LUXURY MARKET REPORT 1Q 2018
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.
LUXURY REPORT / 1Q - 2018 MANHATTAN LUXURY MARKET OVERVIEW The Luxury market declined year-over-year from the most recent price peak set in 1Q17. After a sluggish start, the first quarter posted mixed results, as buyers and sellers continued to adapt to changing market conditions. Of particular note, uptown pre-war co-ops saw several large sales, which helped push that segment up on a year-over-year basis.
1Q - 2018
1Q - 2017
1YEAR % CHG
4Q - 2017
1QTR % CHG
Avg. Sale Price
$8,880,726
$10,161,845
-12.61%
$8,338,312
+6.51%
Median Sale Price
$6,956,481
$7,742,700
-10.15%
$6,400,000
+8.70%
Avg. Price / Sq. Ft.
$2,771
$3,068
-9.68%
$2,672
+3.71%
Median Price / Sq. Ft.
$2,546
$2,886
-11.78%
$2,460
+3.50%
Closed Sales
222
311
-28.62%
303
-26.73%
Days on Market
147
125
+18.00%
142
+3.87%
1,596
1,281
+24.59%
1,479
+7.91%
$4,250,000
$4,831,596
-12.04%
$3,999,631
+6.26%
METRIC
Inventory Luxury Threshold
LUXURY COMPARISONS 1Q - 2018 Median Sale Price
LUXURY MEDIAN PRICE TRENDS & SALES VOLUME $8M
600
$7M
$6M
400
$6M
$4M
200
$5M
$2M
0 81 0 2 -Q 7 1 1 02 -Q 7 4 1 02 -Q 71 3 02 71 Q2 02 -Q 61 1 02 61 Q4 0 2 -Q 61 3 02 -Q 6 2 1 02 -Q 51 1 0 2 -Q 51 4 02 -Q 5 3 1 02 -Q 51 2 02 41 Q1 02 -Q 41 4 02 41 Q3 0 2 -Q 41 2 02 -Q 3 1 1 02 -Q 31 4 0 2 -Q 31 3 02 -Q 3 2 1 02 -Q 1
se la se R stn em po le ve D
so dn oC sp ooC
w eN
Legend
Luxury Median Sale Price
# of Sales
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. This is not intended to solicit property. © 2018 Trump International Realty. Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2018 LUXURY MARKET OVERVIEW BY PROPERTY TYPE
CO-OP
1YEAR % CHG
CONDO
1YEAR % CHG
TOWNHOUSE
1YEAR % CHG
Avg. Sales Price
$9,310,451
+23.29%
$8,326,537
-18.73%
$11,389,113
-7.88%
Median Sale Price
$6,700,000
+10.79%
$6,661,725
-17.76%
$9,000,000
-11.91%
$1,931
+4.83%
$2,564
-13.26%
$2,300
+30.53%
Days on Market
143
+10.42%
137
+27.31%
221
+16.32%
Inventor y
344
+34.38%
993
+24.91%
255
+11.35%
METRIC
Med. Price / Sq. Ft.
LUXURY MARKET SHARE BY CONDO VS. CO-OP
CONDO
1Q - 2018
4Q - 2017
1Q - 2017
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
Q1 Sales Breakdown: New Development: 52% Average Price: $9M Resale: 48% Average Price: $10.1M
CO-OP
Looking at the property types that compose the luxury market, co-ops were favored over condos during the quarter, with sales prices moving in opposite directions. The median co-op price improved on a year-over-year basis, increasing over 10.79%. Meanwhile, the median price for condos and townhouses fell 17.76% and 11.91%, respectively, during the same time period.
Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2018 CLOSED SALES BY PRICE POINT 1Q - 2018
4Q - 2017
5% 3%
5%
18%
9%
1Q - 2017 2%
6%
19%
9%
10%
28%
28%
27%
25%
25%
Legend
$0-$600k
20%
9%
12%
12%
3%
$600k-$1M
25%
$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
+1.16%
$3.02M
-2.13%
$6.89M
+0.29%
$15.71M
-8.93%
Median Sale Price
$1.40M
+0.94%
$2.84M
-3.78%
$6.65M
+0.86%
$13.50M
-5.35%
Avg. Price / Sq. Ft.
$1,403
-2.97%
$1,853
0.00%
$2,626
-1.65%
$3,875
-8.33%
76
-10.59%
106
+24.71%
147
+39.81%
190
-1.55%
1818
+13.63%
2016
+11.14%
832
+13.66%
456
-2.15%
METRIC
Days on Market Inventory
LUXURY MARKET SHARE BY LOCATION 1Q - 2018
4Q - 2017
1Q - 2017
Downtown
35%
Downtown
32%
Downtown
45%
Midtown
22%
Midtown
26%
Midtown
17%
Upper East Side
22%
Upper East Side
19%
Upper East Side
25%
Upper West Side
21%
Upper West Side
23%
Upper West Side
14%
Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2018 LUXURY MARKET NUMBER OF SIGNED CONTRACTS New Development
Resale
250
200
200
150
150 100
100
50
50 0
0 1Q - 2015
Legend
1Q - 2016
Upper East Side
1Q - 2017
Upper West Side
1Q - 2018
Midtown
1Q - 2015
Downtown
1Q - 2016
1Q - 2017
1Q - 2018
Total Luxury Market
LUXURY MARKET INVENTORY New Development
Resale
800
800
600
600
400
400
200
200
0
0
1Q - 2015
Legend
1Q - 2016
Upper East Side
1Q - 2017
Upper West Side
1Q - 2018
Midtown
1Q - 2015
Downtown
1Q - 2016
1Q - 2017
1Q - 2018
Total Luxury Market Source: UrbanDigs.com
LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM
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LUXURY REPORT / 1Q - 2018 LUXURY MARKET DAYS ON MARKET VS PRICE DISCOUNT % 140
7%
120
6%
100
5%
80
4%
60
3%
40
2%
-Q 4
-Q 3
-Q 2
-Q 1
81 0 2 -Q 71 1 0 2 -Q 71 4 0 2 -Q 71 3 0 2 -Q 7 2 1 02 61 Q1 0 2 -Q 61 4 0 2 -Q 61 3 0 2 -Q 61 2 0 2 -Q 5 1 1 02 51 Q4 0 2 -Q 51 3 0 2 -Q 51 2 0 2 -Q 41 1 0 2 -Q 41 4 02 -Q 4 3 1 02 41 Q2 0 2 -Q 1
31 02
31 02
31 02
31 02
Notable Stats: Listing Discount Improves to 5.7% Townhouse Median Sales Price Improves 10.15% Year-Over-Year
Rising figures for days on market and inventory, coupled with declining sales, suggests that luxury buyers continue to enjoy leverage advantages even as the market continues to normalize and signs of an uptick slowly emerge. As the year progresses, we expect additional inventory and will continue to see the trend of active price discovery across all luxury market segments.
TOWNHOUSE MARKET OVERVIEW 1Q - 2018
1Q - 2017
1YEAR % CHG
4Q - 2017
1QTR % CHG
Avg. Sale Price
$6,129,502
$6,375,733
-3.86%
$4,555,513
+34.55%
Median Sale Price
$3,855,138
$3,500,000
+10.15%
$2,375,000
+62.32%
$987
$922
+7.05%
$1,050
-6.00%
Days on Market
180
165
+9.09%
182
-1.10%
Inventory
601
560
+7.32%
491
+22.40%
METRIC
Med. Price / Sq. Ft.
Source: UrbanDigs.com
Trump International Realty 108 Central Park South New York, NY 10019
LUXURY REPORT / 1Q - 2018 — TRUMPINTERNATIONALREALTY.COM
New York: New Jersey: Miami: Las Vegas:
212.247.7100 212.258.0788 305.392.4945 877.878.6711
Westchester: Charlotte: Jupiter: Chicago:
914.373.6290 704.799.0700 561.691.8710 312.644.0900
PAGE 5 / 5
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. Š 2018 Trump International Realty