% taking 180 days or longer.

$500

average price to $4,010,168. Studio prices also fell by 19% in average price to

$500 Q 3 4+ 2 0BR1 $0 9 AVERAGE SIZE

$724,736 and 14% in average PPSF to $1,359, the most of any unit type.

Q 3STUDIO 2 0 1 $0 9 A V E R A510 G ESF S I Z E

Co-op trends were mixed. Median price in the 2BR category showed gains

Q 3STUDIO 21-BR 0 1 9 A V E R A510 G ESF S815 I Z SF E

of 6%, and a size increase of 5%, the most of any type. In contrast, 4+BR median price fell 32%, while the average price declined 9%, PPSF dropped

CONTRACTS SIGNED BY UNIT TYPE

$500

2-BR 1-BR STUDIO

510

3-BR 2-BR 1-BR

$1,964

$1000

$1500

$2000 $1,964 $1,699

$2500

$1000

$1500

$2000 $1,964

$2500

$1000

$1500

$2000

$2500

815

1,307 SF

815

1,307 SF

1,981

1,307 SF

1,981

3,534

2% to $1,242, and average size decreased 6%. 1BRs saw the biggest

4+ BR 3-BR 2-BR

reduction in average PPSF, down 8% to $952.

4+ BR 0 3-BR

800

1600

SF 1,981 2400

3200

SF 3,5344000

4+ BR 0

800

1600

2400

3200

SF 3,5344000

800

1600

2400

3200

4000

CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT

P E R C E N TA G E O F M A R K E T

Q3 2019 CONDO CONTR ACTS SIGNED 4 + B E D RO O M

101 UNITS: 4% % UNITS MEDIAN PRICE

3 B E D RO O M

YOY

352 UNITS: 14%

AV E R AG E P R I C E YOY AV E R AG E P P S F YOY AV E R AG E S F YOY

2 B E D RO O M

804 UNITS: 32%

MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY

ST U D I O

301 UNITS: 12%

2-BR

3-BR

4+BR

36%

35%

16%

$1,050,000

$2,100,000

$3,400,000

$7,350,000

-13%

-1%

-17%

-8%

$1,233,405

$2,242,048

$4,010,168

$9,166,417

-6%

-9%

-16%

-7%

$1,477

$1,675

$1,892

$2,415

-14%

-11%

-8%

-11%

-6%

542

824

1,307

2,035

3,536

-5%

-1%

$675,000 -6% $724,736 -19% $1,359

-3%

Q3 2019 CO - OP CONTR ACTS SIGNED

% UNITS

955 UNITS: 38%

1-BR

2,513 TOTAL CONTR ACTS SIGNED

1 B E D RO O M

STUDIO

1-BR

2-BR

3-BR

4+BR

16%

40%

29%

12%

$1,295,000

$2,150,000

$3,225,000

-6%

-32%

$1,438,835

$2,606,975

$5,046,381

-6%

-9%

$1,107

$1,242

$1,294

-2%

$429,000 -5% $443,114 -3% $953 -2%

$699,000 0.5% $732,382 -9% $952 -8%

AV E R AG E S F

486

802

1,310

1,886

2,929

YOY

12%

-2%

-6%

$500

Q 3 2 0 1 9 A V E R A G$500 E SIZE $0

$1000

$1500

$2000

$2500

$1000

$1500

$2000

$2500

Q 3STUDIO 2 0 1 9 A V E R A510 G ESF S I Z E Q 3STUDIO 2 0 1 9 A V E R A510 G ESF S I Z E

CONTRACTS SIGNED BY PR I CE PO I NT Properties in the $1-3M range represented the largest portion of contracts signed in the third quarter at 39%. Following closely behind at 37% were units in the $500K-1M bracket. Units priced under $500K represented 12%, and for units 3M+, market shares progressively declined as price increased across the brackets. With 29% of contracts signed in the first 59 days, properties under $500K moved the fastest. Properties in the $500K-1M range saw 25% go into contract during that same period, with properties in the $1M-3M bracket trailing behind at 23%. The slowest moving units were priced between $5M-10M, with 49% on the market for at least 180

Co-ops were mixed in the third quarter. Median and average prices held steady for most properties $3M and under, while properties in the $5M-10M saw the greatest declines. Units in the $3M-5M range got less expensive but bigger, with average square footage jumping 11% amidst median and average price declines of 6% and 2%, respectively.

815

1,307 SF

815

1,307 SF 1,307 SF 1600

4+ BR 0

800

1,981

3,534

2400

3200

1600

2400

3200

SF 3,5344000 SF 3,5344000

1600

2400

3200

4000

CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT Q3 2019 PERCENTAGE OF UNITS

Q 3 <500K 2 0 1 9 P E R C E N T A G E 12% OF UNITS 500K-1M Q 3 <500K 2 0 1 9 P E R C E N T A G E 12% OF UNITS 1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

37% 37%39%

12%

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M

7% 4%

37%39%

0.7% 4% 0.3% 0.7% 4%

39%

0.7% 20M+0%0.3% 10M-20M 20M+0%0.3%

18%

27%

36%

45%

18%

27%

36%

45%

18%

27%

36%

45%

Q 3 2 0 1 9 A V E R A G E9%P P S F 0%

Q 3 <500K 2 0 1 9 A V E R A G$774 E PPSF 500K-1M Q 3 <500K 2 0 1 9 A V E R A G$774 E P$1,046 PSF

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M

despite a 23% decrease in average size.

815

800

Condos saw moderate fluctuations. Units priced in the $1M-3M tranche

under $500K, where average price per square foot increased 17%,

2-BR 3-BR 4+ BR 3-BR 4+ BR 0

1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

price, dropping the average PPSF 6%. The exception was units priced

510

1-BR 2-BR 3-BR

days.

jumped 10% in size with only 8% and 5% gains in median and average

1-BR STUDIO 1-BR 2-BR

$774$1,046 $1,495 $1,046 $1,495 $1,495

$2,050 $2,050$2,393 $3,346

$2,050$2,393

20M+ 10M-20M 5M-10M 20M+$0 10M-20M 20M+

$1000

$2000

$2,393 $3000

$3,346 $4000 $3,346

$4,398* $5000 $4,398*

$1000

$2000

$3000

$4000

$4,398* $5000

$1000

$2000

$3000

$4000

$5000

Q 3 2 0 1 $0 9 AVERAGE SIZE Q 3 <500K 2 0 1 9 A V E 555 R A SF GE SIZE 785 SF S I Z E Q 500K-1M 3 <500K 2 0 1 9 A V E 555 RA GE SF 1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

555785 SF SF1,274 SF 785 SF1,274 SF 2,010 SF

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M

1,274 SF 2,010 SF 2,010 SF

15 4 5 1 4 31 4 17 3 7 3 17 7 17 7

3,011 SF 3,011 SF

4,322 SF

3,011 SF

4,322 SF

6,115*

20M+ 0 10M-20M

1400

2800

4200 4,322 SF

5600

7000 6,115* SF

20M+ 0

1400

2800

4200

5600

6,115* SF 7000

1400

2800

4200

5600

7000

* Denotes limited data available

19 3 19 3 9 3

Q3 2019 CONDO CONTR ACTS SIGNED

2,513

% UNITS

TOTAL UNITS

5M-10M

10M-20M

101 UNITS 4%

18 UNITS 0.7%

3M-5M

<500K 301 UNITS 12%

176 UNITS 7% Q3 2019 CONTRACTS SIGNED BY PRICE POINT

3M-5M

5M-10M

10M-20M

20+M

28%

50%

12%

$795,000

$1,800,000

$3,695,000

$6,495,000

$12,575,000

$23,497,500

YOY

-2%

-8%

-10%

-20%

AV E R AG E P R I C E

$416,659

$793,364

$1,878,337

$3,805,024

$6,692,725

$13,875,357

$26,211,250

YOY

19%

-2%

-7%

-3%

-21%

AV E R AG E P P S F

$751

$1,163

$1,616

$2,184

$2,496

$3,426

YOY

17%

-7%

-6%

-9%

-12%

AV E R AG E S F

630

712

1,195

1,827

2,800

4,166

-23%

10%

-1%

YOY

500K-1M 930 UNITS 37%

Q3 2019 CO - OP CONTR ACTS SIGNED

20M+

% UNITS

7 UNITS 0.3%

MEDIAN PRICE

AV E R AG E P R I C E

OF CONTR ACTS SIGNED WERE ABOVE $3M

1M-3M

$399,999

YOY

12%

500K-1M

MEDIAN PRICE

1M-3M 980 UNITS 39%

<500K

YOY AV E R AG E P P S F YOY AV E R AG E S F YOY

<500K

500K-1M

1M-3M

3M-5M

5M-10M

10M-20M

20+M

20%

43%

32%

0.2%

0.1%

$3,575,000

$5,972,500

$13,500,000

$21,000,000

$399,000

$710,000

$1,649,000

-3%

-6%

-12%

10%

$393,059

$731,339

$1,707,427

$3,831,579

$6,597,000

$12,650,000

$21,000,000

-3%

-1%

-2%

-9%

$778

$947

$1,209

$1,509

$1,965

-1%

-2%

-5%

-6%

-12%

544

849

1,467

2,714

3,378

-4%

0.5%

11%

-1%

$1000

$2000

Q 3 <500K 2 0 1 $0 9 A V E 555 R A SF GE SIZE

$3000

$4000

$5000

785 SF SF Q 500K-1M 3 <500K 2 0 1 9 A V E 555 RA GE SIZE

CONTRACTS SIGNED S U B MAR KET Downtown captured 28% of contracts signed, the greatest share of any submarket, with the Upper West Side following at 21%. Both markets moved the fastest, with 25% of contracts signed in the first 59 days. Downtown was also 20% more expensive with 10% larger units than the Upper West Side. Midtown West and FiDi/BPC both made up just 3% each of contracts signed. Midtown West had the smallest units on average but had the least amount of contracts go past 180 days before signing, at 27%. Properties in FiDi/BPC were the slowest to move, with 37% taking 180 days or more to enter contract. Condos saw swings across the submarkets in Q3 2019. The Upper East Side showed significant declines, with median price plunging 31%, and average price and size shrinking 10% each. The average PPSF, however, only fell 5% in response. Midtown East saw average prices decline 29% and average PPSF sink 15% as average size only fell a modest 3%.

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M

1,274 SF 555785 SF SF 785 SF1,274 SF 2,010 SF 1,274 SF 2,010 SF

3,011 SF

2,010 SF

3,011 SF

4200 4,322 SF

5600

6,115* SF 7000

20M+ 0

1400

2800

4200

5600

6,115* SF 7000

1400

2800

4200

5600

7000

SIGNED CONTRACTS by SUBMARKET SIGNED CONTRACTS by SUBMARKET Q3 2019 PERCENTAGE OF UNITS SIGNED CONTRACTS by SUBMARKET Q 3 2UPPER 0 1 9 MANHATTAN P E R C E N T A G E O F U N I T S10%

here, resulting in just a 2% decline in average PPSF.

20% 21% 20%

Q 3 2UPPER 0 1UPPER 9 MANHATTAN P EEAST R C ESIDE N T A G E O F U N I T S10% UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC0% DOWNTOWN

15%

3% 3% 3% 3%

15% 7%

14%

21%

28%28%

35%

FIDI/BPC0%

14%

21%

28%

35%

14%

21%

28%

35%

10%

Q 3 2 0 1 9 A V E R A G 0% E PPSF

15%

21% 20% 21%

28% 28%

Q 3 2UPPER 0 1 9 MANHATTAN AVERAGE PPSF

$877

SIDE Q 3 2UPPER 0 1UPPER 9 MANHATTAN A VEAST ERA GE PPSF

$877

$1,247 $1,247 $1,462 $1,283 $1,247 $1,462 $1,352 $1,283 $1,462

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER UPPERWEST EAST SIDE SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC$0 DOWNTOWN

$400

$800

$1,352 $1,283 $1,302 $1,352 $1200 $1,302$1600

FIDI/BPC$0

$400

$800

$1200 $1,302$1600

$400

$800

$1200

Q 3 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

second highest market share at 24%, but prices followed the size increase

2800

of the market, saw the greatest change, where units were 14% larger on

experienced a 7% decline in average PPSF. The Upper West Side had the

6,115*

4,322 SF

3,011 SF 1400

Q3 2019 AVERAGE SIZE

13% decline. The Upper East Side had the highest market share at 25% and

4,322 SF

20M+ 0 10M-20M

Co-ops became more affordable in all submarkets. Midtown West, with 2% average, but prices did not follow, leading to an average PPSF of $915, a

1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

$877

SIDE Q 3 2UPPER 0 1UPPER 9 MANHATTAN A VEAST ERA GE SIZE

946 SF

$1,761 $1,761 $2000 $1,761 $2000

$1600

$2000

946 SF

1,264 SF

946 SF

1,321SFSF 1,264 1,098 SF 1,321 SF 1,264 SF 1,098 SF 1,321 SF 1,453 SF 1,098 SF 1,169 SF 1,453 SF

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC 0 DOWNTOWN

300

600

900

1,169 1200

1500 1,453

FIDI/BPC 0

300

600

900

1,169 1200

1500

300

600

900

1200

856 SF 856 SF 856 SF

1500

NUMBER OF UNITS SIGNED

U PPE R M A N H AT TA N

251 UNITS: 10%

Q3 2019 CONDO CONTR ACTS SIGNED

% UNITS

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

11%

13%

19%

13%

34%

$1,805,000

$1,450,000

$1,075,000

$2,520,000

$1,279,500

13%

-9%

$2,480,280

$2,252,234

$1,319,520

$3,204,967

$1,643,870

-29%

-16%

-5%

-0.5%

$1,649

$1,503

$2,010

$1,336

-15%

-10%

-5%

-9%

1,330

1,253

888

1,554

1,154

-3%

MEDIAN PRICE

$850,000

YOY

AV E R AG E P R I C E

$922,549

YOY

$1,310,000 -31% $2,228,403

-3%

AV E R AG E P P S F

$1,022

YOY

U PPE R W EST S I D E

AV E R AG E S F

919

528 UNITS: 21%

YOY

-10% $1,482 -5% 1,297

-7%

-10%

-6% $1,700 -8%

U PPE R E AST S I D E

Q3 2019 CO - OP CONTR ACTS SIGNED

503 UNITS: 20%

M I DTOW N W EST

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

10%

25%

24%

17%

22%

<1%

75 UNITS: 3% M I DTOW N E AST

377 UNITS: 15%

% UNITS MEDIAN PRICE YOY

D OW NTOW N

AV E R AG E P R I C E YOY

704 UNITS: 28%

AV E R AG E P P S F YOY

FI D I / B P C

75 UNITS: 3%

AV E R AG E S F YOY

$522,500 -12% $655,139 -15% $672 -6% 886 -22%

$1,124,500

$995,000

$660,000

$455,000

$825,000

$949,000

13%

-6%

-19%

-6%

25%

$1,726,667

$1,464,588

$827,858

$563,974

$1,198,345

$1,066,222

-17%

-4%

-13%

10%

$1,129

$906

$915

$1,222

$990

-7%

-13%

-3%

-9%

-12% $1,059 -7%

-2%

1,266

1,182

939

759

1,162

1,309

-2%

14%

TIME ON THE MARKET

TYPE

OVERALL

16%

CONDO

14%

CO-OP

12%

13%

10%

PRICE BRACKET

BEDROOMS

STUDIO

3-BR

500K

500K-1M

3M-5M

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

16%

MIDTOWN WEST

13%

DOWNTOWN

FIDI/BPC

17%

20%

27%

18%

12%

35%

15%

39%

17%

40%

30-59 DAYS

35%

16%

11%

30%

15%

10%

13%

31%

18%

16%

32%

15%

16%

12%

0-29 DAYS 23

49%

13%

20%

35% 43%

13%

12%

17%

27%

17%

16%

32%

17%

18%

MIDTOWN EAST

37%

17%

9% 16%

15%

16%

17%

13%

17%

37%

15%

12%

10%

16%

34%

16%

13%

16%

7% 4%

18%

21%

32%

17%

14%

13%

27%

16%

13%

14%

100

18%

14%

13%

14% 9%

5M-10M

SUBMARKET

11%

13%

16%

30%

17% 60

16%

4+BR

1M-3M

14% 40

18%

1-BR

37%

16%

14% 20

33%

17%

13%

17%

2-BR

14%

60%

60-89 DAYS

80%

90-119 DAYS

120-179 DAYS

100%

180+ DAYS

TOTAL INVENTORY BY U N IT T YPE There were 7,450 units listed on the market at the end of the third quarter, a 1% decrease from this time last year. 1BR units captured the largest market share, with 32% of all listings. These units had an average PPSF of $1,385 and an average size of 826 square feet. 2BR units, with a 30% share, had averages of $1,754/SF and 1,389 SF. Studios totaled 11% of the market and were the most affordable with an average PPSF of $1,282 and an average size of 621 SF. 4+BR units captured 10% and were the most expensive and largest. These units averaged $2,541/SF and 4,056 SF. Condos saw mild price changes. Medians were slightly lower than last year, decreasing by 2% in the 1BR, 2BR, and 3BR categories. Studios experienced the largest decrease in average PPSF, dropping 4% despite being 6% smaller on average. The 4+BR category saw the largest increase in average PPSF, climbing 5%, followed closely by the 3BR

TOTAL INVENTORY by UNIT TYPE TOTAL INVENTORY by UNIT TYPE Q3 2019 PERCENTAGE OF UNITS TOTAL INVENTORY by UNIT TYPE Q3 2019 PERCENTAGE OF UNITS 11%

STUDIO

Q 3 STUDIO 2 0 1 9 P E R C E N T A G E O 11% F UNITS 11%

2-BR 3-BR 4+ BR 3-BR 4+ BR0% 4+ BR 0%

10%

8% 8%

16%

10%

Q3 2019 AVERAGE PPSF 8% 0% Q 3STUDIO 2019 AVERAGE PPSF

30%

17%

10%

17%

24%

16%

24%

16%

24%

$1,282 $1,385

32%

40%

32%

40%

$1,754

$1,385

1-BR 2-BR 3-BR

$1,754 $1,754

2-BR 3-BR 4+ BR 3-BR 4+ BR $0

$600

$1200

$1800

4+ BR $0

$600

$1200

$1800

expensive compared to last year, but were 2% larger in size on average.

Q 3STUDIO 2 0 1 9 A V E R A621 G ESF S I Z E

$600

40%

$1,282 $1,385

STUDIO 1-BR 2-BR

32%

$1,282

Q 3 STUDIO 20 19 AVERAGE PPSF 1-BR

$1200

$1800

$2,189 $2,189 $2,189 $2400

$2,541 $2,541 $3000

$2400 $2,541 $2400

$3000 $3000

Q 3 STUDIO 2 0 1 9 A V E R A G621 E 826 SFS I Z E SF 1-BR

STUDIO 1-BR 2-BR

621 SF826 SF 826 SF

1,389 SF

less expensive. 3BRs, with 13% of the market, had a 5% lower average

1-BR 2-BR 3-BR

PPSF. The 2BR category had 30% of the market, but held steady in terms

2-BR 3-BR 4+ BR

of price and size compared to this time in 2018.

3-BR 4+ BR 0

1000

2000

4+ BR 0

1000

2000

32% 30%

17%

Q3 2019 AVERAGE SIZE

captured the predominant inventory with 36% of the market and were 4%

32% 30%

1-BR 2-BR 3-BR

group. 2BRs accounted for 32% of the market and did not get more

Co-ops were less expensive than last year in all categories. 1BRs

32%

1-BR

STUDIO 1-BR 2-BR

1,389 SF 1,389 SF

1000

2,249 SF 2,249 SF

2000

2,249 SF

4,056

3000

4000 4,056

3000

40004,056

3000

4000

5000 5000 5000

Q3 2019 CONDO INVENTORY

4+BR 10% 3-BR 17%

40%

STUDIO 11%

% UNITS

4+BR STUDIO 10% Q3 201911% TOTAL INVENTORY

3-BR 17%

Q3 2019 TOTAL INVENTORY 2-BR 30%

40%

2-BR

3-BR

4+BR

29%

32%

20%

11%

$2,450,000

$4,440,000

$8,950,000

-2%

$2,910,791

$6,076,770

$12,988,234

$1,963

$2,443

$2,995

$742,500

YOY

AV E R AG E P R I C E

$855,382

$1,605

-4%

AV E R AG E S F YOY

$1,341,872 -3%

$1,503

YOY

$1,180,000 -2%

-7%

AV E R AG E P P S F

1-BR 32%

1-BR

MEDIAN PRICE

YOY

1-BR 32%

STUDIO

-2%

661

840

1,425

2,284

3,964

-6%

2-BR 30%

$3000

4+BR 8% 3-BR 17%

3000

Q3 2019 CO- OP INVENTORY

4+BR STUDIO 8%Q3 201910% NEWLY LISTED INVENTORY

3-BR 17% 2-BR 33%

5000

STUDIO 10%

% UNITS MEDIAN PRICE

1-BR 32%

Q3 2019 NEWLY LISTED INVENTORY

2% 4%

4% 7%

2% 5%

4% 10%

4+BR

14%

36%

30%

13%

$1,485,000

$2,600,000

$4,997,500

-0.5%

-5%

-11%

$1,941,565

$3,496,072

$7,586,557

-1%

-17%

$1,239

$1,394

$1,800

-1%

-5%

-3%

$726,000 -3%

$551,443

YOY

AV E R AG E P P S F

$1,049

$822,585 -5% $1,050

-3%

AV E R AG E S F

3-BR

AV E R AG E P R I C E

YOY

100%

2-BR

-4%

YOY

2-BR 33%

5000

1-BR

$477,000

YOY

1-BR 32%

STUDIO

-4%

550

805

1,306

2,097

3,298

-5%

Historical Inventory

100%

Historical 2% 3% Inventory 3% 5%

2% 6%

10%

TOTAL INVENTORY BY PR I CE PO I NT 37% of active inventory was priced between $1-3M, the most of any category. The $500K-1M range followed with 27%. The $10-20M and $20M+ brackets captured only 4% and 2%, respectively, their lowest since 2011. The under $500K category maintained the same market share as Q3 2018. Properties priced under $500K were 5% smaller compared to last year, with average size of 581 square feet, though their prices increased slightly, leading to 3% higher average PPSF. The $1-3M category offered larger, less expensive properties on average, growing 3% in average size and decreasing 3% in average PPSF. This trend was also observed in units priced $3-5M. The $20M+ bracket had a greater number of more expensive properties compared to last year, leading to a 6% higher median price. Condo inventory saw limited change with a few exceptions. The sub-$500K bracket saw an 11% jump in average PPSF due to higher-priced, smaller units on the market. The $20M+ bracket had higher prices in general, despite a smaller average size compared to this time last year. Units priced $1-3M were

621 826 SF SF

1,389 SF

2-BR 1-BR 3-BR

826 SF

1,389 SF

3-BR 2-BR 4+ BR

to stay similar to those observed last year, leading to a decreased average PPSF.

4,056

3000

4000 4,056

3000

4000

1000

2000

4+ BR 0

1000

2000

1000

2000

4000

5000 5000 5000

TOTAL INVENTORY by PRICE POINT TOTAL INVENTORY by PRICE POINT

100% 100%

Q 3 2 0 1 INVENTORY 9 P E R C E N T Aby G E PRICE O F U NPOINT ITS TOTAL Q 3 <500K 2 0 1 9 P E R C E N T 8% AGE OF UNITS Q3 2019 PERCENTAGE OF UNITS 500K-1M 1M-3M <500K 1M-3M 3M-5M 500K-1M 3M-5M 5M-10M 1M-3M 5M-10M 10M-20M 3M-5M 10M-20M 20M+ 5M-10M 20M+ 0% 10M-20M 0% 20M+

4% 2%4% 2% 4%

37%

12%

10%

37%

27%

12%

10%

37%

27%

12% 10%

100%

27%

<500K 500K-1M

Q3 2019 AVERAGE PPSF 0% 8% Q 3 500K 2 0 1 9 A V E R A $838 GE PPSF

16%

24%

32%

40%

16%

24%

32%

40%

16%

24%

32%

40%

$838$1,107

500K 500K-1M

500K-1M 1M-3M 500K 1M-3M 3M-5M 500K-1M 3M-5M 5M-10M 1M-3M 5M-10M 10M-20M 3M-5M 10M-20M 20M+ 5M-10M 20M+ 10M-20M$0 $0

$838

$1,107 $1,569 $1,107

$1,569 $2,056 $1,569

$2400

$3600

$2400

$3600

1,264

$3600

$3,477

$4800

$5,617* $6000

$4800

$6000 $5,617*

$4800

$6000

40% 40%

40% 3

3 2,060 SF 2,060 SF 2,969 SF 2,060 SF

2,969 SF

4,392 SF

2000

2,969 SF 3000

4000

1000

2000

3000

4000

4,392 SF 5000

1000

2000

3000

4000

5000

TOTAL INVENTORY by SUBMARKET

5000

* Denotes limited data available

Q3 2019 PERCENTAGE OF UNITS

20% 20%

4,392 SF

1000

TOTAL INVENTORY by SUBMARKET

SF SF

$5,617*

$3,477

$1200

735 SF 1,264 581 SF 1,264 735 SF

$2,576

$2400

735 581 SF SF

2 51 5 2 7 5 7

$3,477

$2,576

$1200

500K-1M 1M-3M <500K 1M-3M 3M-5M 500K-1M 3M-5M 5M-10M 1M-3M 5M-10M 10M-20M 3M-5M 10M-20M 20M+ 5M-10M 20M+ 0 10M-20M 0 20M+

80%

60%

$2,056 $2,576 $2,056

<500K 500K-1M

80% 80%

60% 60%

Q3 2019 AVERAGE PPSF

Q3 2019 AVERAGE SIZE

bracket had larger properties on average this quarter, but their prices tended

4,056

2,249 SF 3000

leading to a 2% decrease in average PPSF.

this group only had a <1% market share and thus limited data. The $5-10M

2,249 SF

4+ BR 0 3-BR

larger on average compared with Q3 2018, but were not priced higher,

notable, with a 20% drop in average price. However, it is important to note

2,249 SF

1,389 SF

Q 3 20M+ 2019 AVERAGE SIZE $1200 Q 3 <500K 2 0 1$09 A V E 581 R ASFG E SIZE

Co-op inventory also saw limited change. The $20M+ group was the most

1-BR STUDIO 2-BR

5,802* SF 5,802* SF 7000 6000

20%

6000 7000 5,802* SF 6000

7000

0% 20 0%

<5 20

2-BR 33%

Historical Q 3 2 0 1 Inventory 9 CONDO

Q3 HISTORICAL INVENTORY 100%

2% 4%

2% 5%

2% 4%

11%

10%

80%

12%

9% 13% 31%

31%

<500K

2% % UNITS MEDIAN PRICE

14%

32%

13% 14%

1% 100% 18%

42%

$406,000 $799,000 $1,785,000 5% 5%

6% 2%

17%

13%

10M-20M 10%

10%

20+M 3%

$3,850,000 $6,600,000 $13,000,000 $28,500,000 6% 6%

$369,225

$793,669 12% 12%

$1,876,540

12% 1%

$1,259

$1,689 16%

$2,154

$2,741 14%

$3,693

$5,717

4,045 16%

5,765

YOY

AVERAGE PPSF

80% $879

12% -1%

11% 732

674

-15%

-2% 15%

1,165

11%

1,894

17%

16%

2,693 0%

17%

13%

-1%

-4%

18%

16%

60%

9% $3,895,885 $6,975,250 $13,724,152

-3%

14%

10%

17%

16%

20%

$33,128,740 5%

-3%

17%

37% 38%

5M-10M 4%

AVERAGE PRICE

33%

38%

AVERAGE SF

34%

3M-5M

YOY

60%

YOY

30%

500K-1M 1M-3M

INVENTORY

38%

16% 22% 21% Q3 2019 CO- OP INVENTORY

40% 35%

34%

32%

% UNITS

31% 27% 24% 27%

20%

23% 24%

20%

19%

19% 16%

2010

2011

<500K

2012

500K-1M

25%

2013 1M-3M

2014

11% 2015

3M-5M

8% 2016 5M-10M

2017

2018

2019

10M-20M

20M+

<500K 500K-1M 1M-3M 40%

3M-5M

5M-10M 26%

10M-20M 26%

20+M

15%

<1%

38%

MEDIAN PRICE

63% $1,650,000 63% $420,000 $719,000

$3,795,000 $6,497,500 $12,000,000 $26,750,000

YOY

$410,233

$730,636 $1,781,396

$3,904,352 $6,788,543 $12,856,545 49%

$30,826,042

YOY

1% 20%

-20%

AVERAGE PPSF

$833

$970

$1,294

$1,706

AVERAGE PRICE

<500K

500K-1M

1M-3M

3M-5M

5M-10M

10M-20M

20M+

53%

16%

-14%

46%

-11%

$1,987

27%

-8% 13%

$3,394

$5,224

23% 3%

YOY

-2%

-5%

-8%

AVERAGE SF

552

782

1,433

2,457

3,504

4,005 14%

5,265

-2%

-11%

YOY

-2%

2010 <500K

33%

68%

2011

2012 350-500K

2013

2014

500-750K

2015

2016

750K-1M

22%

2017 1-1.5M

2018

2019 1.5M+

Q 3 20M+ 2 0 1$09 A V E R A G E S I Z E

40%

$1200

$2400

Q 3 <500K 2 0 1$09 A V E 581 R ASFG E S I Z E 735

500K-1M

$3600

$4800

$6000

40%

Q 3 <500K 2 0 1 9 A V E 581 R ASFG E S I Z E

TOTAL INVENTORY

1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M 5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M 20M+ 0 10M-20M

735 SF 581 SF

1,264

735

1,264

2,060 SF

1,264

2,060 SF 2,969 SF

Downtown continued to hold the largest share of the market with 28% of

2,060 SF

20%

4,392 SF

2,969 SF

1000

2000

2,969 SF 3000

20M+ 0

1000

2000

3000

4,392 SF 4000 5000 4,392 SF 4000 5000

1000

2000

3000

4000

20%

5,802* SF 6000 5,802* SF 7000

6000

20% 20%

6000 5,802* SF 7000

5000

20%

7000

TOTAL INVENTORY by SUBMARKET

Q3 2019 PERCENTAGE OF UNITS

current listings, the same as this time last year. The Upper East Side

TOTAL INVENTORY by SUBMARKET Q 3 2UPPER 0 1 9 MANHATTAN P E R C E N T A G E O F U N8% ITS

followed with 19%. Downtown was also the most expensive with an average

Q 3 2UPPER 0 1UPPER 9 MANHATTAN P EEAST R C ESIDE N T A G E O F U N8% ITS

PPSF of $2,074, followed by Midtown West at $1,911/SF. Upper Manhattan offered the most square feet for the lowest price, with $963/SF on average. The largest properties were located Downtown, averaging 1,829 square feet. The Upper East Side offered the next largest at 1,763 SF. Midtown West

FIDI/BPC0%

6% 7%

14%

21%

28%

35%

0% UPPER MANHATTAN

14% $963

21%

28%

35%

Q 3 2 0UPPER 1 9 A WEST VERA GE PPSF UPPER EAST SIDE SIDE UPPER MANHATTAN

UPPER EAST SIDE UPPER MANHATTAN

MIDTOWN EAST UPPER SIDE UPPERWEST EAST SIDE MIDTOWN WEST MIDTOWN EAST UPPER WEST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC$0 DOWNTOWN FIDI/BPC$0

this time last year, despite an 8% increase in average size. Downtown, with

Q3 2019 AVERAGE SIZE

34% of the market, saw a 4% increase in median price, due to more

Q 3 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

expensive units in the lower end of the price range.

Q 3 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

Co-ops in Midtown West had a 21% higher median price, but were smaller in size and lower PPSF on average. The Upper East Side and Upper West Side were more afforable compared to this time last year, seeing a 6% and 4% decline in average PPSF, respectively. Upper Manhattan was the only submarket to get more expensive, where the average PPSF climbed 2%.

28% 35%

The condo market had significant changes compared to this time last year.

FiDi/BPC. Upper Manhattan had an 11% higher average PPSF compared to

28%

17%

28% 28%

Q3 2019 AVERAGE PPSF

$963 $963

$500

$1000

$500

$1000

$500

$1000

UPPER EAST SIDE

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST UPPER EAST SIDE SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST

2010 <500K

<50

21%

average, respectively.

and 11%, respectively. Despite this price increase, average PPSF declined in

2010

<50

14%

Q3 2019 AVERAGE PPSF

18% larger in size on average, and saw average price increase 44%, 30%,

19% 18% 19% 17% 18% 19% 17% 18%

20%

<500K <50

6% 7%

and FiDi/BPC had the smallest units on average at 1,379 and 1,332 SF on

Condos in Midtown East, Midtown West, and FiDi/BPC were 20%, 15%, and

TOTAL INVENTORY by SUBMARKET

UPPER WEST SIDE UPPER EAST SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC0% DOWNTOWN

35% 35%

S U B MAR KET

35%

FIDI/BPC 0 DOWNTOWN FIDI/BPC 0

500

1000

500

1000

500

1000

$1,669 $1,793 $1,669 $1,797 $1,793 $1,669 $1,911 $1,797 $1,793 $1,911$2,074 $1,797 $1,603 $1,911$2,074 $1500 $1,603 $2000 $2500 $2,074 $1500 $1,603 $2000 $2500 $1500 $2000 1,504 SF 1,504 SF1,763 SF 1,619 SF 1,504 SF1,763 SF 1,509 SF 1,619 SF 1,763 SF 1,379 SF 1,509 SF 1,619 SF 1,829 SF 1,379 SF 1,509 SF 1,332 SF 1,829 SF 1,379 SF 1500SF 2000 1,332 1,829 SF 1500 2000 1,332 SF 1500

2000

$2500

2500 2500 2500

NUMBER OF UNITS ON MARKET

U PPE R M A N H AT TA N

Q3 2019 CONDO INVENTORY

% UNITS

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

13%

15%

34%

10%

$1,875,000

$1,797,000

$3,258,500

$1,622,500

$4,413,578

$4,952,816

$3,814,753

$4,953,214

$2,391,383

20%

44%

30%

11%

$2,147

$2,293

$2,051

$2,304

$1,641

14%

10%

-7%

1,634

1,665

1,413

1,931

1,340

20%

15%

-2%

18%

MEDIAN PRICE

$1,050,000

YOY

13%

AV E R AG E P R I C E

$1,548,857

YOY

27%

AV E R AG E P P S F

$1,173

YOY

11%

U PPE R W EST S I D E

AV E R AG E S F

1,342

1, 341 UNITS: 18%

YOY

596 UNITS: 8%

$2,325,000 -14%

$2,250,000 -2%

$4,101,625 -7% $1,937 -6% 1,783 -3%

U PPE R E AST S I D E

Q3 2019 CO- OP INVENTORY

1, 416 UNITS: 19%

M I DTOW N W EST

298 UNITS: 4% M I DTOW N E AST

1, 266 UNITS: 17%

D OW NTOW N

2,086 UNITS: 28%

FI D I / B P C

447 UNITS: 6%

% UNITS MEDIAN PRICE YOY

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

25%

22%

19%

23%

<1%

$1,200,000

$799,000

$635,000

$999,500

$972,500

-5%

21%

-2%

$1,974,850

$1,375,291

$859,884

$1,813,779

$1,157,282

-10%

-5%

-6%

$1,044

$1,021

$1,428

$1,018

-5%

-2%

-4%

-3%

$525,000 -2%

AV E R AG E P R I C E

$767,600

YOY

AV E R AG E P P S F

$704

YOY

AV E R AG E S F

979

YOY

-3%

$1,395,000 -2% $2,961,551 -4% $1,276 -6%

-8% $1,239 -4%

1,476

1,254

1,140

1,112

1,323

1,207

-3%

-5%

-4%

-14%

MONTHS OF SUPPLY

Q3 2019

Q3 201 8

7,450

972

CONTR ACTS SIGNED PER MONTH

INVENTORY

7.7

MONTHS OF SUPPLY

943

7,496

CONR ACTS SIGNED PER MONTH

INVENTORY

7.9

MONTHS OF SUPPLY

compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.