Page 1

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

Copyright © 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

.

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

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

% 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

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

% 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

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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%

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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.

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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%

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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%

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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%

Copyright Š 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

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


Streeteasy report 2011/q2  

Streeteasy report 2011/q2

Advertisement
Read more
Read more
Similar to
Popular now
Just for you