Compass Q2 2019 Manhattan Quarterly Market Report - Nicholas DeLotell by Nicholas DeLotell

Q2 2 0 1 9

M A N H AT TA N MARKET REPORT

M A N H AT TA N SALES REPORT Q2 2019:

TAX TREND

Speculation, politics, and regulation fueled

metrics of the market paint a landscape

impacts the market will be seen in the

the Manhattan market, leading many to

which will require close observation and

coming months.

anticipate a vastly different residential sales

strategy in the second half of the year.

landscape on the horizon. Instead, our data

With the upcoming election cycle in the

Properties spent a notably higher time on

United States, it is likely speculation, politics,

the market this quarter at an average of

and regulation will only grow, and objective

168 days, up from last quarter’s peak. In

observation of the market will be crucial.

Declining sales seen in the ﬁrst part of the

addition, the average price slumped 5.8%

We anticipate deals to continue taking

year have turned to moderate growth with

for sales and 9.3% for contracts with an

longer than usual but also expect the

2,380 recorded sales this quarter, up 31%

average 8% discount, up 1% from this

increased sales and contract activity to

from the ﬁrst quarter, and 7% higher than

quarter last year. Inventory climbed 7% from

persist as we move into the heart of

second quarter last year. The total number

the ﬁrst quarter as well, many of which are

summer.

of sales this year to date is on pace with

smaller in size on average.

indicates an interesting, yet oddly typical second quarter.

the ﬁrst half of 2018, down only 1% yearover-year.

It is clear Manhattan is seeing more buyers,

Enjoy!

but those buyers have more options and are

The number of contracts signed increased

taking longer to make decisions. The new

as expected based on recorded sales, with

mansion tax taking effect July 1, 2019 drove

3,196 contracts signed, up 29% from the ﬁrst

some activity, evidenced by a slight

quarter and 3% from this time last year.

increase in contracts in June, but most

While this marks a positive trend, other

buyers remained patient. How this tax truly

RORY GOLOD

ELIZABETH ANN STRIBLING-KIVLAN

General Manager

Senior Managing Director

MARKET HIGHLIGHTS RECORDED SALES CONTRACTS SIGNED TOTAL INVENTORY MONTHS OF SUPPLY

SOURCES Proprietary database, ACRIS (Automated City Register Information System)

06 08 14 20 26

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.

on all properties actively listed during 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

during the quarter in the given period. CONTR ACT SIGNED ﬁgures for the

U PPE R E AST S I D E

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

M I DTOW N W EST

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

F I 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

“Buyers were ready to buy this spring, but patient when purchasing.”

$2,077,178

168

AVER AGE SALES PRICE

AVER AGE DAYS ON THE MARKET

AVER AGE DISCOUNT

$1,215,106

26%

17%

MEDIAN PRICE

SHARE OF

INVENTORY

CLOSINGS

OVER $3M

$1,504

AVER AGE PRICE PER SQUARE FOOT

38%

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 Studio, 1BR, and 2BR units accounted for 82% of the transactions for the

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

quarter. 1BR units were the primary sale with 40% of the market, and

1ꢀBR 1ꢀBR

2BR units followed closely with 32%. Both of these unit types were more

2ꢀBR 2ꢀBR

expensive on average than last year, with PPSFs of $1,405 and $1,589, respectively. 2BRs saw the most growth in price, with a 4% median price increase, and an 9% average price increase. 3BR and 4+BR units sold in 2Q19 were generally smaller. 3BRs saw declining prices with PPSF dropping 5%. 4+BRs saw an expected drop in average and median price due to a 16% smaller size, yet they were

9% 9%

18% 18%

3ꢀBR 3ꢀBR

27% 27%

36% 36%

$1,405 $1,405 $1,589 $1,589 $1,726 $1,726

4+ BR 4+ BR

$0 $0

$500 $500

$1000 $1000

$1500 $1500

$2000 $2000

$2,222 $2,222 $2500 $2500

2 19 AVERAGE SIZE 2 2Q Q 20 019 AVERAGE SIZE STUDIO STUDIO

1%. 2BRs co-ops accounted for 28% of the market and showed more

1ꢀBR 1ꢀBR

signiﬁcant declines, with average PPSF declining 6%. 4+BRs saw a 21%

2ꢀBR 2ꢀBR

decrease in average price, along with a 15% decrease in average size.

3ꢀBR 3ꢀBR

521 SF SF 521 SF 797 797

SF SF SF SF 1,325 SF 1,325 SF

2,040 2,040

SF SF SF

3,363 3,363

4+ BR 4+ BR

0 0

45% 45%

$1,145 $1,145

STUDIO STUDIO

this time last year, even with a 4.8% decrease in average size. 1BR and

change. Median price, average price, and average PPSF each declined

5% 5%

2 19 AVERAGE PPSF 2 2Q Q 20 019 AVERAGE PPSF

2ꢀBR 2ꢀBR

1BR co-ops were 41% of the market and saw the least amount of

13% 13%

0% 0%

Lower-priced 4+BR condo units commanded a 16% higher price than

PPSF of 5% to $2,010.

32% 32%

4+ BR 4+ BR

1ꢀBR 1ꢀBR

represented more than 75% of condo sales. 3BR units saw a decline in

40% 40%

3ꢀBR 3ꢀBR

more expensive, with a PPSF increase of 6%.

2BR units showed growth in PPSF by 8% and 6%, respectively, and

10% 10%

STUDIO STUDIO

800 800

1600 1600

2400 2400

3200 3200

SF SF SF

4000 4000

2 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

109

233

10%

2-BR

770

3-BR

283

32%

2Q 2019 CONDO RECORDED SALES STUDIO

1-BR

2-BR

3-BR

4+BR

% UNITS

40%

36%

13%

AVERAGE DISCOUNT

11%

MEDIAN PRICE

$635,000

YOY

-7%

$1,150,349

$2,100,000

10%

AV E R AG E P R I C E

$772,009

$1,307,454

$2,566,352

YOY

10%

14%

AV E R AG E P P S F

$1,414

$1,651

$1,790

YOY

AV E R AG E S F

553

800

1,351

YOY

$3,636,281 -4% $4,488,393 -10% $2,010 -5% 2,093 -4%

$8,150,000 16% $9,651,556 -11% $2,535 -3% 3,627 -5%

12%

2Q 2019 CO-OP RECORDED SALES STUDIO

1-BR

2-BR

3-BR

4+BR

% UNITS

14%

41%

28%

12%

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

10%

13%

MEDIAN PRICE

1-BR

985 41%

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

$425,000 -6% $453,348 -4% $944 -9%

$709,500 -1% $757,425 -1% $985 -1%

AV E R AG E S F

498

791

YOY

-3%

$1,226500 -4% $1,463,371 -8% $1,098 -6% 1,260 3%

$2,320,000 -3% $2,620,385 -4% $1,219 -6% 1,947 -3%

$4,076,000 -5% $4,698,773 -21% $1,322 -21% 2,606 -15%

4+ BR

0 0 0

800 800 800

1600 1600 1600

2400 2400 2400

3200 3200 3200

3,363

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 Over 17% of transactions in 2Q19 were priced above $3M, and these sales were generally more expensive and smaller in unit size compared to this time last year. The $5M-10M segment saw a 15% increase in average PPSF to $2,521, the result of a 18% drop in average size and only a slight decline in average price of 2%. The $1M-3M and $500K-1M groups comprised the highest market shares, 40% and 31% respectively. The $1M-3M bracket saw modest increases of 4% PPSF, 1%

2 2Q 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 2 Q <500K 2 0 1 9 P E R C E N T A G E 11.5% OF UNITS

1Mꢀ3M 3Mꢀ5M 3Mꢀ5M 3Mꢀ5M 5Mꢀ10M 5Mꢀ10M 5Mꢀ10M 10Mꢀ20M 10Mꢀ20M 10Mꢀ20M 20M+ 20M+

2% 2% 2% 0.5% 0.5% 20M+ 0%0.5% 0% 0%

average price, and 2% median price compared to this time last year. Units priced $500K-1M increased in size by 6% and median price by 2%. The condo market experienced moderate growth in the $1M-3M, $3M-5M, $5M-10M, and $10M-20M price points. Each of these groups had increased average PPSF and decreased average size compared to 2Q18. Lower-priced units in the $10M-20M bracket saw an 19% higher price than this time last year. $5M-10M units showed slight differences in prices, but were 8% smaller, resulting in an increased average PPSF. Units sold for less than $500K were much more affordable, with an average PPSF of $758, dropping 13% compared with 2Q18. Co-op units sold for up to $3M, accounting for 92% of the market. They were priced higher on average and were larger on average compared to this time last year. Units under $500K were 7% bigger with an average PPSF of $729. The $500K-1M bracket was the busiest, taking 42% of the market, and saw only slight changes with a median price increase of 3%, an average price increase of 2%, and an average PPSF decrease of 1%.

11.5% 11.5%

<500K <500K 500Kꢀ1M 500Kꢀ1M 500Kꢀ1M 1Mꢀ3M 1Mꢀ3M

40% 40% 40%

10% 10% 10%

5% 5% 5% 9% 9% 9%

18% 18% 18%

27% 27% 27%

36% 36% 36%

45% 45% 45%

$5200 $5200 $5200

$6,078 $6,078 $6,078 $6500 $6500 $6500

2 20 AV PP 2Q Q 2 0 11 9 9 A VE ER RA AG GE E P PS SF F 2 Q <500K 2 0 1 9 A V E R $733 AGE PPSF

$733 $733$1,048 $1,048 $1,048 $1,580 $1,580 $1,580 $2,081 $2,081 $2,081$2,521 $2,521 $2,521

<500K <500K 500Kꢀ1M 500Kꢀ1M 500Kꢀ1M 1Mꢀ3M 1Mꢀ3M

1Mꢀ3M 3Mꢀ5M 3Mꢀ5M 3Mꢀ5M 5Mꢀ10M 5Mꢀ10M 5Mꢀ10M 10Mꢀ20M 10Mꢀ20M 10Mꢀ20M 20M+ 20M+ 20M+

2 2Q Q 2Q

$0 $0 $0

$1300 $1300 $1300

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 ZE SF 582 <500K 582 SF <500K SF 582763 763 763

<500K 500Kꢀ1M 500Kꢀ1M 500Kꢀ1M 1Mꢀ3M 1Mꢀ3M

0 0

$2600 $2600 $2600

$3,618 $3,618 $3,618 $3900 $3900 $3900

SF SF SF 1,175 SF 1,175 SF

1,175 SF

1Mꢀ3M 3Mꢀ5M 3Mꢀ5M 3Mꢀ5M 5Mꢀ10M 5Mꢀ10M 5Mꢀ10M 10Mꢀ20M 10Mꢀ20M 10Mꢀ20M 20M+ 20M+

20M+ 0

31% 31% 31%

1100 1100 1100

1,970 1,970 SF SF 1,970 SF

2200 2200 2200

2,688 2,688 SF SF 2,688 SF 3300 3300 3300

4,245 SF 4,245 SF 4,245 SF 4400 4400 4400

5,115 5,115 SF SF SF 5,115 5500 5500 5500

2Q 2019 CONDO RECORDED SALES

HISTORICAL TRENDS IN RECORDED SALES

100% 100%

90%

0.1% 1% 0.1% 2% 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% 4% 3% 6% 2% 4%

90%

80% 80% 29% 29%

0.4% 0.4% 0.6% 0.6% 0.9% 1% 1% 2% 2% 2% 0.9% 0.4% 0.4% 0.6% 0.6% 3% 5% 6% 1% 1% 2% 2% 2% 7% 6% 3% 6%

5% 7%

30% 30%

28% 28%

3M-5M

5M-10M

10M-20M

20+M

% UNITS

21%

50%

14%

AVERAGE DISCOUNT

16%

$271,510

$800,000 $1,664,989

$3,900,000 $6,353,303 $14,419,880

$26,985,250

-35%

-1%

-2%

-1%

-9%

$312,561

$794,548

$1,780,380

$3,915,473

$6,683,705 $14,455,581

$30,200,503

-21%

-1%

-13%

$758

$1,166

$1,697

$2,181

$2,607

$3,699

$6,078

-13%

-7%

-4%

10%

AVERAGE SF

581

713

1,089

1,887

2,588

4,251

5,115

YOY

-3%

-1%

-8%

-4%

-6%

10%

MEDIAN PRICE

10%

YOY

31%

AVERAGE PPSF

33% 35% 35%

YOY

36% 36%

60% 60%

40% 40%

500K-1M 1M-3M

31%

33%

37% 37%

<500K

AVERAGE PRICE

70% 70%

50% 50%

0.5% 2% 0.5% 5% 2%

38% 38%

37% 37%

40% 40%

37% 37% 39% 39%

2Q 2019 CO-OP RECORDED SALES 38% 38%

36% 36% 35% 35%

30% 30%

34% 34%

32% 32%

36% 36%

31% 31%

<500K

500K-1M 1M-3M

3M-5M

5M-10M

10M-20M

20+M

% UNITS

19%

42%

31%

0.5%

AVERAGE DISCOUNT

12%

14%

16%

$401,815

$723,500

$1,611,250

$3,610,500

$5,700,000 $13,750,000

$26,474,500

-12%

13%

$392,515

$729,337

$1,715,103

$3,720,629 $6,199,523

$13,945,780

$29,364,094

-9%

-8%

$729

$952

$1,214

$1,542

$1,951

$3,618

$6,078

-12%

-1%

-4%

15%

13%

583

804

1,445

2,414

3,348

4,245

5,115

-5%

-6%

-8%

-13%

MEDIAN PRICE YOY

20% 20%

AVERAGE PRICE YOY

10% 10%

0% 0%

25% 25%

22% 22%

28% 28%

22% 22%

AVERAGE PPSF

19% 19%

16% 16%

YOY

13% 13%

11% 11%

12% 12%

AVERAGE SF YOY

2Q10 2Q10 <500K <500K

2Q11 2Q11

2Q12 2Q12 2Q13 2Q13 2Q14 2Q14 2Q15 2Q15 2Q16 2Q16 2Q17 2Q17 2Q18 2Q18 2Q19 2Q19

500K-1M 500K-1M

19%

1M-3M 1M-3M

3M-5M 3M-5M

5M-10M 5M-10M

10M-20M 10M-20M

20M+ 20M+

1,175 SF 1,175 SF

1Mꢀ3M 1Mꢀ3M 3Mꢀ5M 3Mꢀ5M

RECORDED SALES

1,970 SF 1,970 SF SF 2,688 SF

5Mꢀ10M 5Mꢀ10M 10Mꢀ20M 10Mꢀ20M 20M+ 20M+

SF 4,245 SF

1100

2200

3300

5,115 SF 5,115 SF 5500

4400

RECORDED SALES by SUBMARKET S U B MAR KET Downtown once again commanded the highest market share in Manhattan with 33% of transactions. Units here had an 8% average discount and average price of $2,532,821. Average PPSF Downtown jumped 10% to $1,836, the highest of any submarket. The Upper East Side was the second highest, taking 21% of the market with a 10% decline in average PPSF. Midtown West experienced a 16% decrease in average PPSF. Units were larger but priced lower than usual, with a median price of $818,000 (-13%) and average price of $1,025,744 (-8%). Midtown East accounted for 16% of transactions and was the only area with median and average price increases. The condo market was generally less expensive than this time last year. Downtown was the only area with notable increase to average PPSF, up 8%. Units here also had an 9% higher median price than 2Q18. The Upper East Side, with 15% of the market, consisted of smaller units on average and had an 8% decrease in average PPSF. Midtown East, also with 15% of the market,

2Q 2019 PERCENTAGE OF UNITS 8%

UPPER MANHATTAN MANHATTAN UPPER UPPER UPPER EAST EAST SIDE SIDE

21% 16% 16% 16% 16%

UPPER UPPER WEST WEST SIDE SIDE MIDTOWN EAST EAST MIDTOWN MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN

FIDI/BPC FIDI/BPC

3% 3%

33%

14%

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

21%

28%

35%

$826 $826

UPPER UPPER MANHATTAN MANHATTAN UPPER EAST EAST SIDE SIDE UPPER

$1,307 $1,307 $1,515 $1,400 $1,400 $1,224

UPPER WEST WEST SIDE SIDE UPPER MIDTOWN EAST EAST MIDTOWN MIDTOWN MIDTOWN WEST WEST DOWNTOWN DOWNTOWN

$1,836 $1,836 $1,230 $1,230

FIDI/BPC FIDI/BPC

$0 $0

$400 $400

$800 $800

$1200 $1200

$1600 $1600

$2000 $2000

had larger units on average which sold at higher prices compared to this time last year. Downtown and the Upper East Side were the busiest co-op markets, each with 26% of transactions. Downtown’s average PPSF increased 3%, while the Upper East Side’s decreased by 13% compared with 2Q18. FiDi/BPC saw the largest decline, where the average price dropped 18%. Units here were smaller on average and less expensive, with average PPSF falling 16%.

2Q 2 2019 A AVERAGE S SIZE 1,001 SF 1,001 SF SF 1,246 SF

UPPER MANHATTAN MANHATTAN UPPER UPPER EAST EAST SIDE SIDE UPPER

1,370 1,370 1,170 SF SF 1,170

UPPER UPPER WEST WEST SIDE SIDE MIDTOWN MIDTOWN EAST EAST

918

MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN

SF SF

1,318 SF 1,318 SF 1,071

FIDI/BPC FIDI/BPC

500

SF SF

1,000

SF SF

1,500

2,000

NUMBER OF RECORDED SALES

U PPE R M A N H AT TA N

180 UNITS: 8%

1Q 2019 CONDO RECORDED SALES UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

% UNITS

15%

12%

15%

41%

AVERAGE DISCOUNT

10%

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

381 UNITS: 16%

YOY AV E R AG E S F YOY

$730,000 -10% $788,447 -18% $944 0.3% 978 -5%

$1,700,000 -16% $2,192,499 -28% $1,556 -8% 1,285 -15%

$1,584,144 -21% $3,032,889 -9% $1,780 -2% 1,517 0%

$1,357,500 5% $3,177,647 16% $1,751 -3% 1,290 7%

$1,100,000 -8% $1,376,632 -4% $1,489 -5% 842 -8%

$2,197,535 9% $3,324,221 -10% $2,077 8% 1,399

$1,102,500 11% $1,362,040 -12% $1,244 -5% 1,073

-6%

U PPE R E AST S I D E

474 UNITS: 21%

1Q 2019 CO-OP RECORDED SALES UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

% UNITS

26%

19%

18%

26%

AVERAGE DISCOUNT

11%

10%

M I DTOW N W EST

67 UNITS: 3% M I DTOW N E AST

389 UNITS: 16%

MEDIAN PRICE YOY

D OW NTOW N

786 UNITS: 33%

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

83 UNITS: 4%

AV E R AG E S F YOY

$485,000 -4% $629,848 -5% $671 -2% 1,032 21%

$1,034,000 11% $1,850,444 -6% $1,053 -13% 1,205 -17%

$949,500 -12% $1,449,776 -9% $1,151 -6% 1,167 2%

$685,000 -2% $952,836 -9% $896 -6% 998 -10%

$499,000 -2% $723,590 17% $876 -17% 1,019 28%

$867,500 5% $1,309,121 4% $1,250 3% 1,124 10%

$750,000 -12% $891,433 -18% $985 -16% 1,044 -31%

CONTRACTS SIGNED BY U N IT T YPE

CONTRACTS SIGNED BY UNIT TYPE

1BR units took 37% of the market, and 2BR units followed closely behind with

2Q 2019 PERCENTAGE OF UNITS

31%. 1BR units were the only group to see gains in average price compared

2 QSTUDIO 2 0 1 9 P E R C E N T A G E O 12% F UNITS

to this time last year, rising by 1%. 4+BR units, which were 6% of contracts this quarter, were the only group to see an increase in average PPSF, climbing 10% to $2,336. These properties were also 16% larger than those

CONTRACTS SIGNED BY UNIT TYPE 37%

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

31%

37%

14%

31%

37%

31%

12%

3ꢀBR 2ꢀBR 1ꢀBR

entering contract last year.

4+ BR 3ꢀBR 2ꢀBR

14%

3BR units, accounting for 14% of the market, experienced some of the

4+ BR0% 3ꢀBR

6%8%

16% 14%

24%

32%

40%

24%

32%

40%

24%

32%

40%

sharpest declines. Their average PPSF declined 12% and average price fell

2 Q 4+ 2 0BR1 0% 9 A V E R A G6% E8%P P S F

16%

17%. 2BR units saw an 8% drop in average PPSF and 8% reduction in average

2 QSTUDIO 2 0 1 0% 9 A V E R A G E8%P P S F

16%

price.

2 QSTUDIO 21ꢀBR 019 AVERAGE PPSF

$1,136

$1,136$1,293

2ꢀBR 1ꢀBR STUDIO

$1,136$1,293 $1,493

3ꢀBR 2ꢀBR 1ꢀBR

$1,293 $1,493

$1,789

properties were 5% larger on average this quarter. 1BR units, which made up

4+ BR 3ꢀBR 2ꢀBR

$1,493

$1,789

$2,336

37% of condo contracts, saw a modest 3% average price increase and only

4+ BR$0 3ꢀBR

4+BR units in the condo market showed a median price growth of 14% to $8,122,500 compared to last year and represented 7% of the market. These

$500

slight differences in their median price and average PPSF.

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

The co-op market experienced average PPSF declines in all groups. Studios,

2 QSTUDIO 2 0 1 $0 9 A V E R A507 G ESF S I Z E

with 15% of the market, had an average PPSF of $981, a 6% decline from this

2 QSTUDIO 21ꢀBR 0 1 9 A V E R A507 G ESF 803 S I ZSFE

time last year. 1BR and 2BR units, which accounted for 67% of contracts, saw lesser average PPSF declines of 3% and 2%, respectively, though 1BRs saw a

CONTRACTS SIGNED BY UNIT TYPE

$500

2ꢀBR 1ꢀBR STUDIO

507

3ꢀBR 2ꢀBR 1ꢀBR

$1000

$1500

$2000 $1,789

$2500 $2,336

$1000

$1500

$2000

$2500 $2,336

$1000

$1500

$2000

$2500

SF 803 SF

1,300 SF

803 SF

1,300 SF

2,086 SF

1,300 SF

2,086 SF

10% increase in average size and only slight declines in median price and

4+ BR 3ꢀBR 2ꢀBR

average price as compared to 2Q18.

4+ BR 0 3ꢀBR

800

1600

2400 2,086 SF

3200

4000 SF 3,628

4+ BR 0

800

1600

2400

3200

4000 SF 3,628

800

1600

2400

3200

4000

CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT

3,628 SF

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

2Q 2019 CONDO CONTR ACTS SIGNED 4 + B E D RO O M

191 UNITS: 6% % UNITS MEDIAN PRICE

3 B E D RO O M

YOY

448 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

991 UNITS: 31%

3,196 % UNITS MEDIAN PRICE YOY AV E R AG E P R I C E YOY

1,183 UNITS: 37% AV E R AG E P P S F YOY

ST U D I O

383 UNITS: 12%

1-BR

2-BR

3-BR

4+BR

37%

32%

16%

$649,000 -1% $708,666 -1% $1,352 -4% 543 3%

$1,095,000 -1% $1,255,027 3% $1,556 0% 808 2%

$2,185,000 -1% $2,481,036 -2% $1,746 -4% 1,366 2%

$3,790,000 1% $4,831,512 -14% $2,065 -8% 2,180 -1%

$8,122,500 14% $10,310,087 3% $2,570 -1% 3,749 5%

2Q 2019 CO - OP CONTR ACTS SIGNED

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

15%

37%

30%

13%

$449,000 1% $457,921 -4% $981 -6% 480 -3%

$710,000 -2% $775,704 -1% $988 -3% 834 10%

$1,295,000 -5% $1,435,859 -9% $1,119 -2% 1,204 -4%

$2,395,000 -13% $2,720,666 -13% $1,294 -4% 1,922 -10%

$5,295,000 18% $5,489,217 -14% $1,580 -4% 3,752 7%

$500

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

$1000

$1500

$2000

$2500

$1000

$1500

$2000

$2500

2 QSTUDIO 2 0 1 9 A V E R A507 G ESF S I Z E 2 QSTUDIO 2 0 1 9 A V E R A507 G ESF S I Z E

CONTRACTS SIGNED BY PR I CE PO I NT Properties $3M and above accounted for 16% of contracts signed this quarter. Price brackets meeting this criteria experienced limited overall change in average PPSF. The $3M-5M group had the only gains, climbing 3% to an average PPSF of $2,033. The $20M+ group declined the most, falling 3% to an average PPSF of $5,699. Properties priced up to $3M accounted for 84% of the market and each comprising group declined in average PPSF, with limited changes in average and median price. Properties priced under $500K showed the greatest decline of 9% to an average PPSF of $818. The $1M-3M group, which had the highest market share at 39%, saw an average PPSF decrease of 3% and only slight reduction in average size. Condos were the most contracts signed in the $1M-3M price point, taking 47% of the market. These units experienced a 3.1% decline in median price and a 2.1% fall in average PPSF from this time last year. Properties priced $500K-1M were the next highest market share with 26%. Units at this price point had a 6% lower average PPSF. Co-ops were primarily in the $500K-3M price range. The $500K-1M segment accounted for 40% of contracts, with the $1M-3M group covering 33%. Properties priced $500K-1M declined 3% in average PPSF compared to last year, while those priced $1M-3M fell 4%. The $3M-5M and $5M-10M price brackets increased in average PPSF, up 12% and 5%, respectively.

803 SF

1ꢀBR STUDIO 1ꢀBR 2ꢀBR

507 SF

803 SF 803 SF

1ꢀBR 2ꢀBR 3ꢀBR

1,300 SF 1,300 SF

2,086 SF

1,300 SF

2ꢀBR 3ꢀBR 4+ BR 3ꢀBR 4+ BR 0

800

1600

2,086 SF 2400

3200

4+ BR 0

800

1600

2400

3200

SF 3,628 4000 SF 3,628 4000

800

1600

2400

3200

4000

2,086 SF

3,628 SF

CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT 2Q 2019 PERCENTAGE OF UNITS

2 Q <500K 2 0 1 9 P E R C E N T A G E 11% OF UNITS 500Kꢀ1M 2 Q <500K 2 0 1 9 P E R C E N T A G E 11% OF UNITS 1Mꢀ3M 500Kꢀ1M <500K 3Mꢀ5M 1Mꢀ3M 500Kꢀ1M

34% 34% 39%

11% 9% 5%

34% 39%

39%

1%2% 0% 1%2% 20M+ 10Mꢀ20M

5Mꢀ10M 3Mꢀ5M 1Mꢀ3M 10Mꢀ20M 5Mꢀ10M 3Mꢀ5M 20M+ 10Mꢀ20M 5Mꢀ10M

20M+ 0%1%

18%

27%

36%

45%

18%

27%

36%

45%

18%

27%

36%

45%

2 Q 2 0 1 90%A V E R A G E9%P P S F 2 Q <500K 2 0 1 9 A V E R A $818 GE PPSF 500Kꢀ1M 2 Q <500K 2 0 1 9 A V E R A $818 G E$1,049 PPSF

$818$1,049$1,501

1Mꢀ3M 500Kꢀ1M <500K 3Mꢀ5M 1Mꢀ3M 500Kꢀ1M

$1,049$1,501 $2,033 $1,501 $2,033$2,486

5Mꢀ10M 3Mꢀ5M 1Mꢀ3M 10Mꢀ20M 5Mꢀ10M 3Mꢀ5M 20M+ 10Mꢀ20M 5Mꢀ10M 20M+$0 10Mꢀ20M 20M+

$1200

$2,033$2,486

$3,342

$2,486 $2400

$3,342 $3600 $3,342

$5,699 $4800

$6000 $5,699

$1200

$2400

$3600

$4800

$5,699 $6000

$1200

$2400

$3600

$4800

$6000

2 Q 2 0 1 $0 9 AVERAGE SIZE 2 Q <500K 2 0 1 9 A V E 587 R A SF GE SIZE 500Kꢀ1M 2Q 2 0 1 9 A V E 587 R 751 A SF GSFE S I Z E <500K

15 5 5 1 5 31 5 2 3 9 3 2 9 2 9

1Mꢀ3M 500Kꢀ1M <500K 3Mꢀ5M 1Mꢀ3M 500Kꢀ1M

751SFSF 1,226 SF 587 751 SF 1,226 SF 1,971 SF

5Mꢀ10M 3Mꢀ5M 1Mꢀ3M 10Mꢀ20M 5Mꢀ10M 3Mꢀ5M 20M+ 10Mꢀ20M 5Mꢀ10M

1,226 SF 1,971 SF 1,971 SF

2,908

4,354 SF

2,908

4,354 SF

5,725 SF

20M+ 0 10Mꢀ20M

1400

2800

4200 4,354 SF

5600 5,725 SF

7000

20M+ 0

1400

2800

4200

5600 5,725 SF

7000

1400

2800

4200

5600

7000

11, 3 11, 3 1, 3

2Q 2019 CONDO CONTR ACTS SIGNED

3,196

% UNITS MEDIAN PRICE

TOTAL UNITS YOY AV E R AG E P R I C E YOY

5Mꢀ10M

10Mꢀ20M

160 UNITS 5%

57 UNITS 2% <500K

3Mꢀ5M

352 UNITS 11%

288 UNITS 9% 2Q 2019 CONTRACTS SIGNED BY PRICE POINT

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

20M+

% UNITS

9 UNITS <1%

MEDIAN PRICE

YOY

3M-5M

5M-10M

10M-20M

20+M

26%

47%

14%

$469,859

$800,000

$1,695,000

$3,685,000

$6,862,500

$13,575,000

$26,250,000

17%

-5%

-3%

-2%

-24%

$438,408

$792,031

$1,807,155

$3,809467

$7,002,745

$14,232,838

$31,635,556

12%

-1%

-2%

-25%

$825

$1,202

$1,631

$2,110

$2,562

$3,498

$5,699

12%

-6%

-2%

-5%

-27%

959

687

1,145

1,883

2,813

4,275

5,725

29%

-2%

11%

2Q 2019 CO - OP CONTR ACTS SIGNED

AV E R AG E P R I C E

OF CONTR ACTS SIGNED WERE ABOVE $3M

1M-3M

500Kꢀ1M

YOY

17%

500K-1M

1,087 UNITS 34%

1Mꢀ3M 1,243 UNITS 39%

<500K

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

18%

40%

33%

$419,000

$700,000

$1,595,000

$3,500,000

$5,995,000

$11,850,000

-3%

-6%

-5%

-6%

$410,040

$724,192

$1,710,320

$3,697,318

$6,485,106

$12,459,000 -

-1%

-3%

-5%

$800

$940

$1,236

$1,720

$2,064

$2,522

-7%

-3%

-4%

12%

-2%

560

1,101

1,392

2,728

3,433

4,772

40%

-2%

-7%

-6%

_ _ _ _

$1200

$2400

2 Q <500K 2 0 1 $0 9 A V E 587 R A SF GE SIZE

$3600

$4800

$6000

500Kꢀ1M <500K 2Q 2 0 1 9 A V E 587 R 751 A SF GSFE S I Z E

751SFSF 1,226 SF 587 751 SF 1,226 SF 1,971 SF 1,226 SF 1,971 SF

1Mꢀ3M 500Kꢀ1M <500K 3Mꢀ5M 1Mꢀ3M 500Kꢀ1M

CONTRACTS SIGNED S U B MAR KET Downtown had the highest number of contracts signed, with 29% of the market. Properties here were 8% smaller on average and had a 6% lower average price compared to this time last year. The Upper East Side followed with 21% of the market. Units here were 11% smaller on average and had an average PPSF 4% lower than 2Q18. Midtown West and FiDi/BPC were the smallest markets, taking 3% each. Midtown West saw its median price decline 17% from 2Q18 to $828,000. The

1,971 SF

the submarkets at 3%. Condos in the Upper West Side and FiDi/BPC

5,725 SF 5600 5,725 SF

7000

20M+ 0

1400

2800

4200

5600 5,725 SF

7000

1400

2800

4200

5600

7000

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

condo market, saw the largest declines in average PPSF, falling -7% and -8%, respectively.

21%

16%

21%

16%

3% 3% 3% 3%

16%

FIDI/BPC0%

10%

29% 29%

7% 7% 7%

14%

21%

28% 29%

35%

14%

21%

28%

35%

14%

21%

28%

35%

$960

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

$1,321 $1,321$1,482

$960

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

$400

$800

$1,417 $1,321$1,482 $1,360 $1,417 $1,482 $1,360 $1,417 $1,245 $1,360 $1200$1,245 $1600

FIDI/BPC$0

$400

$800

$1200$1,245 $1600

$400

$800

2 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

submarket. Co-ops in the Upper West Side and FiDi/BPC, similar to the

16%

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

respectively.

higher median price. The 7% discount in this area was the highest of any

21%

2 Q 2UPPER 0 1UPPER 9 MANHATTAN P EEAST R C ESIDE N T A G E O F U N I T S10%

2Q 2019 AVERAGE SIZE

Properties here had a 3% higher average PPSF than 2Q18, and a 20%

4,354 SF

experienced the greatest declines in average PPSF, falling -7% and -8%

The Upper East Side had the most co-op contracts with 26% of the market.

2,908

4,354 SF 4200 4,354 SF

2 Q 2UPPER 0 1 9 MANHATTAN AVERAGE PPSF

share with 34%, was quite steady and had the lowest average discount of

2800

the average price fell 18% and the average PPSF dropped 8%.

price also increased 11.9% to $985,000. Downtown, the largest condo market

2,908

1400

2Q 2019 AVERAGE 0% P P S F

an 8% higher average PPSF compared to this time last year. The median

2,908

20M+ 0 10Mꢀ20M

average price also fell 14% and the average PPSF dropped 10%. In FiDi/BPC

The Upper Manhattan condo market, accounting for 11% of the market, saw

5Mꢀ10M 3Mꢀ5M 1Mꢀ3M 10Mꢀ20M 5Mꢀ10M 3Mꢀ5M 20M+ 10Mꢀ20M 5Mꢀ10M

$960

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

$1200 978 SF 978

$1600

$1,814 $1,814 $2000 $1,814 $2000 $2000

1,364 SF

1,290 SF SF 1,364 978 SF 1,196 SF SF 1,290 1,364 SF 825 SF 1,196 SF SF 1,290 1,440 SF 825 SF 1,196 SF 1,032 SF 1,440 SF 825 SF

UPPER WEST SIDE UPPER EAST 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 FIDI/BPC 0 DOWNTOWN

400

800

1,032 1200SF

1600SF 1,440

2000

FIDI/BPC 0

400

800

1,032 1200SF

1600

2000

400

800

1600

2000

1200

NUMBER OF UNITS SIGNED

U PPE R M A N H AT TA N

321 UNITS: 10%

2Q 2019 CONDO CONTR ACTS SIGNED

% UNITS MEDIAN PRICE YOY

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

11%

13%

15%

16%

34%

$985,000

$1,750,000

12%

AV E R AG E P R I C E

$1,127,142

YOY

AV E R AG E P P S F

$1,145

YOY

U PPE R W EST S I D E

AV E R AG E S F

1,017

575 UNITS: 18%

YOY

-2% $2,804,475 10% $1,645 -3%

-1%

$1,750,000 -2% $2,804,475 10% $1,645 -3%

$1,599,000 12% $3,243,752 -25% $1,870 -6%

1,485

1,431

$1,137,000 -9% $1,282,730 -12% $1,555 -6% 803 -10%

$2,529,500 1% $3,670,518 -2% $2,095 1% 1,627

$999,000 -4% $1,315,862 -20% $1,270 -8% 1,007

-1%

-14%

U PPE R E AST S I D E

2Q 2019 CO - OP CONTR ACTS SIGNED

676 UNITS: 21%

M I DTOW N W EST

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

26%

21%

17%

24%

88 UNITS: 3% M I DTOW N E AST

516 UNITS: 16%

% UNITS MEDIAN PRICE YOY

D OW NTOW N

AV E R AG E P R I C E YOY

936 UNITS: 29% AV E R AG E P P S F YOY

FI D I / B P C

84 UNITS: 3%

AV E R AG E S F YOY

$549,000 -8% $651,109 -23% $684 -3% 921 -8%

$1,200,000 20% $1,847,506 -5% $1,105 3% 1,837 -

$1,815,000 -17% $1,523,289 -12% $1,753 -7% 1,146 -10%

$699,000 0% $932,152 -6% $929 -3%

$535,000 8% $750,473 32% $980 3%

947

870

-6%

34%

$944,500 -5% $1,407,460 -8% $1,322 -2% 1,120 -9%

$775,000 -18% $967,000 2% $988 -8% -

TOTAL INVENTORY BY U N IT T YPE 1BR units and 2BR units were nearly tied for market share, with 32% and 31%, respectively. 1BR units were down 9% in average PPSF from this time last year. 2BRs also had a small decline of 3%. Studios accounted for 10% of inventory, and were larger on average by 5% and had an 9% lower average PPSF than 2Q18. 4+BR units were 15% smaller on average and saw their median price fall to $6,995,000, a 7% difference compared to last year. 3BR units had a 5% lower median price of $3,647,000 and 1% lower average PPSF. 3BR units were 17% of the market, 1% higher than the previous quarter, while 4+BR units were 9% of the market, 1% lower than the previous quarter. Condos in all groups declined in average PPSF and median price. 2BR units were 33% of the market and underwent the least amount of change compared to this time last year, with 1% increased average price, and 2% decreased average PPSF. Studios, with 8% of the inventory, declined 8%

TOTAL INVENTORY by UNIT TYPE TOTAL INVENTORY by UNIT TYPE 2Q 2019 PERCENTAGE OF UNITS TOTAL INVENTORY by UNIT TYPE 2Q 2019 PERCENTAGE OF UNITS 11%

STUDIO

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

2ꢀBR 3ꢀBR 4+ BR 3ꢀBR 4+ BR0%

8% 9%

4+ BR 0%

8% 9%

2Q 2019 AVERAGE PPSF 8% 0% 2 QSTUDIO 2019 AVERAGE PPSF

16%

17%

24%

16%

24%

16%

24%

$1,296 $1,391 $1,391

1ꢀBR 2ꢀBR 3ꢀBR

3ꢀBR 4+ BR $0

$600

$1200

4+ BR $0

$600

$1200

$600

32%

40%

32%

40%

$1,747 $1,747 $1,747

2ꢀBR 3ꢀBR 4+ BR

40%

$1,296 $1,391

STUDIO 1ꢀBR 2ꢀBR

2 QSTUDIO 2 0 1 9 A V E R A G582 E SF SIZE

32%

$1,296

2 Q STUDIO 20 19 AVERAGE PPSF 1ꢀBR

$1200

$2,201 $2,201

$2,648

$1800

$2,201 $2400

$2,648 $3000

$1800

$2400

$2,648 $3000

$1800

$2400

$3000

2 Q STUDIO 2019 AVERAGE Z ESF 582SSFI826 1ꢀBR

582 SF 826 SF

STUDIO 1ꢀBR 2ꢀBR

826 SF

1ꢀBR 2ꢀBR 3ꢀBR

1,390 SF 1,390 SF

3ꢀBR 4+ BR 0

500

1000

1500

4+ BR 0

500

1000

1500

2,233 SF

1,390 SF

2ꢀBR 3ꢀBR 4+ BR

31%

17%

Co-ops in all groups fell in average PPSF and median price. 1BR units

a 4% smaller average PPSF.

32% 31%

17%

2Q 2019 AVERAGE SIZE

average size increased 3% compared to this time last year. 2BR units saw

32% 31%

1ꢀBR 2ꢀBR 3ꢀBR

in average PPSF, and were 4% larger units on average.

were 36% of the market and saw their average PPSF decrease 5% with

32%

1ꢀBR

STUDIO 1ꢀBR 2ꢀBR

500

1000

1500

2,233 SF

3,763 SF

2000

2,233 SF 2500

3000

3500

2000

2500

3000

3500

2000

2500

3000

3500

3,763 4000SF 3,763 SF 4000 4000

2Q 2019 CONDO INVENTORY

4+BR 9% 3ꢀBR 17%

40%

3ꢀBR 17%

40%

STUDIO 11%

% UNITS

4+BR STUDIO 9% 2Q 201911% TOTAL INVENTORY 2Q 2019 TOTAL 2ꢀBR INVENTORY 31%

2-BR

3-BR

4+BR

28%

33%

20%

11%

$747,000

YOY

-3%

AV E R AG E P R I C E

$829,679

AV E R AG E S F

592

YOY

$1,338,112

$1,601

-8%

$2,472,500

$4,472,500

-7%

$1,496

YOY

$1,169,500 -6%

-7%

AV E R AG E P P S F

1ꢀBR 32%

1-BR

MEDIAN PRICE

YOY

1ꢀBR 32%

STUDIO

-6%

-5%

-2%

$2,876,356

$5,906,334

$12,507,037

$1,939

$2,398

$2,898

-2%

1445

$8,650,000

-1%

-4%

1,419

2,264

3,986

2ꢀBR 31%

$3000

4+BR 8% 3ꢀBR 17%

3000

2Q 2019 CO-OP INVENTORY

4+BR STUDIO 8%2Q 201910% NEWLY LISTED INVENTORY

3ꢀBR 17%

3,763 SF

2ꢀBR 33%

4000

STUDIO 10%

% UNITS MEDIAN PRICE

1ꢀBR 32%

2Q 2019 NEWLY LISTED INVENTORY

3,763 SF

2% 4%

4% 7%

2% 5%

4+BR

13%

36%

30%

14%

$749,000

$1,498,750

$556,482

YOY

AV E R AG E P P S F

$1,064

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

2ꢀBR 33%

4000

1-BR

$479,000

YOY

1ꢀBR 32%

STUDIO

$2,525,000

-3%

$839,480

-14%

$2,050,912

-4%

$3,356,392

$1,048

-10%

$1,272

$1,450

-1%

-5%

-4%

571

817

1,318

2,116

Historical Inventory

-11%

2% 3% 9%

100%

Historical 2% 3% Inventory 3% 5%

2% 6%

10%

$4,850,000 -15% $7,465,870 -11% $1,808 -13% 3,252 -11%

2Q 2019 AVERAGE SIZE 1ꢀBR STUDIO 2ꢀBR

582 SF826 SF

1,390 SF

2ꢀBR 1ꢀBR 3ꢀBR

826 SF

1,390 SF

2,233 SF

1,390 SF

2,233 SF

3ꢀBR 2ꢀBR 4+ BR

TOTAL INVENTORY BY PR I CE PO I NT 27% of active inventory this quarter was priced $3M or more. The comprising price brackets all saw decreased average size and generally increased average PPSF. The $3M-5M bracket was the exception to the trend in average PPSF, but declined only slightly from $2,081 in 2Q18 to $2,067 this quarter. Properties priced $10M-20M saw the greatest increase in average PPSF of 13%. The remaining 73% of inventory experienced declines in average PPSF. The $1M-3M bracket occupied 39% of the market and saw limited change. Compared to this time last year, the average PPSF fell 5%, median price rose 2%, average price increased 1%, and average size increased 1%. Units priced under $500K changed the most, declining in average size by 6% and average PPSF by 8%. Condos priced $1M-3M were 43% of the market and saw slight changes from this time last year. The average PPSF fell 4% and average size increased 4%, while the median price had no change and the average price increased only 1%. Properties priced less than $500K made up 1% of the market. This category saw moderately increased prices and were nearly 39% larger than those on the market last year. Co-ops priced between $500K-3M represented 71% of the active inventory. The $500K-1M price bracket took 36% of the market and held steady. The $1M-3M price bracket made up 35% of the market. The average PPSF in this bracket declined 3%. Properties priced between $3M-5M and $5M-10M declined in average PPSF 6% and 7%, respectively.

3,763 SF

4+ BR 0 3ꢀBR

500

1000

1500

2000

2500SF 2,233

3000

3500

3,763 4000SF

500

1000

1500

2000

2500

3000

3500

4000SF 3,763

500

1000

1500

2000

2500

3000

3500

4000

4+ BR

TOTAL INVENTORY by PRICE POINT TOTAL INVENTORY by PRICE POINT

100%

2Q 2019 PERCENTAGE OF UNITS

TOTAL INVENTORY by PRICE POINT

100%

7%G E O F U N I T S 2 Q <500K 2019 PERCENTA 500Kꢀ1M 7% <500K 2 Q 1Mꢀ3M 2019 PERCENTAGE OF 500Kꢀ1M 7% <500K 3Mꢀ5M 1Mꢀ3M 500Kꢀ1M 9% 5Mꢀ10M 3Mꢀ5M 1Mꢀ3M 3% 10Mꢀ20M 9% 5Mꢀ10M 3Mꢀ5M 2%3% 20M+ 10Mꢀ20M 9% 5Mꢀ10M 0% 8% 2% 20M+ 3% 10Mꢀ20M 0% 8% 2% 20M+

27%

UNITS

100% 39%

27%

13%

39%

27%

13%

39%

13%

80%

24%

32%

40%

16%

24%

32%

40%

16%

24%

32%

40%

80%

$1,124 500Kꢀ1M $796 500K 3Mꢀ5M $1,588 $2,067 1Mꢀ3M $1,124 500Kꢀ1M 5Mꢀ10M $2,067 $2,664 3Mꢀ5M $1,588 1Mꢀ3M $3,687 10Mꢀ20M $2,664 5Mꢀ10M $2,067 3Mꢀ5M 20M+ $3,687 10Mꢀ20M $2,664 5Mꢀ10M $1200 $2400 $3600 20M+$0 $3,687 10Mꢀ20M $1200 $2400 $3600 2 Q 20M+ 2 0 1$0 9 AVERAGE SIZE 575 $1200 $2400 2 Q <500K 2 0 1$0 9 AVER A SFG E SIZE 729 500Kꢀ1M 575 SF SF <500K 2 Q 1Mꢀ3M 2 0 1 9 A V E R A G E 1,239 S I ZSFE 729 SF 500Kꢀ1M 575 SF <500K 3Mꢀ5M 1,239 SF 1,973 SF 1Mꢀ3M 729 SF 500Kꢀ1M 5Mꢀ10M 1,973 SF 2,770 SF 3Mꢀ5M 1,239 SF 1Mꢀ3M 10Mꢀ20M 2,770 SF 5Mꢀ10M 1,973 SF 3Mꢀ5M 20M+ 10Mꢀ20M 2,770 SF 5Mꢀ10M 1000 2000 3000 20M+ 0 10Mꢀ20M 0 1000 2000 3000 20M+ 1000

2000

3000

TOTAL INVENTORY by SUBMARKET TOTAL INVENTORY by SUBMARKET

$3600

2Q 2019 PERCENTAGE OF UNITS

31%

60% 60% $5,474 $4800

$5,474 $6000

$4800

$6000 $5,474

$4800

$6000

40% 40%

35%

40% 35% 35%

20%

4,101 SF 4,101 SF

20%

5,791 SF

5000 4,101 SF 4000 5000

5,791 SF 6000

7000

6000 5,791 SF

7000

4000

6000

7000

4000

5000

20%

20% 20%

0% 22

5% 2% 1% 5% 2% 7% 5% 7%

31%

60%

2 Q 1Mꢀ3M 2 0 1 9 A V E R A G E P P S $1,588 F

2% 1%

80% 16%

2Q 2019 AVERAGE PPSF 0% 8% 2 Q 500K 2 0 1 9 A V E R A $796 GE PPSF 500Kꢀ1M $796 $1,124 500K

20% 1Q10 1Q10

<500K

<500K 1Q10

2ê¢&#x20AC;BR 33%

2Q 2019 CONDO Historical Inventory

HISTORICAL INVENTORY

100%

2% 4%

1% 4%

2% 5%

7% 9%

11%

3% 9%

13%

9% 13% 31%

31%

14%

32%

13% 14%

20+M

-1%

0% 6% 9%

$396,995 $802,684 $1,901,775 12%

12%

YOY

AVERAGE PPSF

$70080%

$1,267

$1,687

-27%

-4% 12%

-4%

YOY

1% 12% 16%

$3,864,176 9% 11%

$2,146

577

668 15% 1,168 14%

1,876

YOY

-2%

17%

16%

2% 13%

16%

$32,364,831 3%

$2,749

$3,676

$5,468

-6%

4,129

6,013

2,680 -2%

16% 17%

18%

16%

$7,002,869 $13,898,734

14%

17% -1%

AVERAGE SF

-1%

10%

-1%

20%

17%

39% 38%

10M-20M

YOY

60% 38%

5M-10M

33% 34%

3M-5M

MEDIAN PRICE

30%

60%

500K-1M 1M-3M

1% 1% 43% 2% 1% 17% 2% 4% 13% 6% 9% 5% 10% 10% 19% 2% 100% 2% 3% $1,799,000 3% $425,000 $815,000 4% $3,795,000 $6,695,000 $13,500,000 $27,800,000

% UNITS

AVERAGE PRICE

80%

<500K

INVENTORY

38%

16% 22%

2Q 2019 CO-OP INVENTORY 21% 40% 35%

34%

32%

% UNITS

31% 27% 24% 27%

20%

23% 24%

20%

19%

1Q10 <500K

1Q11

1Q12

500K-1M

1Q13 1M-3M

1Q14

11% 1Q15

3M-5M

8% 1Q16 5M-10M

1Q17

1Q18

1Q19

10M-20M

20M+

14%

36%

MEDIAN PRICE

$419,000

YOY

AVERAGE PRICE

35%

68%

3M-5M

5M-10M

10M-20M

20+M

-3%

$408,880 $735,501

53%

$1,807,657

-4%

$3,804,318 49%

46%

-1%

-2%

AVERAGE PPSF

$813

$984

$1,317

$1,645

YOY

26%

$3,650,000 $6,250,000 $12,500,000 $32,000,000

0% 20%

AVERAGE SF

26%

$725,000 63% $1,700,000 63%

YOY

16%

25%

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

16%

$6,742,740

16%

-10%

28%

$13,071,596 13%

$37,323,913

-1%

-7%

$1,991

$3,766

$5,561

6% 23%

27%

20%

-1%

-3%

-6%

-7%

546

790

1,371

2,486

3,474

3,894 14%

6,323

-6%

-7%

-4%

1Q10 <350K

1Q11

1Q12 350-500K

1Q13

1Q14

500-750K

1Q15

1Q16

750K-1M

22%

1Q17 1-1.5M

1Q18

1Q19 1.5M+

2 Q 20M+ 2 0 1$0 9 AVERAGE SIZE

40%

$1200 575 2 Q <500K 2 0 1$0 9 AVER A SFG E S I Z E

$2400

$3600

$4800

$6000

729 SF 500Kꢀ1M 575 2 Q <500K 2019 AVER A SFG E S I Z E

TOTAL INVENTORY

1Mꢀ3M 500Kꢀ1M <500K 3Mꢀ5M 1Mꢀ3M 500Kꢀ1M 5Mꢀ10M 3Mꢀ5M 1Mꢀ3M 10Mꢀ20M 5Mꢀ10M 3Mꢀ5M 20M+ 10Mꢀ20M 5Mꢀ10M 20M+ 0 10Mꢀ20M

729 SF 1,239 SF 575 SF 1,973 SF 729 SF 1,239 SF

40%

Properties on the market in FiDi/BPC were larger on average than this time last year, while properties in all other submarkets were smaller. Upper Manhattan, accounting for 7% of the market, showed the largest difference,

1,239 SF 1,973 SF

2,770 SF

1,973 SF

2,770 SF

20%

4,101 SF

1000

2000

2,770 SF 3000

20M+ 0

1000

2000

3000

4,101 SF 4000 5000 4,101 SF 4000 5000

1000

2000

3000

4000

20%

5,791 SF

5000

6000 5,791 SF

7000

6000 5,791 SF

7000

6000

7000

20% 20% 20%

with average size decreasing 31% compared to 2Q18. Downtown had the highest market share with 28% of the inventory and prices were steady. The Upper East Side had 21% of the market and stable prices. Midtown East and Midtown West, with 18% and 4% of the market

TOTAL INVENTORY by SUBMARKET 2 Q 2UPPER 0 1 9 MANHATTAN P E R C E N T A G E O F U N7%I T S

2 Q 2UPPER 0 1UPPER 9 MANHATTAN P EEAST R C ESIDE N T A G E O F U N7%I T S

FIDI/BPC0%

saw a 20% increase, while Midtown West increased by 25%. The average

2Q 2019 AVERAGE PPSF

PPSF in Midtown East fell 15% and were smaller on average by 13%

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

prices increased only slightly. Compared with 2Q18, median price rose 2%, and average price and average PPSF increased 1%, with no change in

0% 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

2Q 2019 AVERAGE SIZE

where median price declined 7%, average price fell 6%, and average PPSF

2 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

dropped 10%.

2 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

here saw 3% declines in median price and average PPSF, while average size rose 7% compared to this time last year. Downtown co-ops captured 23% of the market and saw gains in median price, up 15%, and a slight decline in average PPSF of 1%.

7% 4% 4% 4%

21% 14%

1Q10

1Q10 <500K

<50

21%

14%

18%

14%

18%

<50

21% 28%

18%

28%

7%7%

14%

21%

28% 28%

35%

7%7%

14%

21%

28%

35%

14% $960

21%

28%

35%

$1,638

$960

$1,858 $1,638 $1,653$1,858 $1,638 $1,757 $1,653 $1,858 $2,070 $1,757 $1,653 $1,572 $2,070 $1,757 $1500$1,572 $2000 $2500 $2,070 $1500$1,572 $2000 $2500

$960

$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

20%

<500K <50

UPPER EAST SIDE UPPER MANHATTAN

average size. Midtown East was second highest with 16% of the market,

The Upper East Side accounted for 30% of the co-op market. Properties

2Q 2019 PERCENTAGE OF UNITS

2Q 2019 AVERAGE PPSF

Downtown was the predominant condo market with 33% of inventory, and

TOTAL INVENTORY by SUBMARKET

respectively, showed the largest increases in average price. Midtown East

compared to this time last year.

TOTAL INVENTORY by SUBMARKET

35% 35%

S U B MAR KET

35%

1,121

$1500

FIDI/BPC 0 DOWNTOWN FIDI/BPC 0

500

1000

500

1000

500

1000

$2500

1,657 SF

1,121 SF 1,121

$2000

1,423 SF1,657 SF

SF 1,362 SF 1,423 1,657 SF 1,178 SF1,362 SF 1,423 SF 1,819 SF 1,178 SF1,362 SF 1,254 SF 1,819 SF 1,178 SF 1500 2000 SF 1,254 1,819 SF 1500 2000 1,254 SF

1500

2000

2500 2500 2500

NUMBER OF UNITS ON MARKET

U PPE R M A N H AT TA N

545 UNITS: 7%

2Q 2019 CONDO INVENTORY

% UNITS

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

13%

14%

16%

33%

12%

MEDIAN PRICE

$985,000

YOY

10%

AV E R AG E P R I C E

$1,458,628

YOY

12%

AV E R AG E P P S F

$1,135

YOY

-3%

$2,295,000 -12%

-6%

$4,090,125 -11%

-5%

AV E R AG E S F

1,260

1,778

1,090 UNITS: 14%

YOY

$3,795,496 -4%

$1,950

U PPE R W EST S I D E

$2,250,000

$2,066 -7% 1,492 -14%

$1,850,000 -7% $4,087,368 -6% $2,061 -10% 1,530 -2%

$1,598,500

$3,250,000

$3,202,491

$5,029,787

$2,219,199

$2,299

$1,601

21% $1,904 3%

$1,501,000 -4%

-4%

1,252

2,001

1,266

U PPE R E AST S I D E

2Q 2019 CO-OP INVENTORY

1,641 UNITS: 21%

M I DTOW N W EST

314 UNITS: 4% M I DTOW N E AST

1, 389 UNITS: 18%

% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E

D OW NTOW N

2,196 UNITS: 28%

FI D I / B P C

540 UNITS: 7%

YOY

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

30%

15%

20%

23%

$517,500 -14% $708,363 -18%

AV E R AG E P P S F

$703

YOY

-11%

AV E R AG E S F

916

YOY

-16%

$1,499,000 -3% $3,096,204 1% $1,310 -3% 1,530 7%

$1,200,000 -17% $1,809,161 -21% $1,341 -9% 1,254 -3%

$840,000 -6% $1,556,372 3% $978 -13% 1,105 -15%

$587,500 -4% $842,363 -3% $1,058 1% 835 -16%

$1,150,000 15% $1,828,866 -4% $1,440 -1% 1,363 -4%

$932,450 17% $1,090,735 -3% $1,039 -12% 1,037 -1%

MONTHS OF SUPPLY

2Q 2019

2Q 201 8

7,715

952

CONTR ACTS SIGNED PER MONTH

INVENTORY

8.1

MONTHS OF SUPPLY

992

6,994

CONR ACTS SIGNED PER MONTH

INVENTORY

7.1

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.