New york city market report Second half 2013
A MESSAGE FROM OUR MANAGERS: What a year in NYC real estate! The scarcity of inventory created bidding wars at most price points. Slight year over year increases in prices were noted, according to our year-end report, and closings will continue in the new upper-echelon luxury condominiums, where record breaking sales prices were achieved. According to The New York Times, a strong local economy, stock market gains and steady foreign interest helped bolster demand for Manhattan apartments as supply continued to shrink. Seems like everyone wants to live here. Is it your time to grab a slice of the Big Apple? DOWNTOWN Brokerage
EAST SIDE Brokerage
Diane Levine Senior Vice President Brokerage Manager
Ellie Johnson Senior Vice President Brokerage Manager
t: +1.212.431.2440 149 Fifth Avenue, 4th Floor New York, NY 10010
t: +1.212.606.7660 38 East 61st Street New York, NY 10065
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LISTINGS AROUND THE WORLD
UPPER east SIDE, NY
in metropolitan markets
Price: $3,650,000- $15,500,000 The 2-4 bedroom residences are thoughtfully conceived with wellproportioned rooms combining traditional New York living with a modern aesthetic.
*All price shown are in USD
Houston, Sugar Land
BOSTON
Los Angeles
5 br / 5 ba / 2 hf ba $4,950,000
3 br / 3 ba / 1 hf ba $4,975,000
6 br / 9 ba $5,800,000
SANTA FE
PALM BEACH
Ventura
5 br / 5 ba / 2 hf ba $4,800,000
3 br / 4 ba / 1 hf ba $4,700,000
5 br / 4 ba $5,195,000
South Africa
Puerto Rico
Australia
6 br / 6 ba $5,186,242
5 br / 5 ba / 2 hf ba $4,400,000
in resort markets
SoHO, NY
in foreign markets
Price: $3,450,000 | Web ID: 0136939 Tastefully renovated 2 bedroom home, measuring 2,130+/- gross sq ft. with 3 exposures on a high floor; the home is bathed in light.
5 br / 4 ba / 1 hf ba
© MMXIV Sotheby’s International Realty, Inc. All Rights Reserved. This material is based upon information which we consider reliable but because it has been supplied by third parties, we cannot represent that it is accurate or complete and it should not be relied upon as such. This offering is subject to errors, omissions, changes including price or withdrawal without notice. Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal housing opportunity.
2
Manhattan overall 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
Average Sale Price
$1,388,089
$1,314,288
$1,358,665
$1,421,862
$1,410,640
$1,420,468
$1,470,444
$1,527,776
$1,404,253
$1,530,001
Median Sale Price
$860,000
$795,000
$810,000
$840,000
$825,000
$830,000
$850,000
$860,000
$849,000
$874,000
The number of closed sales in the second half of 2013 was 17% higher than the first half of the year. The total number of 7,504 is the second highest 6 month total of the last five years and 4% higher than the last 6 months of 2012. The average overall sale price in the second half of 2013 was approximately $1,530,000 which was 9% higher than first half of the 2013 closings and is the highest average sale price achieved since at least 2008.
overall number of closed sales in manhattan 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 -
The median sale price over the last 6 months of 2013 was $874,000, nearly 3% higher than first half of 2013 and also the highest median price achieved since at least 2008.
1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
*Co-ops, Condos. Excludes sales less than $150,000
average and median sales in manhattan $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $1H:09
2H:09
1H:10
2H:10
1H:11
Manhattan Avg Sale Price
*Source: Vanderbilt Appraisal Company | info@vanderbiltappraisal
3
2H:11
1H:12
2H:12
Manhattan Median Sale Price
1H:13
2H:13
Manhattan Breakdown CO-OPs There was an increase of 21% in the total number of co-ops sales in the second half of 2013 versus the first half of 2013. With 4,349 sales, co-ops accounted for 58% of the total number of sales in the second half of 2013. The average sale price increased approximately 7% from prior period while the median co-op price was 5% greater than first half of 2013. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
Average Sale Price
$984,010
$948,865
$1,040,179
$1,126,210
$1,128,883
$1,108,808
$1,156,268
$1,240,267
$1,064,454
$1,134,542
Median Sale Price
$603,000
$610,000
$640,000
$667,000
$663,000
$655,000
$656,000
$670,000
$650,000
$682,000
Number of Sales
average and median sale price $1,400,000
5,000 4,500
$1,200,000
4,000
$1,000,000
3,500
$800,000
3,000 2,500
$600,000
2,000
$400,000
1,500
$200,000
1,000 500
$0 1H:09
0
2H:09
1H:10
2H:10
1H:11
2H:11
Manhattan Coop Avg Sale Price
1H:09 2H:09 1H:10 2H:10 1H:11 2H:11 1H:12 2H:12 1H:13 2H:13
1H:12
2H:12
1H:13
2H:13
Manhattan Coop Median Sale Price
condos
The number of condo sales was 3,155 accounting for 42% of the total sales in this period. The number of closed condo sales was higher by 12% from the first half of 2013. The average sale price of all Manhattan condo sales in the second half of 2013 was nearly $2,075,000, a gain of 13% over the first 6 months of the year. The average price per square foot increased 10% to $1432/sf, the highest level seen since at least 2008. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
Average Sale Price
$1,740,064
$1,736,561
$1,738,385
$1,764,005
$1,728,510
$1,792,182
$1,837,929
$1,901,032
$1,836,596
$2,074,662
Median Sale Price
1,150,000
$1,040,000
$1,100,000
$1,100,000
$1,078,000
$1,100,000
$1,136,000
$1,187,500
$1,230,000
$1,270,000
Average $ per Sq Ft
$1,212
$1,175
$1,144
$1,163
$1,166
$1,219
$1,251
$1,272
$1,301
$1,432
Number of Sales
average and median sale price $2,500,000
4,000 3,500
$2,000,000
3,000 $1,500,000
2,500 2,000
$1,000,000
1,500 $500,000
1,000 500
$1H:09
1H:09 2H:09 1H:10 2H:10 1H:11 2H:11 1H:12 2H:12 1H:13 2H:13
2H:09
1H:10
2H:10
1H:11
2H:11
Manhattan Condo Avg Sale Price
DOWNTOWN MANHATTAN BROKERAGE: 149 Fifth Avenue, 4th Floor, NYC 10010 | 212.431.2440 EAST SIDE MANHATTAN BROKERAGE: 38 East 61ST Street, NYC 10065 | 212.606.7660 sothebyshomes.com/nyc
1H:12
2H:12
1H:13
2H:13
Manhattan Condo Median Sale Price
4
Manhattan breakdown condo and co-ops The overall Manhattan absorption rate stands at 3.1 months which is a rate that signifies a “seller’s market�. The historic range of equilibrium for the market area is between 6-9 months. The absorption rate is calculated by taking the total number of currently active listings and dividing by the average number of closed sales over the 6 month period. Nearly all price segments are experiencing a relative shortage of inventory. The top price tiers have rates that are much higher than the 9-month, equilibrium level. However, this level of supply is fairly common in the top tier price bracket. $300k$499k
$500k$999k
$1 mil $1.5 mil
$1.5 mil $2 mil
$2 mil $3 mil
$3 mil $6 mil
$6 mil $10 mil
$10+ mil
Active
483
884
363
344
411
475
277
258
Average Closed/mo
189
433
158
111
108
81
26
13
Absorption
2.6
2
2.3
3.1
3.8
5.9
10.7
19.8
Overall Absorption Rate
active
3.1
absorption rate 20+
7% 8%
18
14%
14% 25%
$300-$499K
16
$500k-$999k
14
$1 mil - $1.5 mil
12
$1.5 mil - $2 mil
10 8
$2 mil - $3 mil
6
$3 mil - $6 mil 12%
4
$6 mil - $10 mil 10%
2
$10+ mil
10%
Equilibrium (6-9 Months)
0
$300-$499K $500k-$999k $1 mil - $1.5 $1.5 mil - $2 mil mil
$2 mil - $3 mil
$3 mil - $6 mil
$6 mil - $10 mil
$10+ mil
Ultra-Luxury Market
($10+ million, including Coops/Condos/Townhouses)
Over the second half of 2013 there were 79 ultra-luxury sales, far more than closed in the first half of the year. The average sale price of properties in this market segment was $16.9mil in the second half of 2013 which is higher than prior 6 months by 8% but lower than prior 12 months by 4%. The highest posted sale since 2009 remains the $88mil sale in 2012 at 15 CPW. The highest sale in the current period was the PH at 18 Gramercy which closed for $42mil. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
Number of Sales
25
53
50
58
54
50
58
77
44
79
Average Sale Price
$15,198,438
$15,646,320
$15,634,380
$15,927,489
$16,278,404
$16,863,252
$19,387,197
$17,698,195
$15,717,868
$16,914,000
Highest Sale Price
$37,500,000
$40,000,000
$33,177,000
$40,000,000
$48,000,000
$34,602,000
$88,000,000
$54,000,000
$29,250,000
$42,000,000
*Source: Vanderbilt Appraisal Company | info@vanderbiltappraisal
5
neighborhood breakdown upper east side
The total number of co-op sales increased nearly 21% from first half of the year. The average sale price was nearly $1,518,000, a gain of nearly 9% over the first half of the year. The number of condo sales increased 19% from prior 6 months while the average sale price of an Upper East Side condo increased by 44% to just over $2,713,000. The major increase was due to a large number of transactions over $5,000,000. There were triple the number of $5mil-plus sales in the second half of 2013 which led to the record average condo price in the Upper East side region. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
# of Co-op Sales
457
933
1,007
896
919
798
894
1184
1,015
1,224
Average Co-op $
$1,458,948
$1,298,684
$1,468,608
$1,593,265
$1,575,823
$1,638,024
$1,760,900
$1,830,063
$1,397,565
$1,517,543
# of Condo Sales
412
475
487
389
385
346
401
435
444
527
Average Condo $
$2,290,871
$1,995,161
$2,049,963
$1,939,262
$1,901,642
$2,011,844
$1,938,704
$1,907,577
$1,882,075
$2,713,038
Upper West Side
The total number of co-op sales on the Upper West Side was 846, an increase of nearly 21% from the first half of the year. There were also far more closed condo sales over the last 6 months of 2013 with nearly 28% more sales than first half of the year. The average coop price rose 6% while the average condo sale price gained just 3% to reach nearly $2,190,000. The relatively small gain in the average condo price despite strong market conditions was due to a larger percentage of lower priced re-sales as opposed to higher priced new constructions units. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
# of Co-op Sales
374
838
809
699
690
674
702
853
702
846
Average Co-op $
$994,837
$925,863
$1,049,008
$1,263,124
$1,208,298
$1,193,941
$1,128,471
$1,239,712
$1,133,494
$1,202,263
# of Condo Sales
264
598
527
509
418
496
428
505
400
511
Average Condo $
$1,794,050
$1,956,259
$2,052,615
$2,191,280
$2,089,866
$2,530,081
$2,581,360
$2,316,343
$2,119,046
$2,189,694
midtown
There was a 17% increase in the number of co-op sales in Midtown with 701 sales as compared to just 597 from the first 6 months of the year. This is the highest co-op activity in this region since at least 2008. The average sale price of a co-op was nearly $836,000, a gain of 6% from the first half of the year. The average condo price was $1,558,000 with 11% more closed sales during the last half of 2013. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
# of Co-op Sales
229
474
554
458
462
390
445
612
597
701
Average Co-op $
$679,132
$821,894
$739,191
$822,750
$794,881
$702,810
$800,682
$816,428
$785,982
$835,866
# of Condo Sales
310
584
563
544
636
560
589
719
599
662
Average Condo $
1,457,756
$1,492,995
$1,403,621
$1,683,817
$1,590,262
$1,452,766
$1,601,416
$1,592,590
$1,543,832
$1,558,250
uptown
Over the last 6 months of 2013, there far more coop sales in this region with 339 closed sales as opposed to 241 closed in the first 6 months of the year. The average sale price of co-op sales sold in the last half of 2013 was 8% higher than the first half. The average sale price of the 225 closed condo sales was $669,000, an incremental rise over the prior period 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
# of Co-op Sales
96
179
200
168
155
230
208
251
241
339
Average Co-op $
$430,196
$389,860
$402,821
$420,049
$420,022
$459,794
$437,160
$499,994
$405,231
$436,612
# of Condo Sales
106
189
208
269
236
191
233
210
209
225
Average Condo $
$618,320
$614,626
$550,885
$629,905
$586,169
$621,635
$622,708
$684,085
$660,009
$668,632
*Source: Vanderbilt Appraisal Company | info@vanderbiltappraisal DOWNTOWN MANHATTAN BROKERAGE: 149 Fifth Avenue, 4th Floor, NYC 10010 | 212.431.2440 EAST SIDE MANHATTAN BROKERAGE: 38 East 61ST Street, NYC 10065 | 212.606.7660 sothebyshomes.com/nyc
6
neighborhood breakdown downtown
The 1,239 co-op sales in the second half of 2013 was an increase of 20% as compared to first half of the year while in the condo category, there were 10% more sales in the latter half of 2013. The average sale price for co-ops increased 7% while condo units had an increase of nearly 9% to $2,687,000. The average prices of both co-ops and condos are at the highest levels registered in this area since at least 2008. 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
# of Co-op Sales
495
1,001
1,006
910
976
1013
983
961
1,031
1,239
Average Co-op $
$787,447
$789,482
$904,470
$953,389
$919,143
$898,470
$944,887
$931,986
$1,004,943
$1,076,061
# of Condo Sales
508
786
911
890
804
743
836
711
833
919
Average Condo $
1,936,804
$2,121,830
$2,131,538
$2,024,311
$2,209,810
$2,110,049
$2,191,818
$2,342,234
$2,473,005
$2,687,461
financial district
There were fewer total condo units closed in the second half of 2013 as compared to the 2 prior periods. However, the average sale price of a condo in this market increased 13% from 6 months ago and nearly 20% from one year ago.
1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
# of Condo Sales
298
291
310
206
359
225
272
330
335
311
Average Condo $
$1,271,685
$1,071,121
$963,958
$1,117,516
$1,039,557
$1,070,716
$985,183
$1,033,987
$1,098,559
$1,239,091
summary total number of sales
Average sale prices $2,000,000
2,400 2,200
$1,750,000
2,000
$1,500,000
1,800 1,600
$1,250,000
1,400
$1,000,000
1,200 1,000
$750,000
800 600
$500,000
400
$250,000
200 1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
1H:13
2H:13
Upper East Side
Upper West Side
Midtown
Uptown
Downtown
Financial District
*Source: Vanderbilt Appraisal Company | info@vanderbiltappraisal
7
$0 1H:08
2H:08
1H:09
2H:09
1H:10
2H:10
1H:11
2H:11
1H:12
2H:12
Upper East Side
Upper West Side
Midtown
Uptown
Downtown
Fiancial District
New York CitY third Quarter 2013 Market Report
©MMVIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. Sotheby’s International Realty® is a licensed trademark to Sotheby’s International Realty Affiliates LLC. An Equal Opportunity Company. Equal Housing Opportunity. Operated by Sotheby’s International Realty Inc. This material is based upon information which we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions and changes