LUXURY MARKET REPORT 3 Q 2017
The quarterly Luxury Market Report provided by Trump International Realty is a resource compiling pertinent data and analytics to give you a pulse on the current luxury real estate market in New York City. This report primarily covers the Manhattan Luxury Market which is comprised of the top 10% of residential sales based on the sales price. Trump International Realty has become the premier luxury full-service, specialized real estate brokerage by leveraging its global brand recognition, real estate vision and tremendous resources. Figures and statistics contained in Trump International Realty’s Luxury Market Report are sourced from the Automated City Register Information System (ACRIS) and REBNY Listing Service (RLS) and based on the data available at the time of each quarterly report release. The previous quarter statistics in the subsequent report are revised to include the full quarter period after the data becomes available.
GLOSSARY Average Sale Price: Calculated by adding all final sales prices and dividing the sum by the total number of properties that sold prior to the publication of this report. Median Sale Price: Price point directly in the middle of the whole, half way above and half way below all recorded sale prices. Average Price Per Square Foot: Average price divided by the average square footage. Median Price Per Square Foot: Price point directly in the middle of the whole, half way above and half way below all recorded sales price per square foot. Closed Sales: Recorded closings at the time the report is prepared. Days on Market: The total number of days a listing is on the active market before it is sold. Inventory: Total number of all the properties listed for sale at any point during the quarter. Luxury Threshold: Minimum price point at which a property is considered to be in the Luxury Market. Thresholds change each quarter reflecting the market trends. Luxury Market Share by Co-op and Condo: Measured by number of sales. Price Discount %: Difference between the initial asking price and the final recorded sales price.
Trump International Realty is a Licensed New York Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice. All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. If your property is currently listed with another real estate broker, please disregard this offer. This is not intended to solicit property already listed. Š 2017 Trump International Realty
LUXURY REPORT / 3Q - 2017 LUXURY MARKET OVERVIEW BY PROPERTY TYPE
CO-OP
1YEAR % CHG
CONDO
1YEAR % CHG
TOWNHOUSE
1YEAR % CHG
Avg. Sales Price
$7,836,911
+1.07%
$7,836,681
-7.25%
$7,968,571
-17.84%
Median Sale Price
$5,825,000
+5.91%
$6,423,107
-8.24%
$6,982,500
-10.62%
$2,144
-12.10%
$2,742
-2.39%
$1,913
+3.63%
77
+9.22%
122
-1.61%
174
+8.75%
334
+19.71%
1025
+14.14%
202
+22.42%
METRIC
Med. Price / Sq. Ft. Days on Market Inventor y
LUXURY MARKET SHARE BY CONDO VS. CO-OP
CONDO
3Q - 2017
2Q - 2017
3Q - 2016
80%
80%
80%
60%
60%
60%
40%
40%
40%
20%
20%
20%
0%
0%
0% ed i S tse W re pp ed U i S tsa E re pp n U w ot di M
nw o t nw oD
e d iS tse W re pp ed U i S tsa E re pp n U w ot di M
nw ot nw oD
ed i S tse W re pp ed U i S tsa E re pp n U w ot di M
nw o t nw oD
48% of Total Q3 Luxury Sales were New Developments: 45 East 22nd Street (41 sales) 252 East 57th Street (9 sales) 50 West Street (8 sales) 56 Leonard Street (8 sales)
CO-OP
The median price for luxury condos declined 8.24% year-over-year, while the more stable co-op market saw a 5.91% increase over the same period. Due to a slow market, inventory across all property types increased notably, with days on market rising for both luxury co-ops and townhouses. However, for luxury condos, a slight decrease in days on market indicates an active market despite continuing softness in that sector.
Source: UrbanDigs.com
LUXURY REPORT / 3Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 3Q - 2017 CLOSED SALES BY PRICE POINT 3Q - 2017
2Q - 2017
6%
2%
9%
3Q - 2016 8%
18%
3%
5% 3%
17%
21%
8%
9% 10%
12%
11% 26%
27%
28% 25%
26%
Legend
26%
$0-$600k
$600k-$1M
$1M-$2M
$2M-$3M
$3M-$5M
$5M-$10M
$10M+
MARKET OVERVIEW BY PRICE POINT $1M-$2M
1YEAR % CHG
$2M-$5M
1YEAR % CHG
$5M-$10M
1YEAR % CHG
$10M+
1YEAR % CHG
Avg. Sales Price
$1.45M
-0.61%
$3.03M
-1.99%
$6.80M
+0.10%
$15.89M
-7.47%
Median Sale Price
$1.43M
-1.72%
$2.85M
-1.74%
$6.50M
+1.56%
$13.14M
-5.15%
Avg. Price / Sq. Ft.
$1,449
+1.05%
$1,856
0.00%
$2,694
-2.39%
$3,820
-5.45%
62
+16.98%
75
+11.03%
95
-19.49%
123
-44.62%
1794
+12.97%
1936
+16.07%
771
+16.64%
473
+4.19%
METRIC
Days on Market Inventory
LUXURY MARKET SHARE BY LOCATION 3Q - 2017
2Q - 2017
3Q - 2016
Downtown
30%
Downtown
38%
Downtown
44%
Midtown
35%
Midtown
24%
Midtown
25%
Upper East Side
22%
Upper East Side
25%
Upper East Side
17%
Upper West Side
13%
Upper West Side
13%
Upper West Side
14%
Source: UrbanDigs.com
LUXURY REPORT / 3Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 3Q - 2017 LUXURY MARKET NUMBER OF SIGNED CONTRACTS New Development
Resale
250
200
200
150
150 100
100
50
50 0
0
3Q - 2014
Legend
3Q - 2015
Upper East Side
3Q - 2016
Upper West Side
3Q - 2017
Midtown
3Q - 2014
Downtown
3Q - 2015
Upper Manhattan
3Q - 2016
3Q - 2017
Total Luxury Market
LUXURY MARKET INVENTORY New Development
Resale
800
800
600
600
400
400
200
200
0
0 3Q - 2014
Legend
3Q - 2015
Upper East Side
3Q - 2016
Upper West Side
3Q - 2017
Midtown
3Q - 2014
Downtown
3Q - 2015
Upper Manhattan
3Q - 2016
3Q - 2017
Total Luxury Market Source: UrbanDigs.com
LUXURY REPORT / 3Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 3Q - 2017 LUXURY MARKET DAYS ON MARKET VS PRICE DISCOUNT % 120
7% 6%
100
5% 80 4% 60
3%
40
2% 71 02
71 02
71 02
61 02
61 02
61 02
61 02
51 02
51 02
51 02
51 02
41 02
41 02
41 02
41 02
31 02
31 02
31 02
31 02
21 02
-Q 3
-Q 2
-Q 1
-Q 4
-Q 3
-Q 2
-Q 1
-Q 4
-Q 3
-Q 2
-Q 1
-Q 4
-Q 3
-Q 2
-Q 1
-Q 4
-Q 3
-Q 2
-Q 1
-Q 4
Sales in the Luxury Market Continue to be Condo Driven: Condos: 71% of sales Coops: 23% of sales Townhouses: 6% of sales
Although there was an overall seasonal decline in both days on market and lower prices in the the luxury sector, both measures remain near or above their five year highs. With more choices than ever, buyers will continue to control pricing and discounts, which in turn will continue to pressure luxury sales until balance is reached.
TOWNHOUSE MARKET OVERVIEW 3Q - 2017
3Q - 2016
1YEAR % CHG
2Q - 2017
1QTR % CHG
Avg. Sale Price
$4,830,567
$6,651,734
-27.38%
$7,336,827
-34.16%
Median Sale Price
$4,075,000
$5,285,537
-22.90%
$6,000,000
-32.08%
$1,118
$1,625
-31.20%
$913
+22.45%
Days on Market
132
111
+18.92%
190
-30.53%
Inventory
387
360
+7.50%
366
+5.74%
METRIC
Med. Price / Sq. Ft.
Source: UrbanDigs.com
Trump International Realty 108 Central Park South New York, NY 10019 212.247.7100
LUXURY REPORT / 3Q - 2017 — TRUMPINTERNATIONALREALTY.COM
Charlotte: 704.799.0700 Miami: 305.392.4945 Jupiter: 561.691.8710
Westchester: 914.373.6290 Las Vegas: 877.878.6711 Chicago: 312.644.0900
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“My family is incredibly passionate about one thing — ultra luxurious real estate. Throughout the years, we have developed and bought some of the finest properties in the most iconic locations around the world. Time and time again, we set record sales and pride ourselves on being market leaders and innovators. Trump International Realty combines our personal experiences and our hand selected top sales professionals to represent you in the purchase or sale of your home. We understand the importance and complexities of real estate and will ensure that each transaction will be treated as if it were one of our own.” - ERIC TRUMP
Trump International Realty is a Licensed Real Estate Broker. All information is from sources deemed reliable but subject to errors, omission, change of price, rental, prior sale, lease or financing, or withdrawal without notice. All measurements and other information are approximate and should be verified by your own attorney, architect or other professional. If your property is currently listed with another real estate broker, please disregard this offer. This is not intended to solicit property already listed. © 2017 Trump International Realty