Market Report Manhattan Q2 2011 StreetEasy is pleased to present our Q2 2011 Quarterly Report on the Manhattan residential market. The bulk of the report is based on approximately 3,600 recorded sales for this quarter as well as over 1,000 broker sources, thereby allowing us to provide the most comprehensive view of today’s market. In order to provide more of a real-time view of the real estate market, we expanded our Market Snapshot section with a more granular look at contract data to show you what’s selling now and where. We also invite you to check out our Manhattan Condo Market Index at http://streeteasy.com/nyc/market/condo_index to see how Manhattan condos have performed over the past 15 years on a monthly basis. We seek to continually improve this report and provide data that will be meaningful and useful to the reader. Please email support@streeteasy.com with any suggestions you might have.
Summary of findings in 2011Q2 Median closing prices for condo and coop resales increased from the prior year 2.5% and 6.8%, respectively, while new development median prices dropped 14.7% Volume of closings declined 12.3% from last year but increased 32.5% from last quarter. Inventory remained stable with a 2.7% decline from last year and a 2.0% increase from last quarter. Signed contracts declined 9.5% from the prior year but are up 14.2% from the prior quarter. Price cuts increased by 3.3% from last year and 13.0% from last quarter. Time on market remained stable at an average of 156 days, the same as a year ago. Manhattan Condo Index
May 2011
April 2011
1,858
1,832
May 2010 1.4%
Compared to
1,791
3.7%
Compared to
Median Closing Prices
Q2 2011
Q1 2011
Overall
$810,000
$782,016
3.6%
$751,250
7.8%
Condo Resales Co-op Resales New Developments
$1,004,056 $641,080 $977,520
$999,000
0.5%
$980,000
2.5%
$620,000
3.4%
$600,000
6.8%
$1,170,987
-16.5%
$1,145,531
-14.7%
Compared to
Compared to
Volume of Closings
Q2 2011
Q1 2011
Q2 2010
Overall Manhattan
3,596
2,713
32.5%
4,102
Condo Resales Coop Resales New Developments
941 1,936 719
759
23.2%
1,041
-9.6%
1,459
31.8%
2,153
-10.1%
453
57.3%
861
-16.5%
Q2 2010
Compared to
-12.3%
Compared to
Inventory
Q2 2011
Q1 2011
Total Inventory
14,514
14,235
2.0%
14,913
-2.7%
Condos Coops Townhouses
6,689 7,407 419
6,740
-0.8%
7,333
-8.8%
7,103
4.3%
7,144
3.7%
392
6.9%
436
-3.9%
Avg New Listings per Week
395
383
3.1%
403
-2.0%
Contracts
Q2 2011
Q1 2011
Total # of Contracts # of Broken Contracts
2,637 146
2,309
14.2%
2,914
-9.5%
138
5.8%
277
-47.3%
Price Cuts
Q2 2011
Q1 2011
Total # of Cuts
4,453
3,940
13.0%
4,312
3.3%
# of Condo Couts # of Coop Cuts
1,732 2,721
1,597
8.5%
1,977
-12.4%
2,343
16.1%
2,335
16.5%
Average Condo Cut Average Coop Cut
-6.4% -6.3%
-6.6%
-6.9%
-6.2%
-6.4%
Q2 2010
Compared to
Compared to Q2 2010
Compared to
Compared to Q2 2010
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.
1
Manhattan Q2 2011
Market Snapshot Inventory week starting on
Inventory
3/28/11
4/4/11
4/11/11
4/18/11
4/25/11
5/2/11
5/9/11
5/16/11
5/23/11
5/30/11
6/6/11
6/13/11
6/20/11
6/27/11
Available Listings
10,268
10,322
10,400
10,226
10,389
10,473
10,558
10,656
10,576
10,571
10,496
10,426
10,374
10,027
New Listings Absorbed Listings
489 489
494 430
444 467
265 358
468 413
438 395
440 366
422 442
316 380
360 412
326 444
321 417
350 450
95 176
The pace of new listings (unique, with known addresses) increased compared to the previous quarter. In 2011Q1, an average of 383 new listings were added every week. This quarter, an average of 395 new listings were added every week, an increase of 3.1%. Additionally, an average of 420 listings have been absorbed every week, compared to last quarter’s average of 373 absorbed listings per week, an increase of 12.7%. The level of inventory this quarter was 2.0% higher than last quarter and 2.7% lower than last year. *Absorbed listings refer to listings that have either entered into contract or have been taken off the market.
12,000
!"#$%&'(%)*%+,-.'
10,000
8,000
/,1,2#' 6,000
4,000
/,%0,#' 2,000
0 7/4/2010
8/4/2010
9/4/2010
10/4/2010 11/4/2010 12/4/2010
1/4/2011
2/4/2011 3/4/2011
4/4/2011
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5/4/2011
6/4/2011
2
Manhattan Q2 2011
Market Snapshot Price Cuts There were 4,453 listings (approximately 30.7% of all available listings) that had price cuts this quarter, compared to 3,930 listings with cuts last quarter. 61.1% of all price cuts were for co-op listings. There were 13.0% more listings with price cuts than last quarter and 3.3% more than last year. Condos had an average discount of 6.4%, compared to 6.6% last quarter. Co-ops had an average cut of 6.3%, compared to 6.2% from last quarter.
% Change Since
% Change Since
# of Price Decreases
Condos Q2 2011
Q1 2011
Q2 2010
Co-ops Q2 2011
Q1 2011
Q2 2010
Overall
1,732
8.5%
-12.4%
2,721
16.1%
16.5%
Downtown Midtown Upper West Side
502 419 264
16.5%
-14.6%
22.9%
-17.0%
19.8%
19.3%
6.5%
-6.0%
510 630 505
13.8%
5.5%
25.9%
17.4%
Upper East Side Upper Manhattan
311 224
1.6%
-6.3%
9.6%
7.0%
9.8%
-12.5%
809 267
16.1%
29.6%
Average Price Decreases
Condos Q2 2011
Q1 2011
Q2 2010
Co-ops Q2 2011
Q1 2011
Q2 2010
Overall
-6.4%
-3.5%
-7.9%
-6.3%
0.9%
-2.1%
Downtown Midtown Upper West Side Upper East Side Upper Manhattan
-6.2% -5.6% -6.4% -6.5% -7.6%
-2.2%
-13.0%
-10.8%
-8.6%
-2.7%
-2.0%
-2.8%
2.6%
-2.8%
-12.3%
-4.7%
-3.6%
-5.6% -6.3% -6.0% -6.6% -7.3%
-6.4%
-5.5%
% Change Since
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% Change Since
-0.9%
1.7%
5.6%
-1.0%
12.1%
4.3%
3
Manhattan Q2 2011
Market Snapshot Price Increases This quarter, there were 219 listings with price increases, about 33.8% fewer than last quarter (331) and 26.5% fewer than last year (298). This quarter, condo listings had 36.1% fewer increases compared to the prior quarter and 19.0% fewer than last year. Co-ops had 31.4% fewer listings with price increases than the previous quarter and 33.3% fewer than last year. Condo listings had an average price increase of 4.4% while co-op listings had an average price increase of 4.9% this quarter.
% Change Since
% Change Since
# of Price Increases
Condos Q2 2011
Q1 2011
Q2 2010
Co-ops Q2 2011
Q1 2011
Q2 2010
Overall
149
-36.1%
-19.0%
70
-31.4%
-33.3%
Downtown Midtown Upper West Side
76 37 17
31.0%
33.3%
-17.6%
-49.3%
-47.8%
-61.3%
-46.9%
-34.6%
14 12 16
-50.0%
-67.8%
-11.1%
-30.4%
Upper East Side Upper Manhattan
10 8
-33.3%
-41.2%
-21.4%
-15.4%
-20.0%
-27.3%
22 6
20.0%
-25.0%
Average Price Increases
Condos Q2 2011
Q1 2011
Q2 2010
Co-ops Q2 2011
Q1 2011
Q2 2010
Overall
4.4%
-2.9%
-21.6%
4.9%
-4.5%
-4.2%
Downtown Midtown Upper West Side Upper East Side Upper Manhattan
3.9% 4.6% 5.0% 5.8% 6.1%
-29.7%
-24.4%
9.5%
-23.5%
46.7%
24.3%
25.5%
-4.1%
11.5%
1.9%
-0.7%
-10.4%
5.3% 6.2% 4.2% 4.4% 5.6%
-17.2%
14.3%
% Change Since
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% Change Since
5.2%
-18.7%
-13.5%
-12.8%
-26.1%
-18.4%
4
Manhattan Q2 2011
Market Snapshot In-Contracts
Contracts
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
New Contracts De-listed Absorption
814 1,005 15.8%
699 1,066 15.9%
648 1,073 16.1%
567 818 12.1%
715 928 13.9%
730 1,028 15.3%
692 1,048 16.3%
584 948 14.2%
803 740 14.1%
1,000 934 16.6%
911 944 15.9%
840 825 14.2%
886 915 15.7%
This quarter, there were 2,637 listings that entered into contract, a 14.2 % increase compared to last quarter, but a 9.5% decline from last year. Additionally, there were a total of 146 broken contracts this quarter, 5.8% increase from last quarter, which had 138 broken contracts. (Please note that broken contracts do not necessarily mean buyers have walked away from deposits. Listings previously in contract that are now available may be due to co-op board rejections, as well as developers allowing buyers out of their contracts.)
!"#$%&'$()*)+,-./($,0) 1,400 1,200 1,000 800 600 400 200 0 6/1/2008
10/1/2008
2/1/2009
6/1/2009
10/1/2009
Contracts
2/1/2010
6/1/2010
10/1/2010
2/1/2011
6/1/2011
De-listed
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5
Manhattan Q2 2011 !"#$%&'$()*+,(-%*'./( Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 0%
10%
20%
30%
<$0.5M
40%
$0.5M-$1M
50% $1M-$3M
60%
70%
$3M-$5M
80%
90%
100%
>$5M
The chart above illustrates the mix of in-contract listings by price. In the last three quarters, listings priced $3M and higher made up approximately 11.5% of all contracts in those quarters â&#x20AC;&#x201C; similar to 2008 Q2 levels. Below, contracts are broken out by bedroom type. In the previous three quarters, larger homes with a minimum of 3 bedrooms have increased in their share of contracts.
!"#$%&'$()*+,(-./%""01( Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 0%
10%
20%
30% Studio
40% 1 bed
50%
60%
2 beds
3+ beds
70%
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80%
90%
100%
6
Manhattan Q2 2011
Absorption by Neighborhood Active In Manhattan
Q2 2010 Contract Delist
Abs
Active
Q1 2011 Contract Delist
Abs
Active
Q2 2011 Contract Delist
Abs
15,054
2,891
2,860
38%
14,330
2,394
2,614
35%
14,603
2,594
2,418
34%
In All Downtown In Battery Park City In Chelsea In West Chelsea In Chinatown In Civic Center In East Village In Financial District In Fulton/Seaport In Flatiron In Gramercy Park In Greenwich Village In Noho In Little Italy In Lower East Side In Nolita In Soho In Tribeca In West Village
4,342 301 711 239 24 28 210 703 61 295 263 517 109 11 254 32 293 417 281
808 12 145 44 5 4 47 54 12 67 60 134 21 1 48 10 62 88 71
849 67 121 41 4 6 41 180 19 40 38 103 28 2 39 5 64 84 54
38% 26% 37% 36% 38% 36% 42% 33% 51% 36% 37% 46% 45% 27% 34% 47% 43% 41% 44%
4,007 329 648 224 22 24 215 645 26 328 291 469 80 11 180 10 237 341 256
743 32 135 53 2 3 45 50 1 68 54 124 31 2 31 1 45 78 73
693 65 103 31 5 1 47 141 5 62 49 79 12 0 28 3 46 33 31
36% 29% 37% 38% 32% 17% 43% 30% 23% 40% 35% 43% 54% 18% 33% 40% 38% 33% 41%
4,033 315 667 224 24 27 207 637 25 277 317 461 72 17 210 13 246 346 268
776 50 149 44 6 5 47 63 3 49 57 121 19 3 25 3 49 83 66
606 50 90 28 4 8 37 90 4 54 56 71 14 3 42 1 27 37 36
34% 32% 36% 32% 42% 48% 41% 24% 28% 37% 36% 42% 46% 35% 32% 31% 31% 35% 38%
In All Midtown In Central Park South In Midtown In Midtown East In Kips Bay In Murray Hill In Sutton Place In Turtle Bay In Beekman In Midtown South In Midtown West In Clinton
3,385 123 600 1,895 315 584 424 571 138 134 633 632
583 11 112 342 53 113 83 93 22 16 102 102
684 24 132 371 73 114 70 114 29 25 132 131
37% 28% 41% 38% 40% 39% 36% 36% 37% 31% 37% 37%
3,208 89 569 1,800 291 582 407 519 135 148 602 600
440 10 82 246 44 85 56 61 17 19 83 83
612 13 121 344 51 123 70 100 29 31 103 101
33% 26% 36% 33% 33% 36% 31% 31% 34% 34% 31% 31%
3,315 104 533 1,894 308 592 443 550 140 179 605 603
489 8 86 288 51 94 62 81 11 19 88 88
631 22 91 366 54 120 80 112 28 56 96 96
34% 29% 33% 35% 34% 36% 32% 35% 28% 42% 30% 31%
In All Upper East Side In Carnegie Hill In Lenox Hill In Upper East Side In Yorkville
3,271 387 975 1,112 797
705 102 197 209 197
579 64 170 186 159
39% 43% 38% 36% 45%
3,100 359 953 1,049 739
549 88 164 194 103
543 59 172 166 146
35% 41% 35% 34% 34%
3,207 360 969 1,090 787
572 67 182 191 132
533 56 149 176 152
34% 34% 34% 34% 36%
In All Upper West Side In Lincoln Square In Manhattan Valley In Upper West Side
2,357 917 120 1,316
532 203 24 304
393 161 28 202
39% 40% 43% 38%
2,308 955 108 1,243
459 182 16 261
367 171 24 172
36% 37% 37% 35%
2,367 938 107 1,319
520 182 22 316
343 151 20 172
36% 36% 39% 37%
In All Upper Manhattan In Central Harlem In East Harlem In Hamilton Heights In Inwood In Morningside Heights In Washington Heights In Fort George In Hudson Heights
1,611 672 258 121 80 120 343 25 161
253 125 26 16 10 24 51 6 27
341 133 68 29 18 18 73 4 29
37% 38% 36% 37% 35% 35% 36% 40% 35%
1,645 672 259 118 97 116 373 27 171
195 98 32 6 9 21 28 5 17
393 151 46 39 25 16 114 3 34
36% 37% 30% 38% 35% 32% 38% 30% 30%
1,615 636 251 115 103 138 360 38 177
232 99 32 9 20 29 43 3 25
302 122 36 27 22 29 64 6 21
33% 35% 27% 31% 41% 42% 30% 24% 26%
Active Contract Delist Abs
Number of listings available during that quarter Number of listings that went into contract Number of listings that were taken off the market Absorption ratio of Contracts and Delisted listings to Active inventory
The table above illustrates which neighborhoods have excess inventory in relation to other neighborhoods in Manhattan. Overall, 34% of available listings were absorbed this quarter.
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7
Manhattan Q2 2011
StreetEasy Facts for Q2 2011 Most Closings Upper West Side Midtown East Upper East Side Lenox Hill Lincoln Square
# of Most Price Cuts Midtown East Upper West Side Lenox Hill Upper East Side Yorkville
# of Closings 286 267 199 169 165
# of Cuts 498 314 262 228 211
Median Price
Average Price
$872,127 $611,968 $990,000 $1,025,000 $915,000
$1,465,568 $832,035 $1,931,548 $1,690,283 $1,950,048
Average Discount
Proportion of Most Price Cuts
% of All Listings
Average Discount
-6.23% -5.96% -7.07% -6.63% -5.75%
Sutton Place Lenox Hill Murry Hill Yorkville Turtle Bay
27.4% 27.0% 27.0% 26.8% 26.4%
-7.03% -7.07% -5.98% -5.75% -6.19%
Most Searched 'Hoods
Most Searched Buildings
1. 2. 3. 4. 5.
1. 2. 3. 4. 5.
West Village Greenwich Village Gramercy Park Chelsea Flatiron
The Sheffield at 322 West 57th Street The Collection at 20 Pine Street ONE48 at 148 East 24th Street 67 East 11th Street 305W16 at 305 W 16th Street
Most Expensive Closings
Unit #
Unit Type
141 Prince Street 15 Central Park West 640 Park Avenue 25 Columbus Circle 122 Greenwich Avenue
#PH #27A #3RDF #S62CE #PH
Co-op Condo Co-op Condo Condo
Final Price $25,000,000 $24,500,000 $20,500,000 $20,500,000 $16,902,950
Biggest Price Cuts
Unit #
Most Recent List Price
Price at Start of Q4 2009
% Cut
35 East 76th Street 100 Eleventh Avenue 870 Riverside Drive 12 West 72nd Street 221 West 148th Street
#615 #7B #2E #25B #1B
$500,000 $1,795,000 $309,000 $1,295,000 $550,000
$1,100,000 $2,665,000 $445,000 $1,799,000 $750,000
54.5% 32.6% 30.6% 28.0% 26.7%
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8
Manhattan Q2 2011
Overall Market
'#!" '!!"
$1,000,000
&#!"
$800,000
&!!" %#!"
$600,000
%!!" $#!"
$400,000
$!!"
$200,000
#!" Dec
Jun 2010
!" Jun 2011
Dec
Median Price
# of Sales
1#2#3"4()&'()"
$800,000 $700,000 $600,000
'!!!"
$1,200,000
&!!"
$1,000,000
%#!"
$800,000
%!!"
$600,000
$#!"
$400,000
$!!"
$200,000
#!"
%!!"
$400,000 $300,000
$!!"
$200,000
#!!"
$100,000 $0 Jun 2009
$1,400,000
&!!"
$500,000
Dec
Jun 2010
Median Price
$0 Jun 2009
!" Jun 2011
Dec
1(2"3(4('#56(-7)"
'#!!"
*(+,&-"./,0("
$0 Jun 2009
*(+,&-"./,0("
!"#$"%&'()"
*(+,&-"./,0("
$1,200,000
$900,000
Overall average and median prices increased by 2.1% and 3.6%, respectively, since last quarter. Compared to the previous year, overall average price increased by 8.4% and median price increased by 7.8%. While condo resales average and median prices remained roughly the same since last quarter, co-op resales average and median prices increased by 11.0% and 3.4%, respectively. Average and median prices for new developments continued to fall from last quarter and from last year yet closings in new developments jumped by 57.3% since last year and made up 20.0% of all closings. 61.5% of closings were under $1M.The bulk of closings occurred among co-op resales (53.8%).
#!!"
Jun 2010
Median Price
# of Sales
Average Price
Dec
% Change Since
Median Price
% Change Since
&#!"
!"#$"%&'()"
1#-+#"2()&'()"
!"#$"%&'()"
$1,400,000
!" Jun 2011
Dec
# of Sales
Average DoM
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$1,407,655
2.1%
8.4%
$810,000
3.6%
7.8%
156
1.8%
0.0%
Condo Resales Co-op Resales New Developments
$1,685,512 $1,138,944 $1,511,955
-0.2%
14.0%
2.5%
5.1%
3.4%
6.8%
-23.0%
-11.8%
-16.5%
-14.7%
145 133 234
-2.8%
18.2%
$1,004,056 $641,080 $977,520
0.5%
11.0%
New Devs
% Change Since
Condos
% Change Since
Co-ops
3.3%
3.3%
-6.4%
-9.0%
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
719
57.3%
-16.5%
941
23.2%
-9.6%
1,936
31.8%
-10.1%
Less than $500,000 $500,000 - $1,000,000
98 262
42.0%
-48.1%
-20.3%
-20.0%
21.5%
-10.9%
645 735
20.1%
18.6%
122 351
24.5%
94.1%
34.4%
-11.3%
$1,000,000 - $3,000,000 $3,000,000 - $5,000,000 $5,000,000 - $10,000,000 More than $10,000,000
264 68 25 2
57.1%
-20.0%
19.1%
-11.6%
3.0%
-10.5%
62.0%
8.0%
31.7%
-11.5%
-3.8%
-24.2%
110.0%
133.3%
-71.4%
-83.3%
444 54 42 16
38.8%
30.8%
343 81 32 12
127.9%
45.5%
-3.0%
18.5%
33.3%
100.0%
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9
Manhattan Q2 2011
Luxury Market Average Price
% Change Since
Median Price
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$5,641,190
1.8%
5.9%
$4,350,000
2.0%
8.2%
Downtown Midtown Upper West Side Upper East Side Upper Manhattan
$5,014,807 $5,328,216 $6,538,718 $5,842,418 n/a
$3,927,813 $4,100,000 $4,900,000 $4,972,500 n/a
-9.2%
4.0%
-2.4%
-6.8%
-4.8%
5.8%
-18.1%
-13.8%
16.5%
11.1%
7.7%
7.1%
n/a
n/a
7.4%
14.0%
18.4%
19.1%
n/a
n/a
The luxury market is defined as the top 10% of all condo and co-op sales, in terms of price. This quarter, the luxury market was comprised of sales above $2.9M, a 2.5% decline from last quarterâ&#x20AC;&#x2122;s 90th-percentile price ($2.975M). The number of sales above $2.9M dropped by 18.6% since last quarter and by 13.0% since last year. Downtown had the most luxury closings as it made up 33.8% of all luxury closings.
Condos
% Change Since
Co-ops
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
219
25.1%
-6.4%
128
68.4%
28.0%
Downtown Midtown Upper West Side
102 24 51
39.7%
-8.1%
54.5%
20.0%
17 8 32
21.4%
-11.1%
100.0%
100.0%
88.2%
28.0%
Upper East Side Upper Manhattan
42 0
73.2%
20.3%
n/a
n/a
50.0%
13.3%
2.4%
-27.6%
n/a
0.0%
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71 0
10
Manhattan Q2 2011
Townhouses Average Price
% Change Since
Median Price
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$4,626,854
26.0%
18.0%
$4,200,000
217.0%
40.0%
Downtown Midtown Upper West Side Upper East Side Upper Manhattan
$7,230,531 $0 $4,435,500 $5,883,888 $844,975
$8,015,625 $0 $4,800,000 $5,100,000 $945,000
4.9%
123.9%
-100.0%
-100.0%
-8.2%
-20.3%
-21.9%
-32.5%
0.4%
-12.5%
76.2%
146.6%
-100.0%
-100.0%
62.6%
-7.2%
-20.9%
-11.7%
14.5%
-1.6%
Average sale price for townhouses increased by 26.0% since last quarter and by 18.0% since last year. The Upper East Side had the highest average and median prices while Upper Manhattan townhouses had prices under $1M. Out of the total townhouse closings, 35.9% were Downtown.
Sales
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Number of Sales
53
-11.7%
-27.4%
Downtown
19
35.7%
26.7%
Midtown Upper West Side Upper East Side Upper Manhattan
0 7 12 15
-100.0%
-100.0%
75.0%
-36.4%
33.3%
-25.0%
-48.3%
-42.3%
Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.
11
Manhattan Q2 2011
Downtown Below 34th Street
'$!"
$1,200,000
'#!"
$1,000,000
'!!"
$800,000
&!"
$600,000
%!"
$400,000
$!"
$200,000
#!" Jun 2010
Median Price
# of Sales
1#2#3"4()&'()"
*(+,&-"./,0("
$700,000
&!!"
$600,000
%#!"
$500,000
%!!"
$400,000 $#!"
$300,000
$!!"
$200,000
#!"
$100,000 $0 Jun 2009
$2,000,000
&#!"
Dec
Jun 2010
Median Price
*(+,&-"./,0("
$800,000
!" Jun 2011
Dec
'%!"
$1,600,000
'$!"
$1,400,000
'#!"
$1,200,000
'!!"
$1,000,000
&!"
$800,000
%!"
$600,000 $400,000
$!"
$200,000
#!"
$0 Jun 2009
Dec
Jun 2010
Median Price
# of Sales
Average Price
% Change Since
'&!"
$1,800,000
!" Jun 2011
Dec
1(2"3(4('#56(-7)"
Median Price
% Change Since
!"#$"%&'()"
Dec
!"#$"%&'()"
'%!"
$1,400,000
$0 Jun 2009
The median price in Downtown declined by 11.0% since last quarter and by 4.5% since last year. Average price slid by 4.9% since last quarter but rose 8.3% since last year. Condo resale median price jumped by 13.2% since last quarter and by 22.0% since last year. In contrast, the median price for co-op resales declined by 4.5% since last quarter but increased by 7.6% since last year. New development median price dropped by 38.8% since last quarter and by 36.8% since last year. Since last quarter, the volume of sales jumped for condo resales (23.6%), for co-ops (26.4%) and for new developments (73.3%). Average time on market decreased by 9.0% since last quarter.
'&!"
$1,600,000
!"#$"%&'()"
*(+,&-"./,0("
$1,800,000
1#-+#"2()&'()"
!" Jun 2011
Dec
# of Sales
Average DoM
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$1,478,599
-4.9%
8.3%
$835,361
-11.0%
-4.5%
142
-9.0%
-11.7%
Condo Resales Co-op Resales New Developments
$1,907,244 $964,496 $1,502,923
1.4%
17.6%
22.0%
-7.0%
-4.5%
7.6%
-35.3%
-23.1%
-38.8%
-36.8%
130 122 179
-11.4%
23.1%
$1,500,500 $635,000 $930,366
13.2%
3.5%
New Devs
% Change Since
Condos
% Change Since
Co-ops
6.7%
4.8%
-31.4%
-30.1%
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
324
73.3%
-11.2%
325
23.6%
-8.5%
493
26.4%
-13.7%
Less than $500,000 $500,000 - $1,000,000
44 124
450.0%
120.0%
-34.7%
-27.0%
28.2%
-4.8%
162 231
42.1%
36.3%
32 100
45.5%
125.5%
29.8%
-5.7%
$1,000,000 - $3,000,000 $3,000,000 - $5,000,000 $5,000,000 - $10,000,000 More than $10,000,000
115 29 10 2
42.0%
-38.8%
132 49 11 1
1.5%
-15.4%
86 11 1 2
-3.4%
-13.1%
57.1%
175.0%
16.0%
-39.6%
-16.7%
-37.5%
-60.0%
0.0%
188.2%
22.5%
-21.4%
120.0%
-75.0%
-50.0%
Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.
0.0%
n/a
100.0%
100.0%
12
Manhattan Q2 2011
Midtown From 34th Street to 59th Street
'!!"
$800,000
&!"
$600,000
%!"
$400,000
$!"
$200,000
#!"
Dec
Jun 2010
Median Price
!" Jun 2011
Dec
# of Sales
1#2#3"4()&'()"
*(+,&-"./,0("
$600,000
#!!"
$1,600,000
'&!"
$1,400,000
'%!"
$500,000
'$!"
$400,000
'#!" '!!"
$300,000
&!" %!"
$200,000
$!"
$100,000 $0 Jun 2009
#!" Dec
Jun 2010
Median Price
!" Jun 2011
Dec
*(+,&-"./,0("
$0 Jun 2009
!"#$"%&'()"
*(+,&-"./,0("
$1,000,000
$700,000
The Midtown market climbed by 14.4% in median price since last quarter and by 16.1% since last year. Overall average sale prices decreased by 1.6% since last quarter but went up by 9.2% since last year. Condo resale median price increased 5.3% since last quarter and by 3.7% since a year ago. In contrast, co-op resale median price decreased by 1.5% since last quarter and by 0.6% from the year prior. New development median price in Midtown dropped by 12.4% since last quarter but rose by 6.3% since last year. Volume of sales for new developments went up by 55.6% since last year while condo and co-op resales went down 9.7% and 18.8%, respectively. Midtown properties spent 6.8% more days on the market than last quarter.
'#!"
1(2"3(4('#56(-7)"
'!"
$1,200,000 &!"
$1,000,000 $800,000
%!"
$600,000
$!"
$400,000 #!"
$200,000 $0 Jun 2009
# of Sales
Average Price
Dec
Jun 2010
Median Price
% Change Since
(!"
!"#$"%&'()"
1#-+#"2()&'()"
!"#$"%&'()"
$1,200,000
Median Price
% Change Since
!" Jun 2011
Dec
# of Sales
Average DoM
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$1,081,667
-1.6%
9.2%
$780,000
14.4%
16.1%
176
6.8%
7.7%
Condo Resales Co-op Resales New Developments
$1,426,984 $743,154 $1,220,202
-5.6%
7.4%
3.7%
5.1%
-1.5%
-0.6%
-11.7%
7.8%
-12.4%
6.3%
159 144 285
-3.8%
5.1%
$876,000 $512,000 $1,008,067
5.3%
4.9%
New Devs
% Change Since
Condos
% Change Since
Co-ops
-4.6%
3.0%
15.0%
-14.5%
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
154
67.4%
55.6%
234
6.8%
-9.7%
316
5.0%
-18.8%
Less than $500,000 $500,000 - $1,000,000
4 72
0.0%
-69.2%
0.0%
-21.6%
7.7%
-10.4%
138 128
-3.5%
63.6%
33 112
3.1%
105.7%
10.3%
-13.5%
$1,000,000 - $3,000,000 $3,000,000 - $5,000,000 $5,000,000 - $10,000,000 More than $10,000,000
74 3 1 0
60.9%
76.2%
69 12 6 2
7.8%
-16.9%
10.3%
-29.5%
0.0%
33.3%
200.0%
100.0%
20.0%
0.0%
0.0%
0.0%
0.0%
-33.3%
43 6 1 0
-100.0%
n/a
-50.0% n/a 0.0%
n/a
n/a
n/a
Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.
13
Manhattan Q2 2011
Upper East Side th
From 59 Street to 96th Street, from Fifth Avenue to the East River
1#-+#"2()&'()"
*!"
$1,400,000
)!"
$1,200,000
(!"
$1,000,000
'!"
$800,000
&!"
$600,000
%!"
$400,000
$!"
$200,000
#!" Jun 2010
$1,200,000
# of Sales
1#2#3"4()&'()"
*(+,&-"./,0("
$1,000,000
%#!"
$3,000,000
%!!"
$2,500,000
$800,000 $#!" $600,000 $!!"
$400,000
#!"
$200,000
1(2"3(4('#56(-7)"
#!" '#" '!" &#"
$2,000,000
&!" $1,500,000
%#" %!"
$1,000,000
!"#$"%&'()"
Median Price
!" Jun 2011
Dec
*(+,&-"./,0("
Dec
!"#$"%&'()"
$1,600,000
$0 Jun 2009
Overall average and median prices in the Upper East Side declined by 2.6% and 3.1%, respectively, since last quarter and by 4.4% and 5.8%, respectively, since last year. Median price for condo resales decreased by 3.4% since last quarter but remained stable since last year. Co-op resale median price gained by 1.3% since last quarter and by 6.1% since the prior year. Time on market for condo resales increased by 15.9% while co-op resales increased by 8.0% since last quarter. New development closings made up only 10.3% of all UES closings this quarter, while co-op closings made up 69.5%.
+!"
!"#$"%&'()"
*(+,&-"./,0("
$1,800,000
$#" $!"
$500,000
#" $0 Jun 2009
Dec
Jun 2010
Median Price
!" Jun 2011
Dec
$0 Jun 2009
# of Sales
Average Price
Dec
Jun 2010
Median Price
% Change Since
Median Price
% Change Since
!" Jun 2011
Dec
# of Sales
Average DoM
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$1,706,364
-2.6%
-4.4%
$927,500
-3.1%
-5.8%
165
16.9%
3.5%
Condo Resales Co-op Resales New Developments
$1,558,760 $1,556,388 $2,374,223
-15.5%
1.5%
0.5%
35.5%
1.3%
6.1%
8.0%
-1.0%
-11.3%
-10.3%
-9.6%
-13.8%
163 142 323
15.9%
6.4%
$1,080,000 $810,000 $1,931,718
-3.4%
4.5%
62.3%
-4.9%
New Devs
% Change Since
Condos
% Change Since
Co-ops
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
84
95.3%
-22.9%
166
41.9%
-4.0%
569
50.1%
4.8%
Less than $500,000 $500,000 - $1,000,000
6 9
-45.5%
25 48
78.6%
4.2%
6.7%
-18.6%
144 191
27.4%
29.7%
69.0%
-2.6%
$1,000,000 - $3,000,000 $3,000,000 - $5,000,000 $5,000,000 - $10,000,000 More than $10,000,000
46 15 8 0
#DIV/0! 50.0%
0.0%
119.0%
-19.3%
50.0%
-37.5%
33.3%
60.0%
n/a
-100.0%
73 10 10 0
73.8%
4.3%
-33.3%
-23.1%
25.0%
42.9%
n/a
n/a
Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.
173 22 29 10
53.1%
9.5%
-12.0%
-31.3%
141.7%
70.6%
148.8%
42.9%
14
Manhattan Q2 2011
Upper West Side th
From 59 Street to 110th Street, From CPW to the Hudson River
'$!" '#!"
$1,200,000
'!!"
$1,000,000
&!"
$800,000 %!"
$600,000
$!"
$400,000
#!"
$200,000 $0 Jun 2009
Dec
Jun 2010
Median Price
!" Jun 2011
Dec
# of Sales
1#2#3"4()&'()"
$4,000,000
%#!"
$900,000
$600,000
$#!"
$500,000 $400,000
$!!"
$300,000 $200,000
#!"
*(+,&-"./,0("
%!!"
$700,000
!"#$"%&'()"
*(+,&-"./,0("
(!"
$3,500,000
$800,000
'!"
$3,000,000 &!"
$2,500,000 $2,000,000
%!"
$1,500,000
$!"
$1,000,000 #!"
$500,000
$100,000 $0 Jun 2009
1(2"3(4('#56(-7)"
Dec
Jun 2010
Median Price
Dec
!" Jun 2011
$0 Jun 2009
# of Sales
Average Price
Dec
Jun 2010
Median Price
% Change Since
!"#$"%&'()"
*(+,&-"./,0("
$1,400,000
$1,000,000
Overall median price for the Upper West Side increased by 4.6% since last quarter and by 6.8% of 0.6% since last year. Overall average price also increased by 10.9% since last quarter and by 12.9% since last year. Condo resales median price decreased by 5.5% since the last quarter and by 4.3% since the prior year. However, co-op resales median price increased by 12.1% since last quarter and by 13.3% since last year. The volume of closings increased by 44.9% since last quarter but decreased by 12.0% since last year. Condo and co-op closings declined by 13.8% and by 6.6%, respectively, since the prior year. Overall, UWS properties spent slightly more time on market compared to last year, an increase of 2.8% more days.
!"#$"%&'()"
$1,600,000
1#-+#"2()&'()"
Median Price
% Change Since
!" Jun 2011
Dec
# of Sales
Average DoM
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$1,624,227
10.9%
12.9%
$887,500
4.6%
6.8%
129
0.5%
2.8%
Condo Resales Co-op Resales New Developments
$1,934,253 $1,296,202 $2,750,615
16.1%
26.8%
-4.3%
0.5%
12.1%
13.3%
6.1%
13.1%
-27.3%
-11.2%
2.6%
59.1%
128 121 189
-3.2%
24.7%
$900,000 $779,500 $2,703,245
-5.5%
16.9%
-16.9%
-14.8%
New Devs
% Change Since
Condos
% Change Since
Co-ops
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
58
38.1%
-27.5%
187
34.5%
-13.8%
439
50.9%
-6.6%
Less than $500,000 $500,000 - $1,000,000
6 7
500.0%
-14.3%
-22.2%
-17.0%
33.3%
-17.4%
112 168
28.7%
-53.3%
21 76
5.0%
16.7%
43.6%
-18.0%
$1,000,000 - $3,000,000 $3,000,000 - $5,000,000 $5,000,000 - $10,000,000 More than $10,000,000
18 22 5 0
12.5%
-51.4%
38.3%
-13.3%
72.0%
20.6%
100.0%
633.3%
66.7%
-23.1%
114.3%
-28.6%
0.0%
-33.3%
200.0%
800.0%
129 15 11 4
-28.6%
-58.3%
-100.0%
-100.0%
65 10 6 9
Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.
83.3%
n/a
300.0%
33.3%
15
Manhattan Q2 2011
Upper Manhattan Above 96th Street in the East, above 110th Street in the West
1#-+#"2()&'()"
$800,000
'%"
$700,000
'$"
$600,000
'#"
$500,000
'!"
$400,000
&"
$300,000
%"
$200,000
$"
$100,000
#" Dec
Jun 2010
Median Price
# of Sales
1#2#3"4()&'()"
+!"
$800,000
$400,000
*!"
$700,000
$350,000
)!"
$600,000
$300,000
(!"
$250,000
'!"
$200,000
&!"
$150,000
%!"
$100,000
$!"
$50,000
#!"
$0 Jun 2009
Dec
Jun 2010
Median Price
!" Jun 2011
Dec
*(+,&-"./,0("
*(+,&-"./,0("
$450,000
!" Jun 2011
Dec
Upper Manhattanâ&#x20AC;&#x2122;s average and median prices increased by 13.3% and 11.9%, respectively, since the prior year. Condo resale and co-op resale median prices dropped by 14.3% and by 26.1%, respectively, compared to last quarter. In contrast, new development median price jumped 35.3% since last quarter and by 49.4% since last year. The volume of closings decreased by 6.0% since last quarter and by 45.0% since the prior year. Condo resales spent 35.7% more time on market compared to last quarter. New developments made up 40.5% of the closings this quarter. 90.3% of all closings were priced under $1M.
1(2"3(4('#56(-7)"
+!" *!" )!"
$500,000
(!"
$400,000
'!"
$300,000
&!" %!"
$200,000
$!"
$100,000
#!"
$0 Jun 2009
# of Sales
Average Price
Dec
Jun 2010
Median Price
% Change Since
#!!"
Median Price
!"#$"%&'()"
$0 Jun 2009
!"#$"%&'()"
'&"
!"#$"%&'()"
*(+,&-"./,0("
$900,000
% Change Since
!" Jun 2011
Dec
# of Sales
Average DoM
% Change Since
Recorded Prices
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Overall
$533,509
1.4%
13.3%
$418,500
-2.7%
11.9%
218
7.2%
19.5%
Condo Resales Co-op Resales New Developments
$586,663 $411,242 $618,154
-17.0%
-2.2%
10.4%
21.4%
-26.1%
-22.7%
-3.7%
-3.7%
-5.6%
13.8%
35.3%
49.4%
218 147 293
35.7%
5.8%
$502,250 $255,000 $575,000
-14.3%
-2.9%
8.0%
43.0%
New Devs
% Change Since
Condos
% Change Since
Co-ops
% Change Since
Number of Sales
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Q2 2011
Q1 2011
Q2 2010
Number of Sales
96
3.2%
-51.3%
23
-8.0%
-28.1%
118
11.3%
-34.1%
Less than $500,000 $500,000 - $1,000,000
38 48
-32.1%
-72.1%
-47.4%
-35.0%
0.0%
33.3%
89 17
15.6%
-9.4%
10 12
11.1%
50.0%
-26.1%
-51.4%
$1,000,000 - $3,000,000 $3,000,000 - $5,000,000 $5,000,000 - $10,000,000 More than $10,000,000
10 0 0 0
150.0%
66.7%
-75.0%
-75.0%
n/a
-100.0%
1 0 0 0
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
-100.0%
-100.0%
Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.
12 0 0 0
140.0%
100.0%
n/a
-100.0%
n/a
n/a
n/a
n/a
16