Compass Q1 2019 Manhattan Quarterly Market Report

1Q 2019

M A N H AT TA N MARKET REPORT

M A N H AT TA N SALES REPORT Q1 2019:

SPRING THAW

MARKET HIGHLIGHTS 05 RECORDED SALES 07 PRICE PER SQUARE FOOT 13 CONTRACTS SIGNED 15 TIME ON THE MARKET 21 TOTAL INVENTORY 23 MONTHS OF SUPPLY 29

SOURCES Stribling & Associates proprietary database, ACRIS (Automated City Register Information System)

RESEARCHED & WRITTEN BY: Garrett Derderian

METHODOLOGY U PPE R M A N H AT TA N

GEOGR APHY covered in this

MONTHS OF SUPPLY is an estimated

report is Manhattan.

time it would take to sell all current active listings based on the trailing

INVENTORY is calculated based

12-months sales rate.

the quarter at the time the report

TIME ON MARKET is calculated by

is prepared.

how many properties entered contract

U PPE R W EST S I D E

C E N T R A L

during the quarter in the given period.

CONTR ACT SIGNED figures for the current quarter are based on publicly

DISCOUNT is the percentage

reported transactions at the time the

difference between the initial list

report is prepared. The signed price

and recorded sale price.

reflects the latest available asking price.

CURRENT QUARTER is reflective

P A R K

on all properties actively listed during

M I DTOW N W EST

U PPE R E AST S I D E

M I DTOW N E AST

of the initial day of the quarter until the RECORDED SALES figures for the

20th day of the closing month of the

current quarter are based on known

quarter. These numbers will be updated

closings recorded at the time the

in subsequent reports to reflect the

report is prepared.

dataset of the entire quarter.

MEDIAN PRICE is the middle

QUARTERS

price of a given dataset.

1Q: January 1 – March 31

FI N A N C I A L D I STR I C T/

2Q: April 1 – June 30

BAT TE RY PA R K C IT Y

AVER AGE PRICE is the sum of all

3Q: July 1 – September 30

prices divided by the total number

4Q: October 1 – December 31

of properties.

4

D OW NTOW N

MARKET HIGHLIGHTS

5

“As prices dropped to meet the market, contract activity increased.”

$2,062,470

161

9%

AVER AGE SALES PRICE

AVER AGE DAYS ON THE MARKET

AVER AGE DISCOUNT

$1,135,000

27%

16%

MEDIAN PRICE

SHARE OF

SHARE OF

INVENTORY

CLOSINGS

OVER $3M

OVER $3M

$1,438

34%

AVER AGE PRICE PER SQUARE FOOT

OF PROPERTIES TOOK MORE THAN 180 DAYS TO ENTER CONTR ACT

6

RECORDED SALES RECORDED RECORDED SALES SALES by

by UNIT UNIT TYPE TYPE

BY U N IT T YPE There were 1,821 recorded sales to-date in 1Q19, an 11% decrease from this time last year. This was the least number of Q1 sales since 2009, and the first Q1 period where less than 2,000 sales were recorded since 2013. 1BR units totaled 41% of all transactions, with an average PPSF of $1,248 and an average size of 833 square feet. 2BR units took 32%, with averages of $1,378/SF and 1,285 square feet. Studios, the most

2 19 PERCENTAGE OF UNITS 11 Q Q 20 019 PERCENTAGE OF UNITS

4+BR units, with 6% of closings, were the most expensive and largest.

They averaged $1,984/SF, 5% above the 3BR units. 4+BRs also averaged

0% 0%

7

36% 36%

45% 45%

$1,248 $1,248 $1,378 $1,378 $1,886 $1,886

4+ BR 4+ BR

$0 $0

$500 $500

$1,000 $1,000

$1,500 $1,500

$1,984 $1,984 $2,000 $2,000

$2,500 $2,500

2 19 AVERAGE SIZE 11 Q Q 20 019 AVERAGE SIZE STUDIO STUDIO 1-BR 1-BR

Co-op units fared better than condos, with less extreme price declines.

2-BR 2-BR

3BR units measured the steepest losses, with their median price down 6%

3-BR 3-BR

to $5,032,820.

27% 27%

$1,098 $1,098

1-BR 1-BR

16% to $2,862, despite their size remaining relatively flat.

median price increased 16% to $3,700,000, despite an average fall of 2%

18% 18%

STUDIO STUDIO

PPSF decline 9% to $1,557. 4+BR units were the only type to record

to $1,975,000 and their average price down 14% to $2,205,559. 4+BR’s

9% 9%

2 19 AVERAGE PPSF 11 Q Q 20 019 AVERAGE PPSF

3-BR 3-BR

their average price up 18% to $10,530,141. Their average PPSF was also up

6% 6%

4+ BR 4+ BR

Condo prices showed precipitous declines year-over-year. The largest

significant increases, with their median price up 8% to $7,461,000 and

13% 13%

3-BR 3-BR

2-BR 2-BR

$1,766,250, their average price drop 11% to $2,068,411, and their average

32% 32%

2-BR 2-BR

3,901 square feet, making them 84% larger than the average 3BR unit.

declines were for 2BR units, which saw their median price fall 21% to

41% 41%

1-BR 1-BR

affordable unit type, averaged $1,098/SF and 507 square feet, with an 8% share.

8% 8%

STUDIO STUDIO

507 SF SF 507 SF 833 SF SF 833 SF SF 1,285 SF 1,285 SF SF 2,121 SF 2,121 SF SF 3,901 SF 3,901 SF

4+ BR 4+ BR

0 0

900 900

1,800 1,800

2,700 2,700

3,600 3,600

4,500 4,500

1 Q 2 0 1 9 T O TA L S A L E S B Y U N I T T Y P E

4+BR

STUDIO

108

139

6%

8%

1Q 2019 CONDO RECORDED SALES STUDIO

1-BR

2-BR

3-BR

4+BR

% UNITS

5%

39%

35%

15%

6%

AVERAGE DISCOUNT

8%

12%

10%

10%

11%

$1,032,500

$1,766,250

$3,580,000

$7,461,000

-6%

-21%

-12%

8%

$1,201,403

$2,068,411

$5,573,090

$10,530,141

-1%

-11%

10%

18%

$1,431

$1,557

$2,227

$2,862

-7%

-9%

5%

16%

839

1,308

2,283

3,434

7%

-3%

1%

1%

$607,500

MEDIAN PRICE

-11%

YOY

$859,508

AV E R AG E P R I C E

17%

YOY

$1,374

AV E R AG E P P S F

2-BR

587

3-BR

23613%

32%

-2%

YOY

489

AV E R AG E S F

-8%

YOY

1Q 2019 CO-OP RECORDED SALES STUDIO

1-BR

2-BR

3-BR

4+BR

% UNITS

9%

44%

32%

12%

3%

AV E R AG E D I S CO U N T

9%

6%

8%

12%

10%

$675,000

$1,300,000

$1,975,000

$3,700,000

-4%

-4%

-6%

16%

$782,876

$1,537,193

$2,205,559

$5,032,820

3%

5%

-14%

-2%

$1,010

$1,094

$1,155

$1,447

-6%

-0.1%

-3%

2%

-6%

519

821

1,248

1,703

2,972

3%

3%

-10%

-8%

MEDIAN PRICE

1-BR

751 41%

YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY AV E R AG E S F YOY

8

$450,000 2% $454,791 -2% $933

4%

4+ BR

0 0 0

900 900 900

1,800 1,800 1,800

2,700 2,700 2,700

3,600 3,600 3,600

3,901 SF

4,500 4,500 4,500

RECORDED SALES RECORDED RECORDED SALES SALES by

by PRICE PRICE POINT POINT RECORDED SALES by PRICE POINT

BY PR I CE PO I NT Sales priced between $1-3M totaled the greatest share of closing in Q1, with 38% of all deals. The $500K-1M bracket closely followed at 34%, while sales priced under $500K totaled 12%, the same percentage share of the past three Q1’s.

Discounts continued to climb in Q1, with each price bracket above $1M averaging double-digit percentage declines. The greatest negotiation power was for sales priced $20M and above, which averaged a 27% discount. Sales

11 Q Q 2 20 0 11 9 9 P PE ER RC CE EN NT TA AG GE E O OF F U UN N II T TS S 1 Q <500K 2 0 1 9 P E R C E N T A G E O 12% F UNITS

1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M 10M-20M 20M+ 20M+

1% 1% 1% 1% 20M+ 0%1% 0% 0%

priced between $10-20M had the next greatest discount rate, at 16% off the initial asking price, while sales discounts under $500K were the smallest, at 6%.

Condos noted minimal price declines in Q1, apart from sales $20M and above, which were largely buoyed by legacy contracts that closed. In that tranche, the median price increased 31% to $30,191,112 while the average price jumped 29% to $33,320,166. Their average PPSF surged 59% to $7,474, despite a size reduction of 31%. Units priced between $1-3M recorded the greatest dips, with their median price down 3% to $1,654,772 and their average price down 2% to $1,782,505.

Conversely, 20M+ co-op sales noted the greatest price adjustments.

Their median price tumbled 30% to $24,500,000 and their average fell 31% to $24,000,000. Co-ops priced between $3-5M fared the best, with their median price increasing 9% to $3,600,000 and their average price up an accompanying 4% to $3,704,149. Sales priced between $5-10M noted a similar trend, with their median price up 9% to $6,800,000 and their average price up 2% to $7,001,917.

12% 12%

<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M

9% 9% 9%

4% 4% 4% 8% 8% 8%

16% 16% 16%

24% 24% 24%

32% 32% 32%

$4,800 $4,800 $4,800

$6,400 $6,400 $6,400

38% 38% 38%

40% 40% 40%

11 Q 20 AV PP Q 2 0 11 9 9 A VE ER RA AG GE E P PS SF F 1 Q <500K 2 0 1 9 A V E R $865 AGE PPSF

$865 $865 $1,023 $1,023 $1,023 $1,444 $1,444 $1,444 $1,832 $1,832 $1,832$2,316 $2,316

<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M

1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M

10M-20M 20M+ 20M+ 20M+ $0

11 Q Q 1Q

$0 $0

$2,316 $3,114 $3,114 $3,114

$1,600 $1,600 $1,600

2 20 0 11 9 9 A AV VE ER RA AG GE E S S II Z ZE E 2 0 1 9 A V E R A G E S I 582 SF Z E <500K 582 SF SF 582778 778 778

<500K <500K 500K-1M 500K-1M 500K-1M 1M-3M 1M-3M

20M+ 0

$3,200 $3,200 $3,200

$6,906 $6,906 $6,906 $8,000 $8,000 $8,000

SF SF SF

1M-3M 3M-5M 3M-5M 3M-5M 5M-10M 5M-10M 5M-10M 10M-20M 10M-20M 10M-20M 20M+ 20M+

0 0

9

34% 34% 34%

1,000 1,000 1,000

1,299 1,299 1,299

SF SF

2,346 2,346 SF SF 2,346 SF

SF

2,000 2,000 2,000

3,000 3,000 3,000

3,286 3,286 SF SF 3,286 SF 4,000 4,000 4,000

4,394 SF 4,394 SF SF 4,394 4,618 4,618

SF SF

SF 4,618 5,000 5,000 5,000

1Q 2019 CONDO RECORDED SALES

HISTORICAL TRENDS IN RECORDED SALES

100% 100%

90%

0.2% 1% 0.2% 3% 1% 5% 3% 5%

0.1% 1% 0.1% 3% 1% 3% 6%

6%

0.2% 0.1% 1% 1% 3% 0.2% 0.1% 3% 1% 3% 5%

1% 3% 6%

5%

6%

1% 2% 1% 4%

2% 4% 7% 7%

90%

80% 80% 30% 30%

1% 1% 1% 5% 1% 5% 7% 7%

1%

1%

1% 2% 1%

2% 1%

0.4% 2% 0.4%

2% 6%

2% 6%

5% 2%

1% 4%

5%

4%

8%

9%

MEDIAN PRICE

8%

9%

YOY

6%

6%

9%

9%

9%

9%

29%

28% 28%

30%

70% 70%

33%

34% 34%

35% 35%

60% 60%

35% 35%

38% 38%

10M-20M

20+M

25%

48%

13%

7%

3%

2%

1%

AVERAGE DISCOUNT

15%

9%

12%

10%

13%

10%

23%

$414,555

$780,000 $1,654,772

$3,779,158

$6,650,000 $12,142,631

$30,191,112

3%

-2%

-3%

1%

2%

-3%

31%

$401,936

$776,260

$1,782,505

$3,805,848 $6,912,447

$12,918,665

$33,320,166

1%

-1%

-2%

-1%

1%

-0.5%

29%

$969

$1,148

$1,579

$2,021

$2,472

$3,267

$7,474

9%

-9%

-4%

-4%

-2%

-4%

59%

513

718

1,164

2,023

2,880

4,025

3,604

7%

9%

1%

6%

5%

3%

-31%

YOY

37% 37%

5M-10M

3%

AVERAGE PPSF

33%

3M-5M

% UNITS

YOY

30%

500K-1M 1M-3M

1%

AVERAGE PRICE

29%

<500K

AVERAGE SF YOY

50% 50% 40% 40%

1Q 2019 CO-OP RECORDED SALES 38% 38%

39% 39%

37% 37%

37% 37% 35% 35%

30% 30%

35% 35%

33% 33%

35% 35%

35% 35%

34% 34%

<500K

500K-1M 1M-3M

3M-5M

5M-10M

10M-20M

20+M

% UNITS

19%

42%

31%

5%

2%

0.1%

0.3%

AVERAGE DISCOUNT

6%

6%

10%

11%

4%

8%

32%

MEDIAN PRICE YOY AVERAGE PRICE

20% 20%

10% 10%

0% 0%

10

YOY

23% 23%

23% 23%

25% 25%

AVERAGE PPSF

23% 23%

19% 19%

17% 17%

YOY

13% 13%

12% 12%

12% 12%

12% 12%

1Q16 1Q16

1Q17 1Q17

1Q18 1Q18

1Q19 1Q19

AVERAGE SF YOY

1Q10 1Q10 <500K <500K

1Q11 1Q11

1Q12 1Q12

500K-1M 500K-1M

1Q13 1Q13 1M-3M 1M-3M

1Q14 1Q14

1Q15 1Q15

3M-5M 3M-5M

5M-10M 5M-10M

10M-20M 10M-20M

20M+ 20M+

$400,000 $705,000 $1,585,000

$3,600,000 $6,800,000 $11,000,000

$24,500,000

0%

-1%

2%

9%

9%

-14%

-30%

$393,311

$722,396

$1,669,261

$3,704,149

$7,001,917

$11,000,000

$24,000,000

-2%

-1%

-0.3%

4%

2%

-21%

-31%

$838

$912

$1,223

$1,511

$2,431

–

–

1%

-6%

2%

-5%

36%

–

–

597

823

1,429

2,545

3,260

–

–

3%

5%

4%

11%

-22%

–

–

1,299 1,299

1M-3M 1M-3M 3M-5M 3M-5M

RECORDED SALES

SF SF

2,346 SF 2,346 SF SF 3,286 SF

5M-10M 5M-10M 10M-20M 10M-20M 20M+ 20M+

SF 4,394 SF 4,618 4,618

0

1,000

2,000

3,000

4,000

SF SF

5,000

RECORDED SALES by SUBMARKET S U B MAR KET Downtown captured the greatest share of closings of any submarket, at 30%, with an average PPSF of $1,699 and an average size of 1,568 square feet. The average discount in that market was 8%, even with last quarter.

The Upper East Side followed, taking 21% of all deals, with averages of $1,247/SF and 1,406 square feet. There, the average discount was slightly higher, at 9%, also even with Q4.

FiDi/BPC recorded 4% of all sales, as did Midtown West. In FiDi/BPC, the average PPSF was $1,175 and the average size was 1,040 square feet. FiDi/ BPC recorded the steepest discounts of any area, averaging 15%, up from 10% in Q4. Units in Midtown West had averages of $1,330/PPSF and 929 square feet. They recorded a 10% discount, up from 7% last quarter.

Amongst condo sales, Upper East Side units saw the greatest price drops.

There, the median price plunged 7% to $1,612,000 and the average price fell 5% to $2,300,811. Midtown East saw the greatest average price increase, due to sales along Billionaireâ&#x20AC;&#x2122;s row, up 32% to $3,719,557. These units also had the highest average PPSF, increasing 28% to $2,141. Condos in FiDi/BPC, while recording a median price increase of 4% to $1,250,000, recorded the largest discounts of any market or property type, at 16%.

Co-op units noted mixed price changes in the first quarter. On the Upper East Side, the median price was up 2% to $945,000, but the average slipped 0.5% to $1,779,966. The Upper West Side performed similarly, with its median price up 11% to $962,500, but its average price plunging 19% to $1,293,786.

The Downtown market was more positive, with its median price up 0.4% to $910,000 and its average price up 4% to $1,354,454.

11

1Q 2019 PERCENTAGE OF UNITS 10% 10%

UPPER MANHATTAN MANHATTAN UPPER UPPER UPPER EAST EAST SIDE SIDE

21% 21% 16% 16% 16% 16%

UPPER UPPER WEST WEST SIDE SIDE MIDTOWN EAST EAST MIDTOWN MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN

4% 4%

FIDI/BPC FIDI/BPC

4% 4%

30% 30%

0%

7%

14%

11 Q Q 2 20 0 11 9 9 A AV VE ER RA AG GE E P PP PS SF F

21%

28%

35%

$850 $850

UPPER UPPER MANHATTAN MANHATTAN UPPER EAST EAST SIDE SIDE UPPER

$1,247 $1,368

UPPER WEST WEST SIDE SIDE UPPER MIDTOWN EAST EAST MIDTOWN

$1,713 $1,330 $1,330

MIDTOWN MIDTOWN WEST WEST DOWNTOWN DOWNTOWN

$1,699 $1,699

$1,175 $1,175

FIDI/BPC FIDI/BPC

$0 $0

$400 $400

$800 $800

$1,200 $1,200

$1,600 $1,600

$2,000 $2,000

1Q 2 2019 A AVERAGE S SIZE 1,291 SF 1,291 SF 1,406 1,406

UPPER MANHATTAN MANHATTAN UPPER UPPER EAST EAST SIDE SIDE UPPER

SF SF

SF 1,323 SF SF 1,227 SF

UPPER UPPER WEST WEST SIDE SIDE MIDTOWN MIDTOWN EAST EAST

929

MIDTOWN WEST WEST MIDTOWN DOWNTOWN DOWNTOWN

SF SF

1,568 SF 1,568 SF SF 1,040 SF

FIDI/BPC FIDI/BPC

0

500

1,000

1,500

2,000

NUMBER OF RECORDED SALES

U PPE R M A N H AT TA N

191 UNITS: 10%

1Q 2019 CONDO RECORDED SALES UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

% UNITS

10%

13%

13%

17%

6%

34%

7%

AVERAGE DISCOUNT

8%

9%

8%

14%

10%

10%

16%

$1,445,000

$1,170,000

$2,462,823

$1,250,000

3%

-2%

5%

4%

$3,719,557

$1,541,851

$3,596,911

$1,477,499

32%

-2%

-0.3%

0%

$2,141

$1,430

$1,961

$1,209

28%

-11%

-4%

-12%

1,226

947

1,718

1,004

-3%

3%

8%

3%

MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F

U PPE R W EST S I D E

297 UNITS: 16%

YOY AV E R AG E S F YOY

$765,000 3% $892,783 -0.2% $952 -1% 1,034 2%

$1,612,000 -7% $2,300,811 -5% $1,457 -8% 1,304 0.2%

$1,588,888 10% $2,567,407 3% $1,577 -12% 1,281 -8%

U PPE R E AST S I D E

375 UNITS: 21%

1Q 2019 CO-OP RECORDED SALES UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

% UNITS

10%

26%

20%

15%

2%

27%

1%

AVERAGE DISCOUNT

5%

9%

7%

8%

11%

7%

11%

$675,000

$550,000

$910,000

$850,000

-7%

-9%

0.4%

14%

$907,683

$625,465

$1,354,454

$878,773

-3%

-14%

4%

8%

$971

$992

$1,250

$836

3%

-11%

-2%

-14%

1,095

861

1,079

1,403

13%

-20%

-2%

10%

M I DTOW N W EST

64 UNITS: 4% M I DTOW N E AST

285 UNITS: 16%

MEDIAN PRICE YOY

D OW NTOW N

542 UNITS: 30%

AV E R AG E P R I C E YOY AV E R AG E P P S F YOY

FI D I / B P C

67 UNITS: 4%

12

AV E R AG E S F YOY

$545,500 -6% $678,029 9% $777 5% 898 -8%

$945,000 2% $1,779,966 -0.5% $1,010 -6% 1,174 -6%

$962,500 11% $1,293,786 -19% $1,130 -5% 1,200 18%

PRICE PER SQUARE FOOT

13

PRICE TRENDS

$2,062,470

$1,135,000

$1,700

$2,500,000

$1,989,600 $1,600

$2,250,000

$1,100,000

$2,000,000

$1,500

$1,750,000 $1,400 $1,500,000 $1,300

$1,288

$1,250,000

Average Price Per Square Foot Since 1Q10

$1,200 $1,000,000 $1,100 $750,000

$1,000

$500,000

$900 $1,438

$1,460

$1,403

$1,479

$1,482

$1,500

$1,538

$1,566

$1,585

$1,531

$1,513

$1,511

$1,524

$1,515

$1,435

$1,380

$1,372

$1,359

$1,303

$1,279

$1,282

$1,241

$1,176

$1,144

$1,131

$1,108

$1,087

$977

$1,050

$1,071

$1,060

$1,041

$1,042

$1,081

$1,056

$1,033

$1,055

$250,000

$800 2010

Average PPSF

14

2011

2012

Median Price

2013

Average Price

2014

2015

2016

2017

2018

20 19

$0

CONTRACTS SIGNED

BY U N IT T YPE There were 2,465 contracts signed in the first quarter, an increase of 7% from one year ago. Properties spent an average of 161 days on the market, the longest amount of time during a first quarter since the bottom of the market in 2012, when they averaged 191 days.

14% of all properties entered contract in the first 29 days, including 12% of

CONTRACTS SIGNED BY UNIT TYPE 1Q 2019 PERCENTAGE OF UNITS

CONTRACTS SIGNED BY UNIT TYPE 1 QSTUDIO 2 0 1 9 P E R C E N T A G E O11% F UNITS

38%

1 QSTUDIO 21-BR 0 1 9 P E R C E N T A G E O11% F UNITS 2-BR 1-BR STUDIO

29%

38%

15%

29%

38%

29%

11%

3-BR 2-BR 1-BR

condos and 15% of co-ops. 34% of all homes took 180 days or longer to get

4+ BR 3-BR 2-BR

7%

15%

signed, representing 39% of condos and 30% of co-ops.

4+ BR0% 3-BR

8% 7%

16% 15%

24%

32%

40%

24%

32%

40%

24%

32%

40%

1BR units totaled 38% of contracts signed in Q1. 2BR units followed at 29%,

0%A V E R A G E8% 7%P P S F 1 Q 4+ 2 0BR 19

16%

while 3BR units made up 15%. Studios took 11% and moved the fastest, with

0%A V E R A G E8%P P S F 1 QSTUDIO 2019

16%

30% signed in the first 59 days. Conversely, 4+BR units, with 7% of the

1 QSTUDIO 21-BR 019 AVERAGE PPSF

market, saw 41% take 180 days or longer to get signed.

Condos prices were lower across all bedroom types. The greatest median price decline was for 4+BR units, where it fell 18% to $6,500,000. Their average price also dropped 7% to $9,508,319. 2BR units witnessed similar

$1,124$1,271 $1,124$1,271$1,447

3-BR 2-BR 1-BR

$1,271$1,447

$1,797

4+ BR 3-BR 2-BR

$1,447

$1,797

4+ BR$0 3-BR

$500

$0 $500 1 Q 4+ 2 0BR 19 AVERAGE SIZE

average price dipping 8% to $2,140,386. The greatest PPSF decline was for

1 QSTUDIO 2 0 1 9 A V E R A 666 G E SFS I Z E

studios, where it fell 9% to $1,341/SF.

810 SF SF 1 QSTUDIO 21-BR 0 1 9 A V E R A 666 GE SIZE

pronounced than condos. The greatest drops were for 3BR units, where the

$1,124

2-BR 1-BR STUDIO

declines, with their median price tumbling 16% to $1,850,000 and their

Co-op units also recorded price declines, although theirs were less

15

CONTRACTS SIGNED BY UNIT TYPE

$0

$500

$2,096

$1,000

$1,500

$2,000 $2,096 $2,500 $1,797

$1,000

$1,500

$2,000 $2,096 $2,500

$1,000

$1,500

$2,000

$2,500

810 SF SF 1,300 SF 666

2-BR 1-BR STUDIO 3-BR 2-BR 1-BR

810

SF

1,300 SF

2,098 SF

1,300 SF

2,098 SF

3,814 SF

median price fell 4% to $2,295,000 and the average price toppled 14% to

4+ BR 3-BR 2-BR

$2,540,238. Larger, 4+BR units saw their median price rise 1% to $4,850,000

4+ BR 0 3-BR

1,000

2,0002,098 SF

3,000

4,000 3,814 SF

5,000

and their average drop 2% to $5,840,753.

4+ BR 0

1,000

2,000

3,000

4,000 3,814 SF

5,000

0

1,000

2,000

3,000

4,000

5,000

CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT

P E R C E N TA G E O F M A R K E T

1Q 2019 CONDO CONTR ACTS SIGNED 4 + B E D RO O M

176 UNITS: 7% % UNITS MEDIAN PRICE

3 B E D RO O M

YOY

363 UNITS: 15%

AV E R AG E P R I C E YOY AV E R AG E P P S F YOY AV E R AG E S F YOY

2 B E D RO O M

718 UNITS: 29%

MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY

ST U D I O

279 UNITS: 11%

16

2-BR

3-BR

4+BR

6%

36%

34%

17%

8%

$989,000

$1,850,000

$3,884,000

$6,500,000

-14%

-16%

-8%

-18%

$1,133,037

$2,140,386

$4,741,582

$9,508,319

-9%

-8%

-7%

-7%

$1,472

$1,639

$2,068

$2,534

-8%

-7%

-6%

-4%

790

1,307

2,153

3,534

0.5%

1%

-3%

-0.5%

$648,000 -11% $770,367 -1% $1,341 -9% 537 1%

1Q 2019 CO - OP CONTR ACTS SIGNED

% UNITS

929 UNITS: 38%

1-BR

2,465 TOTAL CONTR ACTS SIGNED

1 B E D RO O M

STUDIO

AV E R AG E S F YOY

STUDIO

1-BR

2-BR

3-BR

4+BR

16%

39%

27%

14%

4%

$1,249,500

$2,295,000

$4,850,000

-7%

-4%

1%

$1,419,636

$2,540,238

$5,840,753

-7%

-14%

-2%

$1,049

$1,308

$1,373

-6%

-4%

-25%

1,269

1,971

2,835

4%

-2%

-12%

$449,000 -3% $469,935 -2% $915 -10% 511 5%

$717,498 0.3% $781,468 -1% $978 -6% 834 6%

$0

$500

1 Q 2 0 1 9$0 A V E R A G $500 E SIZE

$1,000

$1,500

$2,000

$2,500

$1,000

$1,500

$2,000

$2,500

1 QSTUDIO 2 0 1 9 A V E R A 666 G E SFS I Z E 1 QSTUDIO 2 0 1 9 A V E R A 666 G E SFS I Z E

CONTRACTS SIGNED

BY PR I CE PO I NT Properties priced between $1-3M saw the most activity in the fourth quarter, representing 38% of all deals. Units priced between $500K-1M followed, with 35% of all contracts. Units priced under $500K took 12%, while the remaining brackets all captured single-digit shares.

Properties priced under $500K logged the most contracts in the first 59 days, with 31%. Units between $500K-1M and $1-3M both saw 28% go to contract within the same period. The slowest moving units were those priced $10M and above, where 52% took 180 days or longer to get signed.

Condos priced between $5-10M showed the greatest price depreciation. In this category, both the median and average prices declined 4%, to $6,500,000 and $6,718,753, respectively. The $10-20M tranche was the only bracket to record increases for both its median and average prices. There, the median increased 3% to $13,182,500 and the average was up 2% to $13,352,778.

Co-ops displayed a similar pattern to condos. In the $5-10M tranche, the median price dropped 12% to $5,825,000 and the average price was down 15% to $6,015,893. However, properties signed between $10-20M recorded the greatest declines, with their median price down 20% to $12,000,000 and their average price down 9% to $12,713,571.

The $20M+ bracket saw its median and average prices increase 5% to $21,000,000.

17

810 SF 666 SF 810 SF 1,300 SF 810 SF 1,300 SF

1-BR STUDIO 1-BR 2-BR

1-BR 2-BR 3-BR 2-BR 3-BR 4+ BR 3-BR 4+ BR 0

2,098 SF

1,300 SF

2,098 SF

1,000

2,098 SF 2,000

4+ BR 0

1,000

2,000

0

1,000

2,000

3,814 SF 5,000

3,000

3,814 SF 4,000 3,814 SF 4,000

3,000

4,000

5,000

3,000

5,000

CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT CONTRACTS SIGNED BY PRICE POINT 1Q 2019 PERCENTAGE OF UNITS

5

12% 1 Q <500K 2019 PERCENTAGE O F UNITS 500K-1M 1 Q <500K 2019 PERCENTAGE O F UNITS 12% 1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

35%

12% 8% 5%

8%

2%

5%

8%

0.8% 2% 0% 2% 0.8% 20M+ 10M-20M

5%

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M

20M+ 0%0.8%

35%

38%

35%

38% 38%

9%

18%

27%

36%

45%

9%

18%

27%

36%

45%

18%

27%

36%

45%

1 Q 2 0 1 9 0% A V E R A G E9%P P S F 1 Q <500K 2 0 1 9 A V E R A G E$823 PPSF 500K-1M 1 Q <500K 2 0 1 9 A V E R A G E$823 P $1,054 PSF

1

$823$1,054 $1,444

1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

$1,054 $1,444 $1,958 $1,444 $1,958$2,328

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M

$1,958$2,328

20M+ 10M-20M 5M-10M 20M+ $0 10M-20M

$1,000

$2,000

20M+ $0

$1,000

$2,000

$0

$1,000

$2,000

1Q 2019 AVERAGE SIZE 621 1 Q <500K 2019 AVER A SF GE SIZE 769 SF S I Z E 500K-1M 1Q 2019 AVER A GE 621 SF <500K 1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

621769 SF 769

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M

$3,001

$3,001 $2,328 $3,000 $3,001

$4,493 $4,000

$5,000 $4,493

$3,000

$4,000

$4,493 $5,000

$3,000

$4,000

$5,000

SF 1,323 SF SF 1,323 SF

1,323 SF

15 5 5 1 5 31 5 19 3 8 3 19 8 19 8

2,127 SF 2,127 SF

3,113 SF

2,127 SF

3,113 SF

4,730 SF

3,113 SF

4,730 SF

6,428 SF

20M+ 0 10M-20M

1,400

2,800

4,200

5,600 4,730 SF

7,000 6,428 SF

20M+ 0

1,400

2,800

4,200

5,600

6,428 SF 7,000

0

1,400

2,800

4,200

5,600

7,000

19 3 19 3 9 3

1Q 2019 CONDO CONTR ACTS SIGNED

2,465

% UNITS MEDIAN PRICE

TOTAL UNITS

YOY AV E R AG E P R I C E YOY

5M-10M

10M-20M

129 UNITS 5%

37 UNITS 2% <500K

3M-5M

291 UNITS 12%

191 UNITS 8% 1Q 2019 CONTRACTS SIGNED

BY PRICE POINT

AV E R AG E P P S F YOY AV E R AG E S F YOY

20 UNITS 1%

% UNITS MEDIAN PRICE

AV E R AG E P R I C E

18

3M-5M

5M-10M

10M-20M

20+M

2%

27%

47%

12%

9%

2%

1%

$3,937,500

$6,500,000

$13,182,500

$27,950,000

$459,000

$799,000

$1,632,500

-3%

0%

-3%

-2%

-4%

3%

1%

$440,674

$795,485

$1,774,039

$3,902,283

$6,718,753

$13,352,778

$29,867,500

-1%

-0.4%

-2%

-2%

-4%

2%

-8%

$1,007

$1,191

$1,572

$2,104

$2,485

$3,451

$5,638

8%

-4%

-8%

-4%

-1%

2%

-14%

651

694

1,170

1,926

2,824

4,066

5,689

10%

3%

7%

1%

-1%

-0.2%

10%

1Q 2019 CO - OP CONTR ACTS SIGNED

YOY

OF CONTR ACTS SIGNED WERE ABOVE $3M

1M-3M

863 UNITS 35%

20M+

15%

500K-1M

500K-1M

1M-3M 934 UNITS 38%

<500K

YOY AV E R AG E P P S F YOY AV E R AG E S F YOY

<500K

500K-1M

1M-3M

3M-5M

5M-10M

10M-20M

20+M

19%

41%

32%

5%

2%

1%

0.1%

$3,770,000

$5,825,000

$12,000,000

$21,000,000

$410,000

$719,998

$1,650,000

3%

-1%

3%

-5%

-12%

-20%

5%

$408,672

$729,162

$1,745,377

$3,851,937

$6,015,893

$12,713,571

$21,000,000

0.3%

-1%

-0.4%

-2%

-15%

-9%

5%

$801

$913

$1,194

$1,618

$1,727

$2,771

-5%

-7%

-5%

-2%

-13%

-21%

612

836

1,519

2,414

3,743

4,060

10%

6%

7%

-5%

1%

-16%

_ _ _ _

$0

$1,000

$2,000

621 1 Q <500K 2019 AVER A SF GE SIZE

$3,000

$4,000

$5,000

769 SF 500K-1M 621 SF <500K 1Q 2019 AVER A GE SIZE

CONTRACTS SIGNED S U B MAR KET Downtown captured the greatest share of contracts, with 27%. This was the most expensive market, with an average PPSF of $1,775. These properties also moved the fastest, with 31% signed in the first 59 days.

The FiDi/BPC market captured 3% of all contracts, with an average PPSF of $1,324 and an average size of 1,183 square feet. This was the slowest moving market, with 40% of contracts taking 180 days or longer to get signed. Midtown West also captured 3% of contracts, with an average PPSF of $1,401 and an average size of 1,008 square feet. 32% of all deals there took 180 days or longer to enter contract.

Upper West Side condos saw the greatest price declines of any market.

There, the median price plunged 18% to $1,895,000 and the average price fell 21% to $3,036,513. This market also logged the greatest PPSF decline, falling 9% to $1,856. FiDi/BPC showed the greatest improvements, with its median price up 14% to $1,250,000 and its average up 16% to $1,645,159.

621769 SF 769

SF 1,323 SF SF 1,323 SF

2,127 SF

1,323 SF

2,127 SF

3,113 SF

2,127 SF

3,113 SF

5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M

4,730 SF

6,428 SF

1,400

2,800

4,200

5,600 4,730 SF

6,428 SF 7,000

20M+ 0

1,400

2,800

4,200

5,600

6,428 SF 7,000

0

1,400

2,800

4,200

5,600

7,000

3,113 SF

SIGNED CONTRACTS by SUBMARKET SIGNED CONTRACTS by SUBMARKET 1Q 2019 PERCENTAGE OF UNITS SIGNED CONTRACTS by SUBMARKET 1 Q 2UPPER 0 1 9 MANHATTAN PERCENTAGE OF UNITS

11%

1 Q 2UPPER 0 1UPPER 9 MANHATTAN P E EAST R C ESIDE NTAGE OF UNITS

11%

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC0% DOWNTOWN FIDI/BPC0%

Size was a factor here, up an average of 20%.

21%

17%

21%

17%

3% 3% 3% 3% 6%

17% 12%

18%

24%

27%30%

3% 6%

12%

18%

24%

30%

12%

18%

24%

30%

6%

27% 27%

$946

$1,362

UPPER EAST SIDE

$946

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER UPPERWEST EAST SIDE SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC$0 DOWNTOWN

$946

$400

$800

$1,401 $1,422 $1,324 $1,401 $1,200 $1,324 $1,600

FIDI/BPC$0

$400

$800

$1,200 $1,324 $1,600

$0

$400

$800

$1,200 1,119 SF

1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE PPSF

1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

while the average price increased 11% to $1,396,933.

17%

3%

1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE PPSF

Upper East Side co-ops witnessed the greatest declines of any market.

highest of any market. Downtown, the median price was up 9% to $900,000

21%

11%

1 Q 2 0 1 9 A V E R A G E0%P P S F

1Q 2019 AVERAGE SIZE

fell 16% to $1,682,007. Still, the Upper East Side average price was the

4,730 SF

20M+ 0 10M-20M

These increases can be largely attributed to new development contracts.

There, the median price dropped 24% to $975,000 and the average price

19

1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M

1 Q 2UPPER 0 1UPPER 9 MANHATTAN A VEAST E R ASIDE GE SIZE

$1,362 $1,554 $1,422 $1,362 $1,554 $1,401 $1,422 $1,554

$1,600

$1,775 $1,775 $2,000 $1,775 $2,000 $2,000

1,500 SF

1,119 SF

SF SF 1,500 1,119 SF 1,405 1,303 SF SF 1,405 1,500 SF 1,008 SF 1,303 SF 1,405 SF

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC 0 DOWNTOWN

400

800

1,183 1,200

SF

1,600

1,740 2,000 SF

FIDI/BPC 0

400

800

1,183 1,200

SF

1,600

2,000

0

400

800

1,200

1,600

2,000

1,008 SF 1,303 SF SF 1,008 1,183 SF

1,740

SF

1,740

SF

NUMBER OF UNITS SIGNED

U PPE R M A N H AT TA N

276 UNITS: 11%

1Q 2019 CONDO CONTR ACTS SIGNED

% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY

U PPE R W EST S I D E

AV E R AG E S F

411 UNITS: 17%

YOY

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

14%

15%

13%

16%

4%

30%

7%

$1,399,000

$1,162,500

$2,475,000

$1,250,000

-6%

-7%

9%

14%

$2,826,803

$1,635,074

$3,655,840

$1,645,159

-8%

9%

8%

16%

$1,799

$1,650

$1,987

$1,357

-6%

-1%

-4%

-0.2%

1,335

974

1,709

1,164

1%

7%

11%

15%

$825,000

$1,650,000

3%

-8%

$924,481

$2,718,048

-0.2%

-16%

$1,063

$1,640

5%

-5%

872

1,481

-5%

-5%

$1,895,000 -18% $3,036,513 -21% $1,856 -9% 1,478 -14%

U PPE R E AST S I D E

1Q 2019 CO - OP CONTR ACTS SIGNED

526 UNITS: 21%

M I DTOW N W EST

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

9%

26%

20%

18%

3%

24%

1%

$717,500

$599,500

$900,000

$975,000

3%

9%

9%

2%

$915,602

$760,420

$1,396,933

$1,061,714

-16%

9%

11%

5%

$948

$915

$1,255

$989

-7%

-13%

2%

-10%

1,082

919

1,328

1,173

-2%

12%

20%

-9%

85 UNITS: 3% M I DTOW N E AST

419 UNITS: 17%

% UNITS MEDIAN PRICE YOY

D OW NTOW N

AV E R AG E P R I C E YOY

664 UNITS: 27%

AV E R AG E P P S F YOY

FI D I / B P C

84 UNITS: 3%

20

AV E R AG E S F YOY

$524,950 1% $684,971 8% $702 -1% 977 7%

$975,000 -24% $1,682,007 -16% $1,011 -20% 1,283 -17%

$1,095,000 -7% $1,570,672 -3% $1,157 -6% 1,162 1%

TIME ON THE MARKET

21

TYPE

OVERALL

14%

14%

CONDO

9%

12%

CO-OP

9% 10%

34%

19%

11%

17%

15%

10%

39%

19%

10%

30%

19%

10%

BEDROOMS

0

STUDIO

14%

1-BR

14%

2-BR

4+BR

PRICE BRACKET

500K 500K-1M 1M-3M 3M-5M 5M-10M

12%

9%

5%

11%

10% 13%

9%

14%

7%

UPPER MANHATTAN

12%

15%

UPPER WEST SIDE MIDTOWN EAST MIDTOWN WEST DOWNTOWN FIDI/BPC

0%

13%

15%

8%

43% 52%

19%

9% 10% 6%

36%

10%

38%

10% 13%

32%

13%

11%

34%

19% 13%

40%

30-59 DAYS

28%

19% 20%

14% 6%

31%

18% 14%

20%

0-29 DAYS 22

9%

15%

42%

16%

17%

16%

35%

17%

13%

13%

19%

20%

5%

15%

29%

21%

8%

11%

37% 21%

10%

11%

14%

14% 12%

5%

11%

11%

10%

4%

34% 41%

8%

9% 6%

35%

23%

11%

13%

15%

18% 18%

12%

15%

14%

34%

11%

10%

19%

12%

20%

11%

9%

30%

15%

9%

10% 12%

16%

12%

9%

14%

10M+

UPPER EAST SIDE SUBMARKET

14%

12%

3-BR

13%

16%

40%

60%

60-89 DAYS

80%

90-119 DAYS

120-179 DAYS

100%

180+ DAYS

TOTAL INVENTORY

BY U N IT T YPE There were 7,310 units listed on the market at the end of the first quarter, an 11% increase from this time last year. 1BR units captured the largest market share, with 32% of all listings. These units had an average PPSF of $1,443 and an average size of 818 square feet. 2BR units, with a 30% share, had averages of $1,773/SF and 1,394 square feet.

Studios totaled 11% of the market and were the most affordable with an average PPSF of $1,340 and an average size of 555 square feet. 4+BR units captured an equal share, 11%, and were the most expensive and largest. These units averaged $2,499/SF and 4,295 square feet.

Condo median and average inventory prices were lower for studio - 3BR units. 1BRs recorded the greatest price drops, with their median price falling 8% to $1,198,000 and their average shrinking 11% to $1,361,824. 3BR units saw their median price fall 9% to $4,497,500 and their average decline 3% to $6,011,269. Larger, 4+BR units fared the best, with their

11%

STUDIO

1 Q STUDIO 2 0 1 9 P E R C E N T A G E O 11% F UNITS 11%

30%

1-BR 2-BR 3-BR 2-BR 3-BR 4+ BR 3-BR 4+ BR0% 4+ BR 0%

16% 16%

11%

8%

11%

8%

24%

16%

1Q 2019 AVERAGE PPSF 8% 0% 1 QSTUDIO 2019 AVERAGE PPSF

24%

16%

24%

32%

40%

32%

40%

32%

40%

$1,340

1 Q STUDIO 2 01-BR 19 AVERAGE PPSF

$1,340 $1,443 $1,340 $1,443

STUDIO 1-BR 2-BR

$1,443

1-BR 2-BR 3-BR

$1,773 $1,773 $1,773

2-BR 3-BR 4+ BR

$2,274 $2,274$2,499

3-BR 4+ BR $0

$600

$1,200

$1,800

$2,274 $2,400 $2,499

$3,000

4+ BR $0

$600

$1,200

$1,800

$2,400$2,499

$3,000

of 1% to $12,919,395. They were also the only bedroom type with a PPSF

1 QSTUDIO 2019 AVERA GE 555 SF S I Z E

$0

$600

$1,200

$1,800

$2,400

$3,000

1 Q STUDIO 2 0 1 9 A V E R A555 G ESF818 S I SF ZE 1-BR

STUDIO 1-BR 2-BR

555

SF 818 SF

818

1,394

SF

1,394

SF

the largest declines, with their median price down 13% to $2,599,000 and

1-BR 2-BR 3-BR

their average price down 16% to $3,280,884. Larger units also saw

2-BR 3-BR 4+ BR

decreases, with 4+BRs noting a median price falloff of 8% to $5,250,000

3-BR 4+ BR 0

1,000

2,000

and an average price drop of 12% to $7,523,614. 2BR units managed the

4+ BR 0

1,000

2,000

only average price increase, up 3% to $1,942,389.

30%

16%

11%

32%

30%32%

16%

1Q 2019 AVERAGE SIZE

Co-op prices were lower from this time last year. 3BR units experienced

32%

1-BR

STUDIO 1-BR 2-BR

median price increasing 4% to $9,500,000, despite an average price dip increase, up 4% to $3,098/SF.

23

TOTAL INVENTORY by UNIT TYPE TOTAL INVENTORY by UNIT TYPE 1Q 2019 PERCENTAGE OF UNITS TOTAL INVENTORY by UNIT TYPE 1Q 2019 PERCENTAGE OF UNITS

0

SF

1,394

1,000

2,244 SF 2,244 SF

SF

2,000

2,244 SF

3,000

4,000

3,000

4,000

3,000

4,000

4,295

SF

4,295

SF

4,295

SF

5,000 5,000

5,000

1Q 2019 CONDO INVENTORY

4+BR 11% 3-BR 16%

40%

STUDIO 11%

% UNITS MEDIAN PRICE

3-BR 16%

1Q 2019 TOTAL 2-BR INVENTORY 30%

40%

3-BR

4+BR

9%

30%

32%

20%

10%

$2,495,000

$4,497,500

$9,500,000

-8%

-0.2%

-9%

4%

$1,361,824

$2,862,797

$6,011,269

$12,919,395

-11%

-3%

-3%

-1%

$1,648

$1,968

$2,453

$3,098

-7%

-2%

-2%

4%

570

824

1,416

2,245

3,851

-0.3%

-3%

-1%

-4%

-5%

$835,812

YOY

-8%

AV E R AG E P P S F

$1,525

YOY

1-BR 32%

2-BR

-5%

AV E R AG E P R I C E

1-BR 32%

1-BR

$739,000

YOY

4+BR STUDIO 11% 1Q 2019 11% TOTAL INVENTORY

STUDIO

-6%

AV E R AG E S F YOY

$1,198,000

2-BR 30%

$3,000

4+BR 9% 3-BR 16%

3,000

4+BR STUDIO 9%1Q 2019 12% NEWLY LISTED INVENTORY

3-BR 16%

F

2-BR 29%

5,000

STUDIO 12%

1Q 2019 NEWLY LISTED INVENTORY

1Q 2019 CO- OP INVENTORY

% UNITS MEDIAN PRICE

24

1% 2%

1% 2%

1%

AV E R AG E P P S F

2%

5%

5%

5%

3% 7%

5%

3%

6%

3%

2%

2%

2%

6%

5%

5%

4% 9%

36%

31%

13%

5%

$1,495,000

$2,599,000

$5,250,000

-2%

-13%

-8%

$1,942,389

$3,280,884

$7,523,614

3%

-16%

-12%

$1,237

$1,512

$1,725

-3%

-8%

-2%

1,320

1,995

3,267

-2%

-7%

-11%

$740,000 0% $817,341 -4% $1,045

-1%

AV E R AG E S F

2%

15%

$1,040

YOY

1%

4+BR

-4%

-3%

532

787

-1%

YOY

100%

3-BR

$518,992

YOY

2-BR 29%

5,000

2-BR

-2%

AV E R AG E P R I C E

1-BR 34%

1-BR

$475,000

YOY

1-BR 34%

STUDIO

0.1%

Historical Inventory

100%

1%

1%

2%

1%

Historical 2% 3% Inventory 3% 5%

4%

2% 6%

4%

6%

6%

9%

10%

10%

1Q 2019 AVERAGE SIZE

TOTAL INVENTORY

BY PR I CE PO I NT

1-BR STUDIO 2-BR

555 SF818

SF

2-BR 1-BR 3-BR

818

SF

3-BR 2-BR 4+ BR

1,394

SF

1,394

SF

1,394

SF

2,244 SF

Units priced above $20M had an average PPSF of $5,097 and an average size of 5,940 square feet, making them 52% more expensive and 31% larger than units priced between $10-20M. Condo inventory saw price declines across all tranches, except between $5-10M and $10-20M. For listings priced from $5-10M, the median price increased 2% to $6,700,000 and the average price grew 1% to $6,980,672. For those between $10-20M, the median price swelled 3% to $13,250,000 and the average price was up 1% to $13,924,483. $20M+ listings had the greatest price drops, with both the median and average down 4%.

Co-ops recorded median and average price declines for every tranche $1M and above. Units priced under $500K recorded the only real increases, with the median price up 5% to $419,000 and the average price up 2% to $408,980.

Properties priced between $500K-1M remained flat, with the median at $720,000 and the average up 0.1% to $734,149. The greatest losses were for units priced between $10-20M, where the median price dropped 9% and the average price fell 10%.

SF 5,000

2,000

2,244 SF 3,000

4,000

0

1,000

2,000

3,000

4,000

4,295

0

1,000

2,000

3,000

4,000

4+ BR

5,000

TOTAL INVENTORY by PRICE POINT TOTAL INVENTORY by PRICE POINT 1 Q <500K 2 0 1 9 P E R C E N T A8% GE OF UNITS

average PPSF of $845, but were the smallest, averaging 604 square feet.

SF 5,000

1,000

category. The $500K-1M range followed with 28%, its highest Q1 level since

Overall, properties priced under $500K offered the best value, with an

SF

4,295

1Q 2019 PERCENTAGE OF UNITS

their lowest levels since 2013.

4,295

4+ BR 0 3-BR

Overall, 38% of active inventory was priced between $1-3M, the most of any 2013. The $5-10M and $10-20M brackets captured 9% and 4%, respectively,

2,244 SF

100%

TOTAL INVENTORY by PRICE POINT 500K-1M 8% <500K 1 Q 1M-3M 2019 PERCENTAGE OF UNITS 500K-1M 8% <500K 12% 3M-5M 1M-3M 500K-1M 9% 5M-10M 12% 3M-5M 1M-3M 4% 10M-20M 9% 5M-10M 12% 3M-5M 2% 4% 20M+ 10M-20M 9% 5M-10M 0% 8% 16% 2% 20M+ 4% 10M-20M 0% 8% 16% 2% 20M+

100% 28%

100% 38%

28%

38%

28%

38%

80%

8% $845 1 Q 2500K 019 AVERAG E PPSF 500K-1M $845$1,134 500K

16%

32%

40%

24%

32%

40%

24%

32%

40%

SF $1,200 1 Q <500K 2 0 1 9$0A V E 604 RAG E SIZE 729 500K-1M 604 SFSF <500K

$2,400

80% 33% 33%

60% $3,335 $5,079

$3,335 $3,600 $3,335 $3,600

$4,800

$3,600

$4,800

$4,800

$5,079 $6,000 $5,079

$6,000 $6,000

40% 40%

0

729 SF 604 SF 729 SF

1,244 SF 1,244 SF

37%

2,062 SF 2,062 SF 2,062 SF

2,991 SF

20%

4,517 SF

2,991 SF

4,517 SF

1,000

2,000

2,991 SF 3,000 4,000

1,000

2,000

3,000

4,000

5,000 4,517 SF 5,000

1,000

2,000

3,000

4,000

5,000

20%

5,940 SF 5,940 SF 7,000 6,000

20% 17%

6,000 7,000 5,940 SF 6,000

17%

7,000

0% 25

TOTAL INVENTORY by SUBMARKET TOTAL INVENTORY by SUBMARKET

37%

40% 37%

1 Q 1M-3M 2 0 1 9 A V E R A G E1,244 S I ZSFE 500K-1M <500K 3M-5M 1M-3M 500K-1M 5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M 20M+ 0 10M-20M 0 20M+

8%

60% 33% 60%

1 Q 1M-3M 2 0 1 9 A V E R A G E P P S F$1,594

$1,134 500K-1M $845 500K 3M-5M $1,594 $2,058 1M-3M $1,134 500K-1M 5M-10M $2,058 $2,596 3M-5M $1,594 1M-3M 10M-20M $2,596 5M-10M $2,058 3M-5M 20M+ 10M-20M $2,596 5M-10M $1,200 $2,400 20M+ $0 10M-20M $0 $1,200 $2,400 1 Q 20M+ 2019 AVERAGE SIZE

2% 5% 1% 5% 2% 8% 5% 8%

80% 24%

1Q 2019 AVERAGE PPSF 0%

1% 2% 1%

1Q 2019 PERCENTAGE OF UNITS

0%

17%

1Q10 1Q10

<500K

0%

<500K 1Q10

Historical Inventory

1Q 2019 CONDO INVENTORY

HISTORICAL INVENTORY

100%

1%

1%

2%

1%

2%

3%

3%

4%

5%

5%

2%

9%

6%

10%

MEDIAN PRICE

10%

YOY

9% 16%

12%

80%

10%

6%

11%

12%

9%

% UNITS

6%

6%

12%

4%

16%

13%

AVERAGE PRICE

16%

14%

AVERAGE PPSF

17%

12% 15%

YOY

17%

14%

16%

AVERAGE SF

17%

60%

20%

18%

16%

YOY

YOY

<500K

500K-1M 1M-3M

3M-5M

5M-10M

10M-20M

20+M

1%

20%

17%

12%

5%

2%

43%

$443,940 $800,000 $1,788,750

$3,795,000 $6,700,000 $13,250,000 $26,800,000

-1%

-2%

2%

$406,534 $800,229 $1,866,285

$3,857,253

$6,980,672 $13,924,483

$32,259,389

-0.4%

-1%

-1%

-2%

1%

1%

-4%

$964

$1,275

$1,715

$2,175

$2,805

$3,720

$5,981

-5%

-3%

-3%

-2%

4%

4%

-0.1%

738

669

1,130

1,848

2,602

3,954

5,104

-2%

3%

2%

-2%

-5%

-4%

-13%

-3%

-1%

3%

-4%

17% 16% 22% 21%

1Q 2019 CO- OP INVENTORY 26%

26%

40% 68%

% UNITS

63%

63% 16%

16%

MEDIAN PRICE YOY

53% 49%

20%

46%

13%

AVERAGE PRICE YOY

27% 22%

AVERAGE PPSF

23% 14%

YOY AVERAGE SF

0%

1Q10 <350K

26

1Q11

1Q12 350-500K

1Q13

1Q14

500-750K

1Q15

1Q16

750K-1M

1Q17 1-1.5M

1Q18

1Q19 1.5M+

YOY

<500K

500K-1M 1M-3M

3M-5M

5M-10M

10M-20M

20+M

16%

38%

34%

7%

4%

1%

1%

$419,000

$725,000

$1,650,000

$3,650,000 $6,350,000 $13,650,000 $23,000,000

5%

0%

-6%

-4%

$408,980 $734,149

$1,769,254

$3,806,509 $6,825,950 $13,731,806

$30,497,619

2%

0.1%

-4%

-3%

-1%

-10%

6%

$829

$979

$1,293

$1,605

$2,156

$3,586

$4,638

-3%

-0.2%

-3%

-1%

8%

1%

-6%

579

780

1,398

2,524

3,474

4,073

4,877

-2%

-3%

-2%

-5%

-4%

-13%

-18%

-5%

-9%

-7%

1 Q 20M+ 2019 AVERAGE SIZE

40%

$0 $1,200 SF 1 Q <500K 2 0 1 9 A V E 604 RAG E SIZE

$2,400

$3,600

$4,800

$6,000

729 SF 500K-1M SF E S I Z E 1 Q <500K 2 0 1 9 A V E 604 RAG

TOTAL INVENTORY

1M-3M 500K-1M <500K 3M-5M 1M-3M 500K-1M 5M-10M 3M-5M 1M-3M 10M-20M 5M-10M 3M-5M 20M+ 10M-20M 5M-10M 20M+ 0 10M-20M

729 SF 1,244 SF 604 SF 729 SF 1,244 SF

2,062 SF

1,244 SF

2,062 SF

2,991 SF

2,062 SF

2,991 SF

40%

Downtown continued to capture the most inventory, with 29% of current

20%

4,517 SF

1,000

2,000

2,991 SF 3,000 4,000

20M+ 0

1,000

2,000

3,000

4,000

4,517 SF 5,000 4,517 SF 5,000

0

1,000

2,000

3,000

4,000

5,000

20%

5,940 SF 6,000 5,940 SF 7,000

20% 17%

6,000 5,940 SF 7,000 6,000

17%

7,000

0%

TOTAL INVENTORY by SUBMARKET

1Q 2019 PERCENTAGE OF UNITS

listings. The Upper East side followed with 21%, while Midtown East took 18%.

TOTAL INVENTORY by SUBMARKET 1 Q 2UPPER 0 1 9 MANHATTAN P E R C E N T A G E O F U N I 9% TS

Downtown had the highest average PPSF at $2,112, followed by the Upper

1 Q 2UPPER 0 1UPPER 9 MANHATTAN P E EAST R C ESIDE N T A G E O F U N I 9% TS

West Side at $1,936/SF. The most affordable option was Upper Manhattan, where properties were asking an average of $995/SF. The largest properties were located Downtown, where they averaged 1,945 square feet. The Upper East Side followed at 1,909 square feet, while the

18%

15%

18%

29%

18%

6%

29%

FIDI/BPC0%

7% 6%

14%

21%

28%

35%

0% UPPER MANHATTAN

7%

14% $995

21%

28%

35%

Condo median and average prices were down in nearly all markets. The

1 Q 2 0 UPPER 19 AV ERAGE PPSF WEST UPPER EAST SIDE SIDE UPPER MANHATTAN

UPPER EAST SIDE UPPER MANHATTAN

MIDTOWN EAST UPPER SIDE UPPERWEST EAST SIDE MIDTOWN WEST MIDTOWN EAST UPPER WEST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC$0 DOWNTOWN FIDI/BPC$0

FiDi/BPC also saw prices plunge, with the median down 7% to $1,295,000

1Q 2019 AVERAGE SIZE

and the average down 15% to $1,927,259.

1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

Co-op inventory saw lower prices across the city. The greatest declines

1 Q 2UPPER 0 1 9 MANHATTAN AVERAGE SIZE

$0

$995 $995

$500

$1,000

$500

$1,000

$500

$1,000

29%

$1,747

$1,500 1,487 SF

$2,000

500

its median price drop 10% to $995,000 and its average price plunge 23% to

FIDI/BPC 0 DOWNTOWN FIDI/BPC 0

500

$1,662,934. The Upper West Side recorded the single largest average price

0

500

1,000

were on the Upper East Side, where the median price fell 15% to $1,362,500 and the average price dropped 19% to $2,592,114. Midtown East noted a similar trend, with its median price down 17% to $785,000 and its average price down 12% to $1,465,710. Downtown, another co-op-heavy market, saw

decline, down 31% to $1,802,127.

35%

$1,936 $1,747 $1,818 $1,936 $1,747 $1,718 $1,818 $1,936 $2,112 $1,718 $1,818 $1,544 $2,112 $1,718 $1,500$1,544 $2,000 $2,500 $2,112 $1,500$1,544 $2,000 $2,500

1,909 SF 1,487 SF 1,685 SF1,909 SF 1,487 SF 1,482 1,685 SF SF 1,909 SF 1,110 SF 1,482 1,685 SF SF 1,945 SF 1,110 SF 1,482 SF 1,241 SF 1,945 SF 1,110 SF 1,000 2,000 1,2411,500 SF 1,945 SF 1,000 2,000 1,2411,500 SF

UPPER EAST SIDE

UPPER WEST UPPER EAST SIDE SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN EAST UPPER WEST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST

1Q10 <500K

<50

21%

28%

1Q 2019 AVERAGE PPSF

price fell 17% to $1,895,000 and the average price tumbled 14% to $4,556,957.

15%

21%

1,110 square feet, were in Midtown West.

to $2,576,766. The steepest drops were in Midtown East, where the median

4%

4%

1Q10 <500K

<50

21%

14%

1Q 2019 AVERAGE PPSF

increased 3% to $1,344,869, and the average price in Midtown West, up 7%

21% 15%

9%

4%

17%

1Q10

<500K <50

7% 6%

Upper West Side averaged 1,685 square feet. The smallest units, averaging

only exceptions were the average price in Upper Manhattan, which

27

0%

TOTAL INVENTORY by SUBMARKET

UPPER WEST SIDE UPPER EAST SIDE UPPER MANHATTAN MIDTOWN EAST UPPER WEST SIDE UPPER EAST SIDE MIDTOWN WEST MIDTOWN UPPER WESTEAST SIDE DOWNTOWN MIDTOWN MIDTOWNWEST EAST FIDI/BPC DOWNTOWN MIDTOWN WEST FIDI/BPC0% DOWNTOWN

37% 37%

0%

S U B MAR KET

37%

1,500

2,000

$2,500

2,500 2,500 2,500

NUMBER OF UNITS ON MARKET

U PPE R M A N H AT TA N

652 UNITS: 9%

1Q 2019 CONDO INVENTORY

% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E YOY AV E R AG E P P S F YOY

U PPE R W EST S I D E

AV E R AG E S F

1,064 UNITS: 15%

YOY

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

8%

13%

13%

17%

6%

34%

11%

$1,895,000

$1,400,000

$2,995,000

$1,295,000

-17%

-19%

-9%

-7%

$4,556,957

$2,576,766

$4,847,961

$1,927,259

-14%

7%

-5%

-15%

$2,266

$1,864

$2,303

$1,558

-9%

-2%

1%

-9%

1,569

1,135

1,892

1,166

-6%

2%

-6%

3%

$939,500 -1% $1,344,869 3% $1,141 5% 1,149 -9%

$2,250,000 -11%

$2,375,000 -5%

$3,864,622 -6%

$3,878,862 -8%

$1,983 -3%

$2,161 -1%

1,673

1,530

-5%

-16%

U PPE R E AST S I D E

1Q 2019 CO- OP INVENTORY

1, 499 UNITS: 21%

M I DTOW N W EST

287 UNITS: 4% M I DTOW N E AST

1, 300 UNITS: 18%

% UNITS MEDIAN PRICE YOY AV E R AG E P R I C E

D OW NTOW N

2,102 UNITS: 29%

YOY AV E R AG E P P S F YOY AV E R AG E S F

FI D I / B P C

406 UNITS: 6%

28

YOY

UPPER MANHATTAN

UPPER EAST SIDE

UPPER WEST SIDE

MIDTOWN EAST

MIDTOWN WEST

DOWNTOWN

FiDi/ BPC

9%

28%

17%

20%

2%

23%

1%

$785,000

$650,000

$995,000

$995,000

-17%

11%

-10%

14%

$1,465,710

$800,851

$1,662,934

$1,265,031

-12%

-19%

-23%

11%

$1,005

$1,026

$1,374

$1,132

-12%

0.1%

-7%

-6%

1,123

929

1,295

1,428

-24%

-25%

-17%

31%

$525,000 -5% $723,375 -13% $743 0.3% 1,050 -5%

$1,362,500 -15% $2,592,114 -19% $1,290 -1% 1,388 -5%

$1,200,000 -4% $1,802,127 -31% $1,401 -9% 1,150 -19%

MONTHS OF SUPPLY

29

1 Q 2019

1 Q 201 8

7,310

926

CONTR ACTS SIGNED PER MONTH

INVENTORY

7.9

MONTHS OF SUPPLY

30

970

6,612

CONR ACTS SIGNED PER MONTH

INVENTORY

6.8

MONTHS OF SUPPLY

compass.com

Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.