1Q 2019
M A N H AT TA N MARKET REPORT
M A N H AT TA N SALES REPORT Q1 2019:
SPRING THAW
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 Stribling & Associates proprietary database, ACRIS (Automated City Register Information System)
RESEARCHED & WRITTEN BY: Garrett Derderian
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. 4
D OW NTOW N
MARKET HIGHLIGHTS
5
“As prices dropped to meet the market, contract activity increased.”
$2,062,470
161
9%
AVER AGE SALES PRICE
AVER AGE DAYS ON THE MARKET
AVER AGE DISCOUNT
$1,135,000
27%
16%
MEDIAN PRICE
SHARE OF
SHARE OF
INVENTORY
CLOSINGS
OVER $3M
OVER $3M
$1,438
34%
AVER AGE PRICE PER SQUARE FOOT
OF PROPERTIES TOOK MORE THAN 180 DAYS TO ENTER CONTR ACT
6
RECORDED SALES RECORDED RECORDED SALES SALES by by UNIT UNIT TYPE TYPE BY U N IT T YPE There were 1,821 recorded sales to-date in 1Q19, an 11% decrease from this time last year. This was the least number of Q1 sales since 2009, and the first Q1 period where less than 2,000 sales were recorded since 2013. 1BR units totaled 41% of all transactions, with an average PPSF of $1,248 and an average size of 833 square feet. 2BR units took 32%, with averages of $1,378/SF and 1,285 square feet. Studios, the most
2 19 PERCENTAGE OF UNITS 11 Q Q 20 019 PERCENTAGE OF UNITS
4+BR units, with 6% of closings, were the most expensive and largest. They averaged $1,984/SF, 5% above the 3BR units. 4+BRs also averaged
0% 0%
7
36% 36%
45% 45%
$1,248 $1,248 $1,378 $1,378 $1,886 $1,886
4+ BR 4+ BR
$0 $0
$500 $500
$1,000 $1,000
$1,500 $1,500
$1,984 $1,984 $2,000 $2,000
$2,500 $2,500
2 19 AVERAGE SIZE 11 Q Q 20 019 AVERAGE SIZE STUDIO STUDIO 1-BR 1-BR
Co-op units fared better than condos, with less extreme price declines.
2-BR 2-BR
3BR units measured the steepest losses, with their median price down 6%
3-BR 3-BR
to $5,032,820.
27% 27%
$1,098 $1,098
1-BR 1-BR
16% to $2,862, despite their size remaining relatively flat.
median price increased 16% to $3,700,000, despite an average fall of 2%
18% 18%
STUDIO STUDIO
PPSF decline 9% to $1,557. 4+BR units were the only type to record
to $1,975,000 and their average price down 14% to $2,205,559. 4+BR’s
9% 9%
2 19 AVERAGE PPSF 11 Q Q 20 019 AVERAGE PPSF
3-BR 3-BR
their average price up 18% to $10,530,141. Their average PPSF was also up
6% 6%
4+ BR 4+ BR
Condo prices showed precipitous declines year-over-year. The largest
significant increases, with their median price up 8% to $7,461,000 and
13% 13%
3-BR 3-BR
2-BR 2-BR
$1,766,250, their average price drop 11% to $2,068,411, and their average
32% 32%
2-BR 2-BR
3,901 square feet, making them 84% larger than the average 3BR unit.
declines were for 2BR units, which saw their median price fall 21% to
41% 41%
1-BR 1-BR
affordable unit type, averaged $1,098/SF and 507 square feet, with an 8% share.
8% 8%
STUDIO STUDIO
507 SF SF 507 SF 833 SF SF 833 SF SF 1,285 SF 1,285 SF SF 2,121 SF 2,121 SF SF 3,901 SF 3,901 SF
4+ BR 4+ BR
0 0
900 900
1,800 1,800
2,700 2,700
3,600 3,600
4,500 4,500
1 Q 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
STUDIO
108
139
6%
8%
1Q 2019 CONDO RECORDED SALES STUDIO
1-BR
2-BR
3-BR
4+BR
% UNITS
5%
39%
35%
15%
6%
AVERAGE DISCOUNT
8%
12%
10%
10%
11%
$1,032,500
$1,766,250
$3,580,000
$7,461,000
-6%
-21%
-12%
8%
$1,201,403
$2,068,411
$5,573,090
$10,530,141
-1%
-11%
10%
18%
$1,431
$1,557
$2,227
$2,862
-7%
-9%
5%
16%
839
1,308
2,283
3,434
7%
-3%
1%
1%
$607,500
MEDIAN PRICE
-11%
YOY
$859,508
AV E R AG E P R I C E
17%
YOY
$1,374
AV E R AG E P P S F
2-BR
587
3-BR
23613%
32%
-2%
YOY
489
AV E R AG E S F
-8%
YOY
1Q 2019 CO-OP RECORDED SALES STUDIO
1-BR
2-BR
3-BR
4+BR
% UNITS
9%
44%
32%
12%
3%
AV E R AG E D I S CO U N T
9%
6%
8%
12%
10%
$675,000
$1,300,000
$1,975,000
$3,700,000
-4%
-4%
-6%
16%
$782,876
$1,537,193
$2,205,559
$5,032,820
3%
5%
-14%
-2%
$1,010
$1,094
$1,155
$1,447
-6%
-0.1%
-3%
2%
-6%
519
821
1,248
1,703
2,972
3%
3%
-10%
-8%
MEDIAN PRICE
1-BR
751 41%
YOY 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
8
$450,000 2% $454,791 -2% $933
4%
4+ BR
0 0 0
900 900 900
1,800 1,800 1,800
2,700 2,700 2,700
3,600 3,600 3,600
3,901 SF
4,500 4,500 4,500
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 totaled the greatest share of closing in Q1, with 38% of all deals. The $500K-1M bracket closely followed at 34%, while sales priced under $500K totaled 12%, the same percentage share of the past three Q1’s. Discounts continued to climb in Q1, with each price bracket above $1M averaging double-digit percentage declines. The greatest negotiation power was for sales priced $20M and above, which averaged a 27% discount. Sales
11 Q Q 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 1 Q <500K 2 0 1 9 P E R C E N T A G E O 12% F UNITS
1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M 10M-20M 20M+ 20M+
1% 1% 1% 1% 20M+ 0%1% 0% 0%
priced between $10-20M had the next greatest discount rate, at 16% off the initial asking price, while sales discounts under $500K were the smallest, at 6%. Condos noted minimal price declines in Q1, apart from sales $20M and above, which were largely buoyed by legacy contracts that closed. In that tranche, the median price increased 31% to $30,191,112 while the average price jumped 29% to $33,320,166. Their average PPSF surged 59% to $7,474, despite a size reduction of 31%. Units priced between $1-3M recorded the greatest dips, with their median price down 3% to $1,654,772 and their average price down 2% to $1,782,505. Conversely, 20M+ co-op sales noted the greatest price adjustments. Their median price tumbled 30% to $24,500,000 and their average fell 31% to $24,000,000. Co-ops priced between $3-5M fared the best, with their median price increasing 9% to $3,600,000 and their average price up an accompanying 4% to $3,704,149. Sales priced between $5-10M noted a similar trend, with their median price up 9% to $6,800,000 and their average price up 2% to $7,001,917.
12% 12%
<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M
9% 9% 9%
4% 4% 4% 8% 8% 8%
16% 16% 16%
24% 24% 24%
32% 32% 32%
$4,800 $4,800 $4,800
$6,400 $6,400 $6,400
38% 38% 38%
40% 40% 40%
11 Q 20 AV PP Q 2 0 11 9 9 A VE ER RA AG GE E P PS SF F 1 Q <500K 2 0 1 9 A V E R $865 AGE PPSF
$865 $865 $1,023 $1,023 $1,023 $1,444 $1,444 $1,444 $1,832 $1,832 $1,832$2,316 $2,316
<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+ 20M+ $0
11 Q Q 1Q
$0 $0
$2,316 $3,114 $3,114 $3,114
$1,600 $1,600 $1,600
2 20 0 11 9 9 A AV VE ER RA AG GE E S S II Z ZE E 2 0 1 9 A V E R A G E S I 582 SF Z E <500K 582 SF SF 582778 778 778
<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M
20M+ 0
$3,200 $3,200 $3,200
$6,906 $6,906 $6,906 $8,000 $8,000 $8,000
SF SF SF
1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M 10M-20M 20M+ 20M+
0 0
9
34% 34% 34%
1,000 1,000 1,000
1,299 1,299 1,299
SF SF
2,346 2,346 SF SF 2,346 SF
SF
2,000 2,000 2,000
3,000 3,000 3,000
3,286 3,286 SF SF 3,286 SF 4,000 4,000 4,000
4,394 SF 4,394 SF SF 4,394 4,618 4,618
SF SF
SF 4,618 5,000 5,000 5,000
1Q 2019 CONDO RECORDED SALES
HISTORICAL TRENDS IN RECORDED SALES
100% 100%
90%
0.2% 1% 0.2% 3% 1% 5% 3% 5%
0.1% 1% 0.1% 3% 1% 3% 6%
6%
0.2% 0.1% 1% 1% 3% 0.2% 0.1% 3% 1% 3% 5%
1% 3% 6%
5%
6%
1% 2% 1% 4%
2% 4% 7% 7%
90%
80% 80% 30% 30%
1% 1% 1% 5% 1% 5% 7% 7%
1%
1%
1% 2% 1%
2% 1%
0.4% 2% 0.4%
2% 6%
2% 6%
5% 2%
1% 4%
5%
4%
8%
9%
MEDIAN PRICE
8%
9%
YOY
6%
6%
9%
9%
9%
9%
29%
28% 28%
30%
70% 70%
33%
34% 34%
35% 35%
60% 60%
35% 35%
38% 38%
10M-20M
20+M
25%
48%
13%
7%
3%
2%
1%
AVERAGE DISCOUNT
15%
9%
12%
10%
13%
10%
23%
$414,555
$780,000 $1,654,772
$3,779,158
$6,650,000 $12,142,631
$30,191,112
3%
-2%
-3%
1%
2%
-3%
31%
$401,936
$776,260
$1,782,505
$3,805,848 $6,912,447
$12,918,665
$33,320,166
1%
-1%
-2%
-1%
1%
-0.5%
29%
$969
$1,148
$1,579
$2,021
$2,472
$3,267
$7,474
9%
-9%
-4%
-4%
-2%
-4%
59%
513
718
1,164
2,023
2,880
4,025
3,604
7%
9%
1%
6%
5%
3%
-31%
YOY
37% 37%
5M-10M
3%
AVERAGE PPSF
33%
3M-5M
% UNITS
YOY
30%
500K-1M 1M-3M
1%
AVERAGE PRICE
29%
<500K
AVERAGE SF YOY
50% 50% 40% 40%
1Q 2019 CO-OP RECORDED SALES 38% 38%
39% 39%
37% 37%
37% 37% 35% 35%
30% 30%
35% 35%
33% 33%
35% 35%
35% 35%
34% 34%
<500K
500K-1M 1M-3M
3M-5M
5M-10M
10M-20M
20+M
% UNITS
19%
42%
31%
5%
2%
0.1%
0.3%
AVERAGE DISCOUNT
6%
6%
10%
11%
4%
8%
32%
MEDIAN PRICE YOY AVERAGE PRICE
20% 20%
10% 10%
0% 0%
10
YOY
23% 23%
23% 23%
25% 25%
AVERAGE PPSF
23% 23%
19% 19%
17% 17%
YOY
13% 13%
12% 12%
12% 12%
12% 12%
1Q16 1Q16
1Q17 1Q17
1Q18 1Q18
1Q19 1Q19
AVERAGE SF YOY
1Q10 1Q10 <500K <500K
1Q11 1Q11
1Q12 1Q12
500K-1M 500K-1M
1Q13 1Q13 1M-3M 1M-3M
1Q14 1Q14
1Q15 1Q15
3M-5M 3M-5M
5M-10M 5M-10M
10M-20M 10M-20M
20M+ 20M+
$400,000 $705,000 $1,585,000
$3,600,000 $6,800,000 $11,000,000
$24,500,000
0%
-1%
2%
9%
9%
-14%
-30%
$393,311
$722,396
$1,669,261
$3,704,149
$7,001,917
$11,000,000
$24,000,000
-2%
-1%
-0.3%
4%
2%
-21%
-31%
$838
$912
$1,223
$1,511
$2,431
–
–
1%
-6%
2%
-5%
36%
–
–
597
823
1,429
2,545
3,260
–
–
3%
5%
4%
11%
-22%
–
–
1,299 1,299
1M-3M 1M-3M 3M-5M 3M-5M
RECORDED SALES
SF SF
2,346 SF 2,346 SF SF 3,286 SF
5M-10M 5M-10M 10M-20M 10M-20M 20M+ 20M+
SF 4,394 SF 4,618 4,618
0
1,000
2,000
3,000
4,000
SF SF
5,000
RECORDED SALES by SUBMARKET S U B MAR KET Downtown captured the greatest share of closings of any submarket, at 30%, with an average PPSF of $1,699 and an average size of 1,568 square feet. The average discount in that market was 8%, even with last quarter. The Upper East Side followed, taking 21% of all deals, with averages of $1,247/SF and 1,406 square feet. There, the average discount was slightly higher, at 9%, also even with Q4. FiDi/BPC recorded 4% of all sales, as did Midtown West. In FiDi/BPC, the average PPSF was $1,175 and the average size was 1,040 square feet. FiDi/ BPC recorded the steepest discounts of any area, averaging 15%, up from 10% in Q4. Units in Midtown West had averages of $1,330/PPSF and 929 square feet. They recorded a 10% discount, up from 7% last quarter. Amongst condo sales, Upper East Side units saw the greatest price drops. There, the median price plunged 7% to $1,612,000 and the average price fell 5% to $2,300,811. Midtown East saw the greatest average price increase, due to sales along Billionaireâ&#x20AC;&#x2122;s row, up 32% to $3,719,557. These units also had the highest average PPSF, increasing 28% to $2,141. Condos in FiDi/BPC, while recording a median price increase of 4% to $1,250,000, recorded the largest discounts of any market or property type, at 16%. Co-op units noted mixed price changes in the first quarter. On the Upper East Side, the median price was up 2% to $945,000, but the average slipped 0.5% to $1,779,966. The Upper West Side performed similarly, with its median price up 11% to $962,500, but its average price plunging 19% to $1,293,786. The Downtown market was more positive, with its median price up 0.4% to $910,000 and its average price up 4% to $1,354,454. 11
1Q 2019 PERCENTAGE OF UNITS 10% 10%
UPPER MANHATTAN MANHATTAN UPPER UPPER UPPER EAST EAST SIDE SIDE
21% 21% 16% 16% 16% 16%
UPPER UPPER WEST WEST SIDE SIDE MIDTOWN EAST EAST MIDTOWN MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN
4% 4%
FIDI/BPC FIDI/BPC
4% 4%
30% 30%
0%
7%
14%
11 Q Q 2 20 0 11 9 9 A AV VE ER RA AG GE E P PP PS SF F
21%
28%
35%
$850 $850
UPPER UPPER MANHATTAN MANHATTAN UPPER EAST EAST SIDE SIDE UPPER
$1,247 $1,368
UPPER WEST WEST SIDE SIDE UPPER MIDTOWN EAST EAST MIDTOWN
$1,713 $1,330 $1,330
MIDTOWN MIDTOWN WEST WEST DOWNTOWN DOWNTOWN
$1,699 $1,699
$1,175 $1,175
FIDI/BPC FIDI/BPC
$0 $0
$400 $400
$800 $800
$1,200 $1,200
$1,600 $1,600
$2,000 $2,000
1Q 2 2019 A AVERAGE S SIZE 1,291 SF 1,291 SF 1,406 1,406
UPPER MANHATTAN MANHATTAN UPPER UPPER EAST EAST SIDE SIDE UPPER
SF SF
SF 1,323 SF SF 1,227 SF
UPPER UPPER WEST WEST SIDE SIDE MIDTOWN MIDTOWN EAST EAST
929
MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN
SF SF
1,568 SF 1,568 SF SF 1,040 SF
FIDI/BPC FIDI/BPC
0
500
1,000
1,500
2,000
NUMBER OF RECORDED SALES
U PPE R M A N H AT TA N
191 UNITS: 10%
1Q 2019 CONDO RECORDED SALES UPPER MANHATTAN
UPPER EAST SIDE
UPPER WEST SIDE
MIDTOWN EAST
MIDTOWN WEST
DOWNTOWN
FiDi/ BPC
% UNITS
10%
13%
13%
17%
6%
34%
7%
AVERAGE DISCOUNT
8%
9%
8%
14%
10%
10%
16%
$1,445,000
$1,170,000
$2,462,823
$1,250,000
3%
-2%
5%
4%
$3,719,557
$1,541,851
$3,596,911
$1,477,499
32%
-2%
-0.3%
0%
$2,141
$1,430
$1,961
$1,209
28%
-11%
-4%
-12%
1,226
947
1,718
1,004
-3%
3%
8%
3%
MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F
U PPE R W EST S I D E
297 UNITS: 16%
YOY AV E R AG E S F YOY
$765,000 3% $892,783 -0.2% $952 -1% 1,034 2%
$1,612,000 -7% $2,300,811 -5% $1,457 -8% 1,304 0.2%
$1,588,888 10% $2,567,407 3% $1,577 -12% 1,281 -8%
U PPE R E AST S I D E
375 UNITS: 21%
1Q 2019 CO-OP RECORDED SALES UPPER MANHATTAN
UPPER EAST SIDE
UPPER WEST SIDE
MIDTOWN EAST
MIDTOWN WEST
DOWNTOWN
FiDi/ BPC
% UNITS
10%
26%
20%
15%
2%
27%
1%
AVERAGE DISCOUNT
5%
9%
7%
8%
11%
7%
11%
$675,000
$550,000
$910,000
$850,000
-7%
-9%
0.4%
14%
$907,683
$625,465
$1,354,454
$878,773
-3%
-14%
4%
8%
$971
$992
$1,250
$836
3%
-11%
-2%
-14%
1,095
861
1,079
1,403
13%
-20%
-2%
10%
M I DTOW N W EST
64 UNITS: 4% M I DTOW N E AST
285 UNITS: 16%
MEDIAN PRICE YOY
D OW NTOW N
542 UNITS: 30%
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
67 UNITS: 4%
12
AV E R AG E S F YOY
$545,500 -6% $678,029 9% $777 5% 898 -8%
$945,000 2% $1,779,966 -0.5% $1,010 -6% 1,174 -6%
$962,500 11% $1,293,786 -19% $1,130 -5% 1,200 18%
PRICE PER SQUARE FOOT
13
PRICE TRENDS
$2,062,470
$1,135,000
$1,700
$2,500,000
$1,989,600 $1,600
$2,250,000
$1,100,000
$2,000,000
$1,500
$1,750,000 $1,400 $1,500,000 $1,300
$1,288
$1,250,000
Average Price Per Square Foot Since 1Q10
$1,200 $1,000,000 $1,100 $750,000
$1,000
$500,000
$900 $1,438
$1,460
$1,403
$1,479
$1,482
$1,500
$1,538
$1,566
$1,585
$1,531
$1,513
$1,511
$1,524
$1,515
$1,435
$1,380
$1,372
$1,359
$1,303
$1,279
$1,282
$1,241
$1,176
$1,144
$1,131
$1,108
$1,087
$977
$1,050
$1,071
$1,060
$1,041
$1,042
$1,081
$1,056
$1,033
$1,055
$250,000
$800 2010
Average PPSF
14
2011
2012
Median Price
2013
Average Price
2014
2015
2016
2017
2018
20 19
$0
CONTRACTS SIGNED BY U N IT T YPE There were 2,465 contracts signed in the first quarter, an increase of 7% from one year ago. Properties spent an average of 161 days on the market, the longest amount of time during a first quarter since the bottom of the market in 2012, when they averaged 191 days. 14% of all properties entered contract in the first 29 days, including 12% of
CONTRACTS SIGNED BY UNIT TYPE 1Q 2019 PERCENTAGE OF UNITS
CONTRACTS SIGNED BY UNIT TYPE 1 QSTUDIO 2 0 1 9 P E R C E N T A G E O11% F UNITS
38%
1 QSTUDIO 21-BR 0 1 9 P E R C E N T A G E O11% F UNITS 2-BR 1-BR STUDIO
29%
38%
15%
29%
38%
29%
11%
3-BR 2-BR 1-BR
condos and 15% of co-ops. 34% of all homes took 180 days or longer to get
4+ BR 3-BR 2-BR
7%
15%
signed, representing 39% of condos and 30% of co-ops.
4+ BR0% 3-BR
8% 7%
16% 15%
24%
32%
40%
24%
32%
40%
24%
32%
40%
1BR units totaled 38% of contracts signed in Q1. 2BR units followed at 29%,
0%A V E R A G E8% 7%P P S F 1 Q 4+ 2 0BR 19
16%
while 3BR units made up 15%. Studios took 11% and moved the fastest, with
0%A V E R A G E8%P P S F 1 QSTUDIO 2019
16%
30% signed in the first 59 days. Conversely, 4+BR units, with 7% of the
1 QSTUDIO 21-BR 019 AVERAGE PPSF
market, saw 41% take 180 days or longer to get signed. Condos prices were lower across all bedroom types. The greatest median price decline was for 4+BR units, where it fell 18% to $6,500,000. Their average price also dropped 7% to $9,508,319. 2BR units witnessed similar
$1,124$1,271 $1,124$1,271$1,447
3-BR 2-BR 1-BR
$1,271$1,447
$1,797
4+ BR 3-BR 2-BR
$1,447
$1,797
4+ BR$0 3-BR
$500
$0 $500 1 Q 4+ 2 0BR 19 AVERAGE SIZE
average price dipping 8% to $2,140,386. The greatest PPSF decline was for
1 QSTUDIO 2 0 1 9 A V E R A 666 G E SFS I Z E
studios, where it fell 9% to $1,341/SF.
810 SF SF 1 QSTUDIO 21-BR 0 1 9 A V E R A 666 GE SIZE
pronounced than condos. The greatest drops were for 3BR units, where the
$1,124
2-BR 1-BR STUDIO
declines, with their median price tumbling 16% to $1,850,000 and their
Co-op units also recorded price declines, although theirs were less
15
CONTRACTS SIGNED BY UNIT TYPE
$0
$500
$2,096
$1,000
$1,500
$2,000 $2,096 $2,500 $1,797
$1,000
$1,500
$2,000 $2,096 $2,500
$1,000
$1,500
$2,000
$2,500
810 SF SF 1,300 SF 666
2-BR 1-BR STUDIO 3-BR 2-BR 1-BR
810
SF
1,300 SF
2,098 SF
1,300 SF
2,098 SF
3,814 SF
median price fell 4% to $2,295,000 and the average price toppled 14% to
4+ BR 3-BR 2-BR
$2,540,238. Larger, 4+BR units saw their median price rise 1% to $4,850,000
4+ BR 0 3-BR
1,000
2,0002,098 SF
3,000
4,000 3,814 SF
5,000
and their average drop 2% to $5,840,753.
4+ BR 0
1,000
2,000
3,000
4,000 3,814 SF
5,000
0
1,000
2,000
3,000
4,000
5,000
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
1Q 2019 CONDO CONTR ACTS SIGNED 4 + B E D RO O M
176 UNITS: 7% % UNITS MEDIAN PRICE
3 B E D RO O M
YOY
363 UNITS: 15%
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
718 UNITS: 29%
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
279 UNITS: 11%
16
2-BR
3-BR
4+BR
6%
36%
34%
17%
8%
$989,000
$1,850,000
$3,884,000
$6,500,000
-14%
-16%
-8%
-18%
$1,133,037
$2,140,386
$4,741,582
$9,508,319
-9%
-8%
-7%
-7%
$1,472
$1,639
$2,068
$2,534
-8%
-7%
-6%
-4%
790
1,307
2,153
3,534
0.5%
1%
-3%
-0.5%
$648,000 -11% $770,367 -1% $1,341 -9% 537 1%
1Q 2019 CO - OP CONTR ACTS SIGNED
% UNITS
929 UNITS: 38%
1-BR
2,465 TOTAL CONTR ACTS SIGNED
1 B E D RO O M
STUDIO
AV E R AG E S F YOY
STUDIO
1-BR
2-BR
3-BR
4+BR
16%
39%
27%
14%
4%
$1,249,500
$2,295,000
$4,850,000
-7%
-4%
1%
$1,419,636
$2,540,238
$5,840,753
-7%
-14%
-2%
$1,049
$1,308
$1,373
-6%
-4%
-25%
1,269
1,971
2,835
4%
-2%
-12%
$449,000 -3% $469,935 -2% $915 -10% 511 5%
$717,498 0.3% $781,468 -1% $978 -6% 834 6%
$0
$500
1 Q 2 0 1 9$0 A V E R A G $500 E SIZE
$1,000
$1,500
$2,000
$2,500
$1,000
$1,500
$2,000
$2,500
1 QSTUDIO 2 0 1 9 A V E R A 666 G E SFS I Z E 1 QSTUDIO 2 0 1 9 A V E R A 666 G E SFS I Z E
CONTRACTS SIGNED BY PR I CE PO I NT Properties priced between $1-3M saw the most activity in the fourth quarter, representing 38% of all deals. Units priced between $500K-1M followed, with 35% of all contracts. Units priced under $500K took 12%, while the remaining brackets all captured single-digit shares. Properties priced under $500K logged the most contracts in the first 59 days, with 31%. Units between $500K-1M and $1-3M both saw 28% go to contract within the same period. The slowest moving units were those priced $10M and above, where 52% took 180 days or longer to get signed. Condos priced between $5-10M showed the greatest price depreciation. In this category, both the median and average prices declined 4%, to $6,500,000 and $6,718,753, respectively. The $10-20M tranche was the only bracket to record increases for both its median and average prices. There, the median increased 3% to $13,182,500 and the average was up 2% to $13,352,778. Co-ops displayed a similar pattern to condos. In the $5-10M tranche, the median price dropped 12% to $5,825,000 and the average price was down 15% to $6,015,893. However, properties signed between $10-20M recorded the greatest declines, with their median price down 20% to $12,000,000 and their average price down 9% to $12,713,571. The $20M+ bracket saw its median and average prices increase 5% to $21,000,000.
17
810 SF 666 SF 810 SF 1,300 SF 810 SF 1,300 SF
1-BR STUDIO 1-BR 2-BR
1-BR 2-BR 3-BR 2-BR 3-BR 4+ BR 3-BR 4+ BR 0
2,098 SF
1,300 SF
2,098 SF
1,000
2,098 SF 2,000
4+ BR 0
1,000
2,000
0
1,000
2,000
3,814 SF 5,000
3,000
3,814 SF 4,000 3,814 SF 4,000
3,000
4,000
5,000
3,000
5,000
CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT 1Q 2019 PERCENTAGE OF UNITS
5
12% 1 Q <500K 2019 PERCENTAGE O F UNITS 500K-1M 1 Q <500K 2019 PERCENTAGE O F UNITS 12% 1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M
35%
12% 8% 5%
8%
2%
5%
8%
0.8% 2% 0% 2% 0.8% 20M+ 10M-20M
5%
5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M
20M+ 0%0.8%
35%
38%
35%
38% 38%
9%
18%
27%
36%
45%
9%
18%
27%
36%
45%
18%
27%
36%
45%
1 Q 2 0 1 9 0% A V E R A G E9%P P S F 1 Q <500K 2 0 1 9 A V E R A G E$823 PPSF 500K-1M 1 Q <500K 2 0 1 9 A V E R A G E$823 P $1,054 PSF
1
$823$1,054 $1,444
1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M
$1,054 $1,444 $1,958 $1,444 $1,958$2,328
5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M
$1,958$2,328
20M+ 10M-20M 5M-10M 20M+ $0 10M-20M
$1,000
$2,000
20M+ $0
$1,000
$2,000
$0
$1,000
$2,000
1Q 2019 AVERAGE SIZE 621 1 Q <500K 2019 AVER A SF GE SIZE 769 SF S I Z E 500K-1M 1Q 2019 AVER A GE 621 SF <500K 1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M
621769 SF 769
5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M
$3,001
$3,001 $2,328 $3,000 $3,001
$4,493 $4,000
$5,000 $4,493
$3,000
$4,000
$4,493 $5,000
$3,000
$4,000
$5,000
SF 1,323 SF SF 1,323 SF
1,323 SF
15 5 5 1 5 31 5 19 3 8 3 19 8 19 8
2,127 SF 2,127 SF
3,113 SF
2,127 SF
3,113 SF
4,730 SF
3,113 SF
4,730 SF
6,428 SF
20M+ 0 10M-20M
1,400
2,800
4,200
5,600 4,730 SF
7,000 6,428 SF
20M+ 0
1,400
2,800
4,200
5,600
6,428 SF 7,000
0
1,400
2,800
4,200
5,600
7,000
19 3 19 3 9 3
1Q 2019 CONDO CONTR ACTS SIGNED
2,465
% UNITS MEDIAN PRICE
TOTAL UNITS
YOY AV E R AG E P R I C E YOY
5M-10M
10M-20M
129 UNITS 5%
37 UNITS 2% <500K
3M-5M
291 UNITS 12%
191 UNITS 8% 1Q 2019 CONTRACTS SIGNED BY PRICE POINT
AV E R AG E P P S F YOY AV E R AG E S F YOY
20 UNITS 1%
% UNITS MEDIAN PRICE
AV E R AG E P R I C E
18
3M-5M
5M-10M
10M-20M
20+M
2%
27%
47%
12%
9%
2%
1%
$3,937,500
$6,500,000
$13,182,500
$27,950,000
$459,000
$799,000
$1,632,500
-3%
0%
-3%
-2%
-4%
3%
1%
$440,674
$795,485
$1,774,039
$3,902,283
$6,718,753
$13,352,778
$29,867,500
-1%
-0.4%
-2%
-2%
-4%
2%
-8%
$1,007
$1,191
$1,572
$2,104
$2,485
$3,451
$5,638
8%
-4%
-8%
-4%
-1%
2%
-14%
651
694
1,170
1,926
2,824
4,066
5,689
10%
3%
7%
1%
-1%
-0.2%
10%
1Q 2019 CO - OP CONTR ACTS SIGNED
YOY
OF CONTR ACTS SIGNED WERE ABOVE $3M
1M-3M
863 UNITS 35%
20M+
15%
500K-1M
500K-1M
1M-3M 934 UNITS 38%
<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
19%
41%
32%
5%
2%
1%
0.1%
$3,770,000
$5,825,000
$12,000,000
$21,000,000
$410,000
$719,998
$1,650,000
3%
-1%
3%
-5%
-12%
-20%
5%
$408,672
$729,162
$1,745,377
$3,851,937
$6,015,893
$12,713,571
$21,000,000
0.3%
-1%
-0.4%
-2%
-15%
-9%
5%
$801
$913
$1,194
$1,618
$1,727
$2,771
-5%
-7%
-5%
-2%
-13%
-21%
612
836
1,519
2,414
3,743
4,060
10%
6%
7%
-5%
1%
-16%
_ _ _ _
$0
$1,000
$2,000
621 1 Q <500K 2019 AVER A SF GE SIZE
$3,000
$4,000
$5,000
769 SF 500K-1M 621 SF <500K 1Q 2019 AVER A GE SIZE
CONTRACTS SIGNED S U B MAR KET Downtown captured the greatest share of contracts, with 27%. This was the most expensive market, with an average PPSF of $1,775. These properties also moved the fastest, with 31% signed in the first 59 days. The FiDi/BPC market captured 3% of all contracts, with an average PPSF of $1,324 and an average size of 1,183 square feet. This was the slowest moving market, with 40% of contracts taking 180 days or longer to get signed. Midtown West also captured 3% of contracts, with an average PPSF of $1,401 and an average size of 1,008 square feet. 32% of all deals there took 180 days or longer to enter contract. Upper West Side condos saw the greatest price declines of any market. There, the median price plunged 18% to $1,895,000 and the average price fell 21% to $3,036,513. This market also logged the greatest PPSF decline, falling 9% to $1,856. FiDi/BPC showed the greatest improvements, with its median price up 14% to $1,250,000 and its average up 16% to $1,645,159.
621769 SF 769
SF 1,323 SF SF 1,323 SF
2,127 SF
1,323 SF
2,127 SF
3,113 SF
2,127 SF
3,113 SF
5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M
4,730 SF
6,428 SF
1,400
2,800
4,200
5,600 4,730 SF
6,428 SF 7,000
20M+ 0
1,400
2,800
4,200
5,600
6,428 SF 7,000
0
1,400
2,800
4,200
5,600
7,000
3,113 SF
SIGNED CONTRACTS by SUBMARKET SIGNED CONTRACTS by SUBMARKET 1Q 2019 PERCENTAGE OF UNITS SIGNED CONTRACTS by SUBMARKET 1 Q 2UPPER 0 1 9 MANHATTAN PERCENTAGE OF UNITS
11%
1 Q 2UPPER 0 1UPPER 9 MANHATTAN P E EAST R C ESIDE NTAGE OF UNITS
11%
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 FIDI/BPC0%
Size was a factor here, up an average of 20%.
21%
17%
21%
17%
3% 3% 3% 3% 6%
17% 12%
18%
24%
27%30%
3% 6%
12%
18%
24%
30%
12%
18%
24%
30%
6%
27% 27%
$946
$1,362
UPPER EAST SIDE
$946
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
$946
$400
$800
$1,401 $1,422 $1,324 $1,401 $1,200 $1,324 $1,600
FIDI/BPC$0
$400
$800
$1,200 $1,324 $1,600
$0
$400
$800
$1,200 1,119 SF
1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE PPSF
1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE
while the average price increased 11% to $1,396,933.
17%
3%
1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE PPSF
Upper East Side co-ops witnessed the greatest declines of any market.
highest of any market. Downtown, the median price was up 9% to $900,000
21%
11%
1 Q 2 0 1 9 A V E R A G E0%P P S F
1Q 2019 AVERAGE SIZE
fell 16% to $1,682,007. Still, the Upper East Side average price was the
4,730 SF
20M+ 0 10M-20M
These increases can be largely attributed to new development contracts.
There, the median price dropped 24% to $975,000 and the average price
19
1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M
1 Q 2UPPER 0 1UPPER 9 MANHATTAN A VEAST E R ASIDE GE SIZE
$1,362 $1,554 $1,422 $1,362 $1,554 $1,401 $1,422 $1,554
$1,600
$1,775 $1,775 $2,000 $1,775 $2,000 $2,000
1,500 SF
1,119 SF
SF SF 1,500 1,119 SF 1,405 1,303 SF SF 1,405 1,500 SF 1,008 SF 1,303 SF 1,405 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
400
800
1,183 1,200
SF
1,600
1,740 2,000 SF
FIDI/BPC 0
400
800
1,183 1,200
SF
1,600
2,000
0
400
800
1,200
1,600
2,000
1,008 SF 1,303 SF SF 1,008 1,183 SF
1,740
SF
1,740
SF
NUMBER OF UNITS SIGNED
U PPE R M A N H AT TA N
276 UNITS: 11%
1Q 2019 CONDO CONTR ACTS SIGNED
% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY
U PPE R W EST S I D E
AV E R AG E S F
411 UNITS: 17%
YOY
UPPER MANHATTAN
UPPER EAST SIDE
UPPER WEST SIDE
MIDTOWN EAST
MIDTOWN WEST
DOWNTOWN
FiDi/ BPC
14%
15%
13%
16%
4%
30%
7%
$1,399,000
$1,162,500
$2,475,000
$1,250,000
-6%
-7%
9%
14%
$2,826,803
$1,635,074
$3,655,840
$1,645,159
-8%
9%
8%
16%
$1,799
$1,650
$1,987
$1,357
-6%
-1%
-4%
-0.2%
1,335
974
1,709
1,164
1%
7%
11%
15%
$825,000
$1,650,000
3%
-8%
$924,481
$2,718,048
-0.2%
-16%
$1,063
$1,640
5%
-5%
872
1,481
-5%
-5%
$1,895,000 -18% $3,036,513 -21% $1,856 -9% 1,478 -14%
U PPE R E AST S I D E
1Q 2019 CO - OP CONTR ACTS SIGNED
526 UNITS: 21%
M I DTOW N W EST
UPPER MANHATTAN
UPPER EAST SIDE
UPPER WEST SIDE
MIDTOWN EAST
MIDTOWN WEST
DOWNTOWN
FiDi/ BPC
9%
26%
20%
18%
3%
24%
1%
$717,500
$599,500
$900,000
$975,000
3%
9%
9%
2%
$915,602
$760,420
$1,396,933
$1,061,714
-16%
9%
11%
5%
$948
$915
$1,255
$989
-7%
-13%
2%
-10%
1,082
919
1,328
1,173
-2%
12%
20%
-9%
85 UNITS: 3% M I DTOW N E AST
419 UNITS: 17%
% UNITS MEDIAN PRICE YOY
D OW NTOW N
AV E R AG E P R I C E YOY
664 UNITS: 27%
AV E R AG E P P S F YOY
FI D I / B P C
84 UNITS: 3%
20
AV E R AG E S F YOY
$524,950 1% $684,971 8% $702 -1% 977 7%
$975,000 -24% $1,682,007 -16% $1,011 -20% 1,283 -17%
$1,095,000 -7% $1,570,672 -3% $1,157 -6% 1,162 1%
TIME ON THE MARKET
21
TYPE
OVERALL
14%
14%
CONDO
9%
12%
CO-OP
9% 10%
34%
19%
11%
17%
15%
10%
39%
19%
10%
30%
19%
10%
BEDROOMS
0
STUDIO
14%
1-BR
14%
2-BR
4+BR
PRICE BRACKET
500K 500K-1M 1M-3M 3M-5M 5M-10M
12%
9%
5%
11%
10% 13%
9%
14%
7%
UPPER MANHATTAN
12%
15%
UPPER WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC
0%
13%
15%
8%
43% 52%
19%
9% 10% 6%
36%
10%
38%
10% 13%
32%
13%
11%
34%
19% 13%
40%
30-59 DAYS
28%
19% 20%
14% 6%
31%
18% 14%
20%
0-29 DAYS 22
9%
15%
42%
16%
17%
16%
35%
17%
13%
13%
19%
20%
5%
15%
29%
21%
8%
11%
37% 21%
10%
11%
14%
14% 12%
5%
11%
11%
10%
4%
34% 41%
8%
9% 6%
35%
23%
11%
13%
15%
18% 18%
12%
15%
14%
34%
11%
10%
19%
12%
20%
11%
9%
30%
15%
9%
10% 12%
16%
12%
9%
14%
10M+
UPPER EAST SIDE SUBMARKET
14%
12%
3-BR
13%
16%
40%
60%
60-89 DAYS
80%
90-119 DAYS
120-179 DAYS
100%
180+ DAYS
TOTAL INVENTORY BY U N IT T YPE There were 7,310 units listed on the market at the end of the first quarter, an 11% increase from this time last year. 1BR units captured the largest market share, with 32% of all listings. These units had an average PPSF of $1,443 and an average size of 818 square feet. 2BR units, with a 30% share, had averages of $1,773/SF and 1,394 square feet. Studios totaled 11% of the market and were the most affordable with an average PPSF of $1,340 and an average size of 555 square feet. 4+BR units captured an equal share, 11%, and were the most expensive and largest. These units averaged $2,499/SF and 4,295 square feet. Condo median and average inventory prices were lower for studio - 3BR units. 1BRs recorded the greatest price drops, with their median price falling 8% to $1,198,000 and their average shrinking 11% to $1,361,824. 3BR units saw their median price fall 9% to $4,497,500 and their average decline 3% to $6,011,269. Larger, 4+BR units fared the best, with their
11%
STUDIO
1 Q STUDIO 2 0 1 9 P E R C E N T A G E O 11% F UNITS 11%
30%
1-BR 2-BR 3-BR 2-BR 3-BR 4+ BR 3-BR 4+ BR0% 4+ BR 0%
16% 16%
11%
8%
11%
8%
24%
16%
1Q 2019 AVERAGE PPSF 8% 0% 1 QSTUDIO 2019 AVERAGE PPSF
24%
16%
24%
32%
40%
32%
40%
32%
40%
$1,340
1 Q STUDIO 2 01-BR 19 AVERAGE PPSF
$1,340 $1,443 $1,340 $1,443
STUDIO 1-BR 2-BR
$1,443
1-BR 2-BR 3-BR
$1,773 $1,773 $1,773
2-BR 3-BR 4+ BR
$2,274 $2,274$2,499
3-BR 4+ BR $0
$600
$1,200
$1,800
$2,274 $2,400 $2,499
$3,000
4+ BR $0
$600
$1,200
$1,800
$2,400$2,499
$3,000
of 1% to $12,919,395. They were also the only bedroom type with a PPSF
1 QSTUDIO 2019 AVERA GE 555 SF S I Z E
$0
$600
$1,200
$1,800
$2,400
$3,000
1 Q STUDIO 2 0 1 9 A V E R A555 G ESF818 S I SF ZE 1-BR
STUDIO 1-BR 2-BR
555
SF 818 SF
818
1,394
SF
1,394
SF
the largest declines, with their median price down 13% to $2,599,000 and
1-BR 2-BR 3-BR
their average price down 16% to $3,280,884. Larger units also saw
2-BR 3-BR 4+ BR
decreases, with 4+BRs noting a median price falloff of 8% to $5,250,000
3-BR 4+ BR 0
1,000
2,000
and an average price drop of 12% to $7,523,614. 2BR units managed the
4+ BR 0
1,000
2,000
only average price increase, up 3% to $1,942,389.
30%
16%
11%
32%
30%32%
16%
1Q 2019 AVERAGE SIZE
Co-op prices were lower from this time last year. 3BR units experienced
32%
1-BR
STUDIO 1-BR 2-BR
median price increasing 4% to $9,500,000, despite an average price dip increase, up 4% to $3,098/SF.
23
TOTAL INVENTORY by UNIT TYPE TOTAL INVENTORY by UNIT TYPE 1Q 2019 PERCENTAGE OF UNITS TOTAL INVENTORY by UNIT TYPE 1Q 2019 PERCENTAGE OF UNITS
0
SF
1,394
1,000
2,244 SF 2,244 SF
SF
2,000
2,244 SF
3,000
4,000
3,000
4,000
3,000
4,000
4,295
SF
4,295
SF
4,295
SF
5,000 5,000
5,000
1Q 2019 CONDO INVENTORY
4+BR 11% 3-BR 16%
40%
STUDIO 11%
% UNITS MEDIAN PRICE
3-BR 16%
1Q 2019 TOTAL 2-BR INVENTORY 30%
40%
3-BR
4+BR
9%
30%
32%
20%
10%
$2,495,000
$4,497,500
$9,500,000
-8%
-0.2%
-9%
4%
$1,361,824
$2,862,797
$6,011,269
$12,919,395
-11%
-3%
-3%
-1%
$1,648
$1,968
$2,453
$3,098
-7%
-2%
-2%
4%
570
824
1,416
2,245
3,851
-0.3%
-3%
-1%
-4%
-5%
$835,812
YOY
-8%
AV E R AG E P P S F
$1,525
YOY
1-BR 32%
2-BR
-5%
AV E R AG E P R I C E
1-BR 32%
1-BR
$739,000
YOY
4+BR STUDIO 11% 1Q 2019 11% TOTAL INVENTORY
STUDIO
-6%
AV E R AG E S F YOY
$1,198,000
2-BR 30%
$3,000
4+BR 9% 3-BR 16%
3,000
4+BR STUDIO 9%1Q 2019 12% NEWLY LISTED INVENTORY
3-BR 16%
F
2-BR 29%
5,000
STUDIO 12%
1Q 2019 NEWLY LISTED INVENTORY
1Q 2019 CO- OP INVENTORY
% UNITS MEDIAN PRICE
24
1% 2%
1% 2%
1%
AV E R AG E P P S F
2%
5%
5%
5%
3% 7%
5%
3%
6%
3%
2%
2%
2%
6%
5%
5%
4% 9%
36%
31%
13%
5%
$1,495,000
$2,599,000
$5,250,000
-2%
-13%
-8%
$1,942,389
$3,280,884
$7,523,614
3%
-16%
-12%
$1,237
$1,512
$1,725
-3%
-8%
-2%
1,320
1,995
3,267
-2%
-7%
-11%
$740,000 0% $817,341 -4% $1,045
-1%
AV E R AG E S F
2%
15%
$1,040
YOY
1%
4+BR
-4%
-3%
532
787
-1%
YOY
100%
3-BR
$518,992
YOY
2-BR 29%
5,000
2-BR
-2%
AV E R AG E P R I C E
1-BR 34%
1-BR
$475,000
YOY
1-BR 34%
STUDIO
0.1%
Historical Inventory
100%
1%
1%
2%
1%
Historical 2% 3% Inventory 3% 5%
4%
2% 6%
4%
6%
6%
9%
10%
10%
1Q 2019 AVERAGE SIZE
TOTAL INVENTORY BY PR I CE PO I NT
1-BR STUDIO 2-BR
555 SF818
SF
2-BR 1-BR 3-BR
818
SF
3-BR 2-BR 4+ BR
1,394
SF
1,394
SF
1,394
SF
2,244 SF
Units priced above $20M had an average PPSF of $5,097 and an average size of 5,940 square feet, making them 52% more expensive and 31% larger than units priced between $10-20M. Condo inventory saw price declines across all tranches, except between $5-10M and $10-20M. For listings priced from $5-10M, the median price increased 2% to $6,700,000 and the average price grew 1% to $6,980,672. For those between $10-20M, the median price swelled 3% to $13,250,000 and the average price was up 1% to $13,924,483. $20M+ listings had the greatest price drops, with both the median and average down 4%. Co-ops recorded median and average price declines for every tranche $1M and above. Units priced under $500K recorded the only real increases, with the median price up 5% to $419,000 and the average price up 2% to $408,980. Properties priced between $500K-1M remained flat, with the median at $720,000 and the average up 0.1% to $734,149. The greatest losses were for units priced between $10-20M, where the median price dropped 9% and the average price fell 10%.
SF 5,000
2,000
2,244 SF 3,000
4,000
0
1,000
2,000
3,000
4,000
4,295
0
1,000
2,000
3,000
4,000
4+ BR
5,000
TOTAL INVENTORY by PRICE POINT TOTAL INVENTORY by PRICE POINT 1 Q <500K 2 0 1 9 P E R C E N T A8% GE OF UNITS
average PPSF of $845, but were the smallest, averaging 604 square feet.
SF 5,000
1,000
category. The $500K-1M range followed with 28%, its highest Q1 level since
Overall, properties priced under $500K offered the best value, with an
SF
4,295
1Q 2019 PERCENTAGE OF UNITS
their lowest levels since 2013.
4,295
4+ BR 0 3-BR
Overall, 38% of active inventory was priced between $1-3M, the most of any 2013. The $5-10M and $10-20M brackets captured 9% and 4%, respectively,
2,244 SF
100%
TOTAL INVENTORY by PRICE POINT 500K-1M 8% <500K 1 Q 1M-3M 2019 PERCENTAGE OF UNITS 500K-1M 8% <500K 12% 3M-5M 1M-3M 500K-1M 9% 5M-10M 12% 3M-5M 1M-3M 4% 10M-20M 9% 5M-10M 12% 3M-5M 2% 4% 20M+ 10M-20M 9% 5M-10M 0% 8% 16% 2% 20M+ 4% 10M-20M 0% 8% 16% 2% 20M+
100% 28%
100% 38%
28%
38%
28%
38%
80%
8% $845 1 Q 2500K 019 AVERAG E PPSF 500K-1M $845$1,134 500K
16%
32%
40%
24%
32%
40%
24%
32%
40%
SF $1,200 1 Q <500K 2 0 1 9$0A V E 604 RAG E SIZE 729 500K-1M 604 SFSF <500K
$2,400
80% 33% 33%
60% $3,335 $5,079
$3,335 $3,600 $3,335 $3,600
$4,800
$3,600
$4,800
$4,800
$5,079 $6,000 $5,079
$6,000 $6,000
40% 40%
0
729 SF 604 SF 729 SF
1,244 SF 1,244 SF
37%
2,062 SF 2,062 SF 2,062 SF
2,991 SF
20%
4,517 SF
2,991 SF
4,517 SF
1,000
2,000
2,991 SF 3,000 4,000
1,000
2,000
3,000
4,000
5,000 4,517 SF 5,000
1,000
2,000
3,000
4,000
5,000
20%
5,940 SF 5,940 SF 7,000 6,000
20% 17%
6,000 7,000 5,940 SF 6,000
17%
7,000
0% 25
TOTAL INVENTORY by SUBMARKET TOTAL INVENTORY by SUBMARKET
37%
40% 37%
1 Q 1M-3M 2 0 1 9 A V E R A G E1,244 S I ZSFE 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 0 20M+
8%
60% 33% 60%
1 Q 1M-3M 2 0 1 9 A V E R A G E P P S F$1,594
$1,134 500K-1M $845 500K 3M-5M $1,594 $2,058 1M-3M $1,134 500K-1M 5M-10M $2,058 $2,596 3M-5M $1,594 1M-3M 10M-20M $2,596 5M-10M $2,058 3M-5M 20M+ 10M-20M $2,596 5M-10M $1,200 $2,400 20M+ $0 10M-20M $0 $1,200 $2,400 1 Q 20M+ 2019 AVERAGE SIZE
2% 5% 1% 5% 2% 8% 5% 8%
80% 24%
1Q 2019 AVERAGE PPSF 0%
1% 2% 1%
1Q 2019 PERCENTAGE OF UNITS
0%
17%
1Q10 1Q10
<500K
0%
<500K 1Q10
Historical Inventory
1Q 2019 CONDO INVENTORY
HISTORICAL INVENTORY
100%
1%
1%
2%
1%
2%
3%
3%
4%
5%
5%
2%
9%
6%
10%
MEDIAN PRICE
10%
YOY
9% 16%
12%
80%
10%
6%
11%
12%
9%
% UNITS
6%
6%
12%
4%
16%
13%
AVERAGE PRICE
16%
14%
AVERAGE PPSF
17%
12% 15%
YOY
17%
14%
16%
AVERAGE SF
17%
60%
20%
18%
16%
YOY
YOY
<500K
500K-1M 1M-3M
3M-5M
5M-10M
10M-20M
20+M
1%
20%
17%
12%
5%
2%
43%
$443,940 $800,000 $1,788,750
$3,795,000 $6,700,000 $13,250,000 $26,800,000
-1%
-2%
2%
$406,534 $800,229 $1,866,285
$3,857,253
$6,980,672 $13,924,483
$32,259,389
-0.4%
-1%
-1%
-2%
1%
1%
-4%
$964
$1,275
$1,715
$2,175
$2,805
$3,720
$5,981
-5%
-3%
-3%
-2%
4%
4%
-0.1%
738
669
1,130
1,848
2,602
3,954
5,104
-2%
3%
2%
-2%
-5%
-4%
-13%
-3%
-1%
3%
-4%
17% 16% 22% 21%
1Q 2019 CO- OP INVENTORY 26%
26%
40% 68%
% UNITS
63%
63% 16%
16%
MEDIAN PRICE YOY
53% 49%
20%
46%
13%
AVERAGE PRICE YOY
27% 22%
AVERAGE PPSF
23% 14%
YOY AVERAGE SF
0%
1Q10 <350K
26
1Q11
1Q12 350-500K
1Q13
1Q14
500-750K
1Q15
1Q16
750K-1M
1Q17 1-1.5M
1Q18
1Q19 1.5M+
YOY
<500K
500K-1M 1M-3M
3M-5M
5M-10M
10M-20M
20+M
16%
38%
34%
7%
4%
1%
1%
$419,000
$725,000
$1,650,000
$3,650,000 $6,350,000 $13,650,000 $23,000,000
5%
0%
-6%
-4%
$408,980 $734,149
$1,769,254
$3,806,509 $6,825,950 $13,731,806
$30,497,619
2%
0.1%
-4%
-3%
-1%
-10%
6%
$829
$979
$1,293
$1,605
$2,156
$3,586
$4,638
-3%
-0.2%
-3%
-1%
8%
1%
-6%
579
780
1,398
2,524
3,474
4,073
4,877
-2%
-3%
-2%
-5%
-4%
-13%
-18%
-5%
-9%
-7%
1 Q 20M+ 2019 AVERAGE SIZE
40%
$0 $1,200 SF 1 Q <500K 2 0 1 9 A V E 604 RAG E SIZE
$2,400
$3,600
$4,800
$6,000
729 SF 500K-1M SF E S I Z E 1 Q <500K 2 0 1 9 A V E 604 RAG
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
729 SF 1,244 SF 604 SF 729 SF 1,244 SF
2,062 SF
1,244 SF
2,062 SF
2,991 SF
2,062 SF
2,991 SF
40%
Downtown continued to capture the most inventory, with 29% of current
20%
4,517 SF
1,000
2,000
2,991 SF 3,000 4,000
20M+ 0
1,000
2,000
3,000
4,000
4,517 SF 5,000 4,517 SF 5,000
0
1,000
2,000
3,000
4,000
5,000
20%
5,940 SF 6,000 5,940 SF 7,000
20% 17%
6,000 5,940 SF 7,000 6,000
17%
7,000
0%
TOTAL INVENTORY by SUBMARKET
1Q 2019 PERCENTAGE OF UNITS
listings. The Upper East side followed with 21%, while Midtown East took 18%.
TOTAL INVENTORY by SUBMARKET 1 Q 2UPPER 0 1 9 MANHATTAN P E R C E N T A G E O F U N I 9% TS
Downtown had the highest average PPSF at $2,112, followed by the Upper
1 Q 2UPPER 0 1UPPER 9 MANHATTAN P E EAST R C ESIDE N T A G E O F U N I 9% TS
West Side at $1,936/SF. The most affordable option was Upper Manhattan, where properties were asking an average of $995/SF. The largest properties were located Downtown, where they averaged 1,945 square feet. The Upper East Side followed at 1,909 square feet, while the
18%
15%
18%
29%
18%
6%
29%
FIDI/BPC0%
7% 6%
14%
21%
28%
35%
0% UPPER MANHATTAN
7%
14% $995
21%
28%
35%
Condo median and average prices were down in nearly all markets. The
1 Q 2 0 UPPER 19 AV ERAGE PPSF WEST 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
FiDi/BPC also saw prices plunge, with the median down 7% to $1,295,000
1Q 2019 AVERAGE SIZE
and the average down 15% to $1,927,259.
1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE
Co-op inventory saw lower prices across the city. The greatest declines
1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE
$0
$995 $995
$500
$1,000
$500
$1,000
$500
$1,000
29%
$1,747
$1,500 1,487 SF
$2,000
500
its median price drop 10% to $995,000 and its average price plunge 23% to
FIDI/BPC 0 DOWNTOWN FIDI/BPC 0
500
$1,662,934. The Upper West Side recorded the single largest average price
0
500
1,000
were on the Upper East Side, where the median price fell 15% to $1,362,500 and the average price dropped 19% to $2,592,114. Midtown East noted a similar trend, with its median price down 17% to $785,000 and its average price down 12% to $1,465,710. Downtown, another co-op-heavy market, saw
decline, down 31% to $1,802,127.
35%
$1,936 $1,747 $1,818 $1,936 $1,747 $1,718 $1,818 $1,936 $2,112 $1,718 $1,818 $1,544 $2,112 $1,718 $1,500$1,544 $2,000 $2,500 $2,112 $1,500$1,544 $2,000 $2,500
1,909 SF 1,487 SF 1,685 SF1,909 SF 1,487 SF 1,482 1,685 SF SF 1,909 SF 1,110 SF 1,482 1,685 SF SF 1,945 SF 1,110 SF 1,482 SF 1,241 SF 1,945 SF 1,110 SF 1,000 2,000 1,2411,500 SF 1,945 SF 1,000 2,000 1,2411,500 SF
UPPER EAST SIDE
UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN EAST UPPER WEST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST
1Q10 <500K
<50
21%
28%
1Q 2019 AVERAGE PPSF
price fell 17% to $1,895,000 and the average price tumbled 14% to $4,556,957.
15%
21%
1,110 square feet, were in Midtown West.
to $2,576,766. The steepest drops were in Midtown East, where the median
4%
4%
1Q10 <500K
<50
21%
14%
1Q 2019 AVERAGE PPSF
increased 3% to $1,344,869, and the average price in Midtown West, up 7%
21% 15%
9%
4%
17%
1Q10
<500K <50
7% 6%
Upper West Side averaged 1,685 square feet. The smallest units, averaging
only exceptions were the average price in Upper Manhattan, which
27
0%
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
37% 37%
0%
S U B MAR KET
37%
1,500
2,000
$2,500
2,500 2,500 2,500
NUMBER OF UNITS ON MARKET
U PPE R M A N H AT TA N
652 UNITS: 9%
1Q 2019 CONDO INVENTORY
% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY
U PPE R W EST S I D E
AV E R AG E S F
1,064 UNITS: 15%
YOY
UPPER MANHATTAN
UPPER EAST SIDE
UPPER WEST SIDE
MIDTOWN EAST
MIDTOWN WEST
DOWNTOWN
FiDi/ BPC
8%
13%
13%
17%
6%
34%
11%
$1,895,000
$1,400,000
$2,995,000
$1,295,000
-17%
-19%
-9%
-7%
$4,556,957
$2,576,766
$4,847,961
$1,927,259
-14%
7%
-5%
-15%
$2,266
$1,864
$2,303
$1,558
-9%
-2%
1%
-9%
1,569
1,135
1,892
1,166
-6%
2%
-6%
3%
$939,500 -1% $1,344,869 3% $1,141 5% 1,149 -9%
$2,250,000 -11%
$2,375,000 -5%
$3,864,622 -6%
$3,878,862 -8%
$1,983 -3%
$2,161 -1%
1,673
1,530
-5%
-16%
U PPE R E AST S I D E
1Q 2019 CO- OP INVENTORY
1, 499 UNITS: 21%
M I DTOW N W EST
287 UNITS: 4% M I DTOW N E AST
1, 300 UNITS: 18%
% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E
D OW NTOW N
2,102 UNITS: 29%
YOY AV E R AG E P P S F YOY AV E R AG E S F
FI D I / B P C
406 UNITS: 6%
28
YOY
UPPER MANHATTAN
UPPER EAST SIDE
UPPER WEST SIDE
MIDTOWN EAST
MIDTOWN WEST
DOWNTOWN
FiDi/ BPC
9%
28%
17%
20%
2%
23%
1%
$785,000
$650,000
$995,000
$995,000
-17%
11%
-10%
14%
$1,465,710
$800,851
$1,662,934
$1,265,031
-12%
-19%
-23%
11%
$1,005
$1,026
$1,374
$1,132
-12%
0.1%
-7%
-6%
1,123
929
1,295
1,428
-24%
-25%
-17%
31%
$525,000 -5% $723,375 -13% $743 0.3% 1,050 -5%
$1,362,500 -15% $2,592,114 -19% $1,290 -1% 1,388 -5%
$1,200,000 -4% $1,802,127 -31% $1,401 -9% 1,150 -19%
MONTHS OF SUPPLY
29
1 Q 2019
1 Q 201 8
7,310
926
CONTR ACTS SIGNED PER MONTH
INVENTORY
7.9
MONTHS OF SUPPLY
30
970
6,612
CONR ACTS SIGNED PER MONTH
INVENTORY
6.8
MONTHS OF SUPPLY
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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.