LUXURY MARKET REPORT 2 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.
301
+20.88%
+25.94%
LUXURY REPORT / 2Q - 2017 LUXURY MARKET OVERVIEW BY PROPERTY TYPE CO-OP
1YEAR % CHG
CONDO
1YEAR % CHG
TOWNHOUSE
1YEAR % CHG
Avg. Sales Price
$8,704,766
+10.76%
$9,363,929
+7.63%
$12,154,708
+25.42%
Median Sale Price
$7,050,000
+21.55%
$6,893,820
-0.63%
$9,737,500
+19.88%
$2,303
-7.88%
$2,727
-0.11%
$1,779
-12.75%
85
-22.73%
119
+0.85%
253
+6.53%
266
-3.27%
790
-7.06%
182
+5.81%
$5,050,000
+11.30%
$5,050,000
+11.30%
$5,050,000
+11.30%
METRIC
Med. Price / Sq. Ft. Days on Market Inventor y Luxur y Threshold
LUXURY MARKET SHARE BY CO-OP VS. CONDO
CO-OP
2Q - 2017
1Q - 2017
2Q - 2016
80%
80%
80%
60%
60%
60%
40%
40%
40%
20%
20%
20%
0%
0%
0%
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1. 56 Leonard (26 sales) 2. 30 Park Place (16 sales) 3. 252 East 57 Street (15 sales)
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20% of Q2 Sales Were From Three Buildings
CONDO
Compared to the past few years, contract activity in the luxury market remains soft as evidenced by quarter-to-quarter weakness in price trends and rising supply & days on market stats. However, on a year over year basis, price trends remain strong putting into perspective the underlying strength of this sector. The median sales price rose by 2.2% from this time last year to $7,078,236, the median price per square foot fell just under 1% to $2,648. Inventory rose 6% year-over-year as the time it takes sellers to move luxury property rose 12% to 131 days. Source: UrbanDigs.com
LUXURY REPORT / 2Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 2Q - 2017 CLOSED SALES BY PRICE POINT 2Q - 2017
1Q - 2017
7%
2%
2Q - 2016 6%
18%
3%
9%
9%
11%
27%
27%
26% 26%
25%
26%
Legend
$0-$600k
21%
8%
10%
11%
2%
6%
20%
$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
$1.44M
+0.26%
$3.04M
+1.09%
$6.57M
-5.42%
$17.17M
-4.56%
Median Sale Price
$1.40M
-0.29%
$2.85M
+2.24%
$6.30M
-8.29%
$13.50M
-6.90%
Avg. Price / Sq. Ft.
$1,467
-1.81%
$1,859
0.00%
$2,589
-5.37%
$4,284
-5.80%
82
+46.43%
111
+43.23%
127
+12.33%
197
+97.00%
1701
+8.07%
1875
+13.98%
762
+8.86%
494
+3.13%
METRIC
Days on Market Inventory
LUXURY MARKET SHARE BY LOCATION 2Q - 2017
1Q - 2017
2Q - 2016
Downtown
38%
Downtown
44%
Downtown
39%
Midtown
24%
Midtown
16%
Midtown
23%
Upper East Side
25%
Upper East Side
26%
Upper East Side
22%
Upper West Side
13%
Upper West Side
14%
Upper West Side
16%
Upper Manhattan
Upper Manhattan
Upper Manhattan Source: UrbanDigs.com
LUXURY REPORT / 2Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 2Q - 2017 LUXURY MARKET NUMBER OF SIGNED CONTRACTS New Development
Resale
250
200
200
150
150 100
100
50
50 0
0
2Q - 2014
Legend
2Q - 2015
Upper East Side
2Q - 2016
2Q - 2017
Upper West Side
Midtown
2Q - 2014
2Q - 2015
Downtown
Upper Manhattan
2Q - 2016
2Q - 2017
Total Luxury Market
LUXURY MARKET INVENTORY New Development
Resale
800
800
600
600
400
400
200
200
0
0 2Q - 2014
Legend
2Q - 2015
Upper East Side
2Q - 2016
Upper West Side
2Q - 2017
Midtown
2Q - 2014
Downtown
2Q - 2015
Upper Manhattan
2Q - 2016
2Q - 2017
Total Luxury Market Source: UrbanDigs.com
LUXURY REPORT / 2Q - 2017 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 2Q - 2017 LUXURY MARKET DAYS ON MARKET VS PRICE DISCOUNT % 140
8%
120 6%
100 80
4%
60 40
2%
02
71
7 10 2
61 02
61 02
02
61
61 02
51 02
51 02
02
51
51 02
41 02
41 02
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
Q2 Contract Activity Remains Soft
02
02
4
-Q
3
-Q
2
-Q
1
-Q
4
-Q
3
-Q
Luxury Threshold Surges over $5M
41
41
3 10 2
02
31
3 10 2
31 02
02
21
21 02
LUXURY MARKET INSIGHTS
Despite higher average and median sales price trends noted earlier, leverage in the luxury sector still favors buyers as evidenced by days on market and listing discount figures which broke a four year range. Listing discount from original ask jumped to 7.5%, up from 5.3% in the prior quarter, as sellers dealt with the realities of softer deal volume and more price conscious buyers in this sector.
TOWNHOUSE MARKET OVERVIEW 2Q - 2017
2Q - 2016
1YEAR % CHG
1Q - 2017
1QTR % CHG
Avg. Sale Price
$8,747,000
$7,024,263
+24.53%
$9,168,715
-4.60%
Median Sale Price
$6,500,000
$7,376,250
-11.88%
$6,991,250
-7.03%
$913
$1,568
-41.77%
$1,630
-43.99%
Days on Market
201
163
+23.31%
165
+21.82%
Inventory
367
353
+3.97%
349
+5.16%
METRIC
Med. Price / Sq. Ft.
Source: UrbanDigs.com
Trump International Realty 108 Central Park South New York, NY 10019 212.247.7100
LUXURY REPORT / 2Q - 2017 — TRUMPINTERNATIONALREALTY.COM
Charlotte: 704.799.0700 Miami: 305.392.4945 Jupiter: 561.691.8710
Westchester: Las Vegas: Virginia/DC: Chicago:
914.373.6290 877.878.6711 571.323.1745 312.644.0900
PAGE 5 / 5
“My family is incredibly passionate about one thing — ultra luxurious real estate. 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