PDF - Douglas Elliman

MANHATTAN SALES
3Q-2012
Quarterly Survey of Co-op & Condo Sales
CO-OPS & CONDOS
•Q
uarterly pending sales rose as
year-to-date closed sales lagged The
pending sales index was 4.9% above year
ago levels as summer contract signings
were unusually heavy. Year-to-date closed
sales lagged behind prior year totals by
2.9%, as 2011 saw more activity in the
first half of the year.
• Listing
inventory continued to
decline sharply, reaching lowest level
in 7.5 years There were 5,847 listings
at the end of the quarter, 24.3% fewer
than 7,726 total in the prior year quarter,
marking the metric’s lowest level since
the first quarter of 2005. The monthly
absorption rate fell to 5.9 months, the
fastest market pace in five years.
•P
rices showed stability. Indicators
slipped as market share for
1-bedrooms jumped Median sales
price slipped 2.3% to $890,000 from
$911,333 in the prior year quarter. Market
share of 1-bedroom sales jumped 5% to
37.8% over the same period.
The Manhattan housing market showed
seasonally stable pricing and sales activity.
Smaller apartments continued to gain market
share as mortgage rates continued to fall and city
employment levels rose. The sharply declining
listing inventory reached a 7.5-year low, while the
monthly absorption rate demonstrated a brisk
market pace as it reached a 5-year low.
All price indicators posted modest year-overyear declines, as 1-bedroom apartments gained
Manhattan Market Matrix
3Q–2012 % Chg (qtr)
Average Sales Price
2Q–2012 % Chg (yr)
3Q–2011
$1,444,463
2.5%
$1,408,878
-1.4%
$1,103
3.6%
$1,065
-2.4%
$1,130
$890,000
7.4%
$829,000
-2.3%
$911,333
New Development
$1,490,000
45.4%
$1,025,000
35.5%
$1,100,000
Re-sale
$790,000
0.0%
$790,000
-8.1%
$860,000
2,952
11.5%
2,647
-5.0%
3,106
Days on Market (From Last List Date)
191
15.8%
165
60.5%
Listing Discount (From Last List Price)
7.2%
Listing Inventory
5,847
-16.2%
6,981
-24.3%
5.9
-25.3%
7.9
-21.3%
7.5
Pending Price Index (1Q 08 = 100)
89.93
-9.1%
98.92
0.6%
89.41
Pending Sales Index (1Q 08 = 100)
119.60
-26.5%
162.71
4.9%
114.03
Average Price per Sq Ft
Median Sales Price
Number of Sales
Absorption Rate (mos)
Year-to-Date
$1,402,499
Average Price per Sq Ft (YTD)
Median Sales Price (YTD
119
5.1%
3Q–2012 % Chg (qtr)
Average Sales Price (YTD)
$1,464,528
4.4%
7,726
2Q–2012 % Chg (yr)
N/A
N/A
-1.4%
3Q–2011
$1,422,329
$1,085
N/A
N/A
0.6%
$1,079
$850,000
N/A
N/A
0.0%
$850,000
7,910
N/A
N/A
-2.9%
8,150
Number of Sales (YTD)
*The pending sale and pending price indices are based on contract data collected during the normal course of business by Miller Samuel and Prudential Douglas Elliman.
MANHATTAN
Average Sales Price
Number of Sales
$20,00,000
5,000
$1,600,000
4,000
$1,200,000
3,000
$800,000
2,000
$400,000
1,000
$0
02
03
04
05
06
07
08
09
10
11
0
12
unchanged from a year ago at $850,000, while
average price per square foot increased 0.6%,
stability
the overall
largest market
segment.
Median sales priceMANHATTAN
was further reflecting price
Pending
Price Index
Pending
Sales inIndex
$890,000, down 2.3% from $911,333 a year ago. market.
5% market share to represent 37.8% of all
sales, edging out the 2-bedroom market as the
180
180
Average sales price and average price per square
140
foot slipped 1.4% and 2.4% from the prior year
100 to $1,444,463 and $1,103 respectively.
quarter
Year-to-date, median sales price remained
60
20
08
09
There were 2,952 sales this quarter, the second
140
highest total since the credit crunch began four
100
years ago, second only to the prior year quarter
total of 3,106. Sales in the first half of 2012 fell just
60
10
11
The Douglas Elliman Report series is recognized as the industry standard for
providing the state of the residential
real estate
market
in the
Manhattan
Monthly
Absorption
RateNew York City
35
metropolitan region. The report includes an extensive suite of tools to help
30
readers objectively identify and measure
25 market trends, provide historical context
20
to current information and provide comprehensive
analysis
of the
results.
(9.4 Month
Rate, 10-year
average)
15
10
5
0
<$500K
$500K-$999K
$1M-$1.49M
1.5M-$1.99M
$2M-$2.99M
CO-OP
$3M-$4.99M
20
12
CONDO
$5M-$9.99M
$10M+
PREPARED BY MILLER SAMUEL INC.
Appraisal and consulting services covering the New York City metropolitan area
3Q-2012
$800,000
$400,000
$400,000
$0
$0
02
02
03
03
04
04
05
05
06
06
07
07
The Elliman Report • Quarterly Survey of Manhattan Co-op & Condo Sales
$20,00,000
Despite listing inventory continuing to drop,
declining 24.3% to 5,847, its lowest level since
the first quarter of 2005, only 8.5% of all sales
sold for more than their list price at time of
contract, down from 10.1% in the prior year
quarter. As inventory fell, older listings were
absorbed, resulting in a jump in days on market
from 119 in the prior year quarter to 191. Listing
discount increased from 4.4% to 7.2% over the
same period.
05
06
07
180
3,000
180
08
CO-OPS
The combined studio and 1-bedroom
market share was 55.2%, up from 53.7%
in the prior year quarter. The 3- and
4-bedroom market share jumped from
8.4% to 15.3% over the same period.
•M
ost co-op sales in five years There
were 1,728 sales in the third quarter,
31.2% more than in the year ago quarter,
and the highest number since 2007.
•L
isting inventory fell sharply There
MANHATTAN
were 3,136 listings at the end of the third
quarter, 25.1% below year ago levels,
resulting in a 5.4 month absorption rate,
the fastest market pace in five years.
The median sales price edged 0.7% lower to
$700,000 from $705,000 largely due to the
drop in market share of 2-bedroom apartments.
Typically the largest category, this segment fell
to a 29.4% market share from 37.9% in the same
period last year. Average sales price for the
third quarter edged 0.8% higher to $1,216,364
from $1,206,770 in the same period last year.
Average price per square foot slipped 2.2% to
$969 from $991 in the prior year quarter.
There were 1,728 sales in the third quarter,
31.2% more than 1,317 in the same period last
year. Listing inventory fell 25.1% from 4,187 to
3,136 over the same period. Co-ops accounted
for 58.5% of all apartment sales and 53.6% of
10
11
140
2,000
140
1,000
100
100
0
60
60
20
20
12
12
12
Pending Sales Index
CO-OP
CO-OP
CONDO 180
CONDO
140
100
(9.4 Month Rate, 10-year average)
(9.4 Month Rate, 10-year average)
08
<$500K
<$500K
09
$500K-$999K
$500K-$999K
$1M-$1.49M
$1M-$1.49M
60
10
1.5M-$1.99M
1.5M-$1.99M
$2M-$2.99M
$2M-$2.99M
Manhattan Co-op Average Price Per Sq Ft
Manhattan
Condo Average Price Per Sq Ft
$1500
Manhattan
Condo Average Price Per Sq Ft
$2000
11
$3M-$4.99M
$3M-$4.99M
CO-OP
35
Co-op
Market Matrix
3Q–2012 % Chg (qtr)
30
Manhattan
Co-op
Sq Ft
DOWNTOWN
Average
Sales
Price Average Price Per
$1,216,364
2.0%
25
Manhattan
Co-op Average Price Per Sq Ft
DOWNTOWN
$1500
20
Average
Price
Per
Sq
Ft
$969
0.5%
(9.4 Month Rate, 10-year average)
$1500
15
$1200
Median
Sales Price
$700,000
5.3%
10
$1200
$900
Number
of Sales
1,728
14.1%
5
$900
0 on <$500K
Days
Market (From
Last List Date)
191
19.4%
$600
$500K-$999K
$1M-$1.49M 1.5M-$1.99M
$2M-$2.99M
$600
Listing
Discount
(From
Last
List
Price)
7.7%
$300
$300
Listing
3,136
-17.3%
$0Inventory (Active)
3Q 11
4Q 11
1Q 12
$0
Absorption Rate3Q
(Monthly,
Active) 4Q 11
5.4
11
1Q-28.0%
12
$1200
$2000
$1600
$900
$1600
$1200
$600
$1200
$800
$300
$800
$400
$0
$400
$0
$0
09
11
11
Manhattan Monthly Absorption Rate
•P
rice indicators were mixed as both
entry-level and high-end sales rose
12
12
5,000
10
10
Pending Price Index
11
11
Pending Sales Index
Pending Sales Index 4,000
Manhattan
Monthly Absorption Rate
180
Manhattan
Monthly Absorption Rate
35
35
140
30
30
25
25
100
20
20
15
60
15
10
10
5
20
5
0
0
10
10
Number of Sales
MANHATTAN
MANHATTAN
Pending Price Index
$1,600,000
Pending Price Index
180
$1,200,000
180
140
$800,000
140
$400,000
100
100
$0 02
03
04
60
60
20
08
09
20
08
09
09
09
MANHATTAN
Average Sales Price
short of sales in the first half of 2011. While there
was a 5% decline in third quarter sales from a
year ago, signed contracts increased 4.9%. After
a relatively slow summer in 2011, sales activity
remained unusually high over the 2012 summer
months, suggesting a possible stronger finish
to the year. Average monthly maintenance was
$1.62 per square foot per month, up 6.6% from
$1.52 in the same period last year.
08
08
2,000
1,000
1,000
0
0
DOWNTOWN
DOWNTOWN
DOWNTOWN
12
$5M-$9.99M
$5M-$9.99M
CONDO
2Q–2012 % Chg (yr)
EASTSIDE
$1,191,992
20
$10M+
$10M+
3Q–2011
WESTSIDE
0.8%
WESTSIDE
UPTOWN
$1,206,770
$665,000
-0.7%
$705,000
1,515
31.2%
1,317
EASTSIDE
$964
160
$3M-$4.99M
-2.2%
85.4%
$5M-$9.99M
UPTOWN
$991
$10M+103
3.8%
3,793
2.6%
-25.1%
2Q 12
2Q7.5
12
-43.2%
EASTSIDE
EASTSIDE
EASTSIDE
WESTSIDE
WESTSIDE
WESTSIDE
3Q 12
3Q 12
4,187
9.5
UPTOWN
UPTOWN
UPTOWN
3Q 11
4Q 11
1Q 12
2Q 12
3Q 12
3Q 11
3Q 11
4Q 11
4Q 11
1Q 12
1Q 12
2Q 12
2Q 12
3Q 12
3Q 12
Quintiles
Med. Sales Price % Chg (yr)
Co-op Mix Sales Share Med. Sales Price
DOWNTOWN
EASTSIDE WESTSIDE UPTOWN
Manhattan Condo Average Price Per Sq Ft
5/5
$2,257,750
-2.3%
Studio
16.3%
$350,000
$2000
Average Price Per Sq Ft
Absorption Rate
MANHATTAN LOFT
4/5
$1,092,500
2.6%
1
bedroom
38.9%
$575,000
Absorption Rate
MANHATTAN LOFT
$1600Average Price Per Sq Ft
$1,400
10
3/5
$675,000
-1.5%
2 bedroom
29.4%
$1,125,000
$1,400
10
$1200
$1,300
8
2/5
$485,000
5.4%
3
bedroom
11.7%
$2,000,000
$1,300
8
$800
$1,200
6
1/5
$315,000
5.0%
4+ bedroom
3.6%
$3,903,000
$1,200
6
$400
$1,100
4
$1,100
4
$0
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
2
all$1,000
active apartment listings. The combination of market sold off older inventory as new listings
$1,000
2
rising
sales
and
falling
inventory
resulted
in
a
5.4
failed
to
keep
up
with
the
pace
of
sales.
0 The
$900
3Q 11
4Q 11
1Q 12
2Q 12
3Q 12
$900
3Q 11
4Q 11
12
12
12 2.6% 0
month absorption
rate, the fastest
market pace 1Qlisting
discount2Q
jumped
to 7.7% 3Q
from
in the
in 5 years.
year ago
quarter.
Average Price Per Sq Ft
Absorption Rate
MANHATTAN
LOFT
Average Price Per Sq Ft
Absorption Rate 10
MANHATTAN LUXURY
$1,400
Days onAverage
market continued
to rise,
191 The monthly
chargeRate
for all sales
Price Per Sq
Ft reaching
Absorption
MANHATTAN
LUXURYmaintenance
$2,600
25
$1,300
8 per
days
from
103
days
in
the
prior
year
quarter,
this
increased
3.8%
from
$1.59
per
square
foot
$2,600
25
$2,400
high
level of marketing time indicating that the month in the prior year quarter to $1.65. 20
$1,200
6
$2,400
$2,200
$1,100
$2,200
$2,000
$1,000
Visit our website to browse$2,000
listings and learn more about market trends
$1,800
$900
3Q 11
4Q 11
1Q 12
$1,800
2Q 12
3Q 12
20
15
4
15
10
2
10
5
0
5
10 Average Sales Price
Number of Sales
MANHATTAN
5
$20,00,000
5,000
0
<$500K
$500K-$999K $1M-$1.49M 1.5M-$1.99M $2M-$2.99M $3M-$4.99M $5M-$9.99M
$10M+
$1,600,000
4,000
The Elliman
Report • Quarterly Survey of Manhattan Co-op & Condo Sales
$1,200,000
3,000
3Q-2012
CONDOS
•L
isting inventory continued to post
large year-over-year declines There
were 2,711 listings, down 23.4% from 3,539
in the prior year quarter.
•A
ll price indicators showed gains
over prior year levels Median sales
price was $1,158,000, 10.3% higher than
in the same quarter last year. Average
sales price and average price per square
foot increased over the same period.
•N
umber of sales fell from year ago
spike, but maintained brisk pace The
sharp drop in inventory contributed to a
31.6% decline in sales; however, the pace
of the market remained brisk with a 6.6
month absorption rate, compared to the
9.7 month average of the past decade.
Condo prices continued to edge higher this
quarter with little change in the average size of
the units that sold. Median sales price expanded
10.3% to $1,158,500 from the prior year quarter.
Gains in median sales price were seen across all
market quintiles, with double-digit increases in
the second, third and fourth quintiles.
However, the overall number of sales fell 31.6%
to 1,224 units from 1,789 in the prior year
quarter. The year ago spike in sales appeared to
be an anomaly. There were 2,711 listings at the
end of the third quarter, 23.4% fewer than in the
prior year quarter. Condos accounted for 41.5%
of all apartment sales and 46.4% of all active
LOFTS
•L
isting availability continued to
fall, impacting sales There were 408
listings available at the end of the third
quarter, down 16.2% from the prior year
quarter. The number of sales fell 12.9%
over the same period.
•M
onthly absorption rate fell to
fastest pace in nearly 9 years The
number of months to sell all listings
at the current pace of sales fell to 5.3
months, the fastest pace since the
fourth quarter of 2003.
•P
rice indicators were generally
mixed, but showed upward
momentum The median sales price
of a loft apartment jumped 23.1% to
$2,000,000 from $1,625,000.
$800,000
2,000
$400,000
1,000
Condo Market
Matrix
% Chg (qtr) EASTSIDE
2Q–2012 %WESTSIDE
Chg (yr) UPTOWN
3Q–2011
Manhattan
Co-op
Average Price Per 3Q–2012
Sq Ft
DOWNTOWN
02Price03
$1500 $0
Average
Sales
04
05
Average
$1200 Price Per Sq Ft
Median
$900 Sales Price
06
$1,766,485
$1,293
7.7%
$1,201
4.9%
$1,233
5.3%
$1,100,000
10.3%
$1,050,000
1,224
8.1%
1,132
-31.6%
1,789
192
11.6%
172
46.6%
131
180
5.7%
MANHATTAN
Pending Sales Index
6.4%
6.8%
2,711
1Q 12
-15.0%
2Q 12
3,188
-23.4%
6.6
-21.4%
8.4
11.9%
DOWNTOWN
EASTSIDE
WESTSIDE
Absorption Rate (Monthly, Active)
100
Manhattan Condo Average Price Per Sq Ft
60
$2000
08
0
11
6.8% 12$1,654,280
09
10
$1,699,144
$1,158,500
Number of Sales
$600Pending Price Index
Days on Market (From Last List Date)
$300
180
Listing
Discount (From Last List Price)
$0
11
4Q 11
Listing
(Active)
140 Inventory3Q
20
$1600
08
4.0%
07
09
10
11
3Q 12
3,539
140
5.9
100
UPTOWN
60
20
12
$1200
$800
Manhattan Monthly Absorption Rate
CO-OP
$400
35
30 $0
3Q 11
4Q 11
1Q 12
25
20
(9.4 Month
Quintiles
Med.Rate,
Sales10-year
Price average)
% Chg (yr)
Condo Mix
15
10
$3,502,500
5.8%
Studio
Average Price Per
Sq Ft
MANHATTAN
LOFT
5 5/5
$1,400
$1,950,000
13.0%
1 bedroom
0 4/5
3/5
$1,300
2/5
$1,200
<$500K
$500K-$999K
$1,200,000
11.6%
1.5M-$1.99M
$2M-$2.99M
$835,000
11.3%
3 bedroom
$532,000
8.6%
1/5
$1,100
$1M-$1.49M
2 bedroom
CONDO
2Q 12
3Q 12
Sales Share Med. Sales Price
11.4%
$575,000
Absorption
Rate
36.3%
$860,000
10
33.2%
$1,600,000
8
$2,850,000
6
$4,480,300
4
$3M-$4.99M
$5M-$9.99M
15.0%
4+ bedroom
4.1%
$10M+
$1,000
apartment
listings.
Manhattan
Co-op Average Price Per Sq Ft
2 real
The average EASTSIDE
monthly common
charge
and
DOWNTOWN
WESTSIDE
UPTOWN
$1500
$900
3Q 11the sharp drop
4Q 11 in listing
Consistent
with
$1200
inventory,
old supply was absorbed as new
1Q estate
12
tax per 2Q
square
foot for units
0 the
12
3Q 12 sold in
third quarter was $1.58, 7.5% higher than $1.47
$900was slow to enter the market, reflected in in the prior year quarter and up nominally from
supply
Average Price Per Sq Ft
Absorption
MANHATTAN
$1.57LUXURY
in the prior quarter.
In the Rate
third quarter,
the$600
fact that days on market jumped to 192 days
$2,600
common charges of all condo sales averaged
25
from
131 days in the prior year quarter. Listing
$300
$0.96 per square foot per month and real 20
estate
$2,400
discount
$0 expanded from 5.7% to 6.4% in the
3Q 11
4Q 11
1Q 12 averaged $0.61
2Q 12
12 month.
taxes
per square foot3Q
per
same
period.
$2,200
15
$2,000
10
DOWNTOWN
Manhattan
Sq Ft
$1,800
Loft
MarketCondo
Matrix Average Price Per3Q–2012
% Chg (qtr) EASTSIDE
2Q–2012 %WESTSIDE
Chg (yr)
$2000
$1,600
Average
Sales Price
3Q 11
$1600 Price Per Sq Ft
Average
$2,112,487
1.8%
$2,076,115
2Q 12
$1,197
1.3%
$1,182
$2,000,000
4Q 11
$1200 Sales Price
Median
Average Price Per Sq Ft
$800 of Sales
Number
$1,900
Days
on Market (From Last List Date)
$400
$1,700
Listing
$0 Discount (From Last List Price)
3Q 11
4Q 11
$1,500
Listing Inventory (Active)
$1,300
Absorption Rate (Monthly, Active)
$1,100
Average Price Per Sq Ft
$900
$1,400
$1,300
08
09
1Q 12
14.4%
$1,749,000
230
-9.8%
255
175
17.4%
149
NEW DEVELOPMENT
9.8%
408
5.3
10
2Q 12
-13.7%
-5.4%
MANHATTAN LOFT
$1,252
23.1%
$1,625,000
-12.9%
264
50%
126
40%
3.5%
30%
487
20%
5.5
Market Share
38.9%
473
-16.2%
5.6
-3.6%
3Q 12
10%
11
In-Focus: Market Share Percentage by Price (Co-ops & Condos)
$1,200
$20+
1.8%
0
3Q 12 $2,075,718
-4.4%
5.2%
1Q 12
UPTOWN
5
3Q–2011
Absorption Rate
12
3Q 12
0%
10
8
3Q11
6
$10.1-$20M
$1,100
4
$7.1M-$10M
$5.1M-$7M
$1,000
2
$4.1M-$5M
$3.1M-$4M
0
$900
$2.1M-$3M
3Q 11
4Q 11
1Q 12
2Q 12
3Q 12
$1.1M-$2M
Note: This
sub-category analyzes all co-op & condo loft sales available. The data is also contained within the co-op & condo markets presented.
$501-$1M
$1-$500k
Visit our Average
website
to
browse
listings
and
learn 16
more about
0
4 Per Sq
8Ft
12 MANHATTAN
20 market
24 trends
28
32Rate
Price
Absorption
LUXURY
$2,600
36
25
3Q-2012
$900
$800
$900
$600
$400
$600
$300
$0
$300
11
4Q 11 & Condo Sales
1Q 12
The Elliman Report • Quarterly
Survey of3QManhattan
Co-op
$0
$0
3Q 11
4Q 11
1Q 12
3Q 11
LUXURY
•A
ll price indicators slipped from
year ago levels The average time to
sell an apartment increased 3.5 weeks
and the spread between list price
and contract price expanded to 4.6%
compared to the prior year quarter.
•L
isting inventory stabilized There
were 1,131 listings at the end of the
third quarter, up a nominal 0.6% from
1,124 listings in the prior year quarter.
•E
xpanded marketing time reflected
the sell off of older supply Days on
market jumped to 257 days from 126
days in the prior year quarter.
NEW DEVELOPMENT
•P
rices showed double-digit increases
from a year ago as larger units sold
Median sales price increased 35.5% to
$1,490,000 from $1,100,000 in the prior
year quarter.
•S
ales trend toward larger units
continued The average new
development sold was 1,503 square feet,
13.8% above the year ago average and
6.1% above the prior quarter average.
• Days on market expanded as old
listings were sold off The average
number of days on market for a sale in
the third quarter was 301 days, more
than double 144 days from the prior
year quarter.
IN-FOCUS
•T
he “hole” in the “donut” housing
market started to fill in There were yearover-year gains in quarterly market share
from $500,000 to $5,000,000.
•T
he $500,000-$1,000,000 segment
showed largest gain in market share
Reflecting a rise in 1-bedroom sales,
market share in what is now the largest
segment increased 1.9% above the prior
year quarter.
Prudential Douglas Elliman
Real Estate
575 Madison Avenue
New York, NY 10022
212.891.7000
elliman.com
Miller Samuel Inc.
Real Estate Appraisers
21 West 38th Street
New York, NY 10018
212.768.8100
millersamuel.com
For more information or electronic copies of this report please visit
elliman.com/marketreports. Email report author Jonathan Miller at
[email protected] with questions or comments.
Report Methodology: http://www.millersamuel.com/research-reports/methodology
4Q 11
1Q 12
2Q 12
3Q 12
2Q 12
2Q 12
3Q 12
3Q 12
Average
Price
Per Sq Ft
Luxury
Market
Matrix
% Chg (LOFT
qtr) EASTSIDE
2Q–2012Absorption
%
Chg (yr)Rate
3Q–2011
DOWNTOWN
WESTSIDE
UPTOWN
Manhattan
Condo
Average Price Per3Q–2012
Sq MANHATTAN
Ft
DOWNTOWN
EASTSIDE WESTSIDE UPTOWN
Manhattan
Condo Average Price Per Sq Ft
$1,400
10
Average
$5,364,358
$2000 Sales Price
$2000
Average
Price
Per
Sq
Ft
$2,021
$1,300
$1600
$1600
Median
Sales
Price
$4,067,909
$1,200
$1200
$1200
Number
of Sales
295
$1,100
$800
$800
Days
on Market (From Last List Date)
257
$400
$1,000
$400
Listing Discount (From Last List Price)
9.7%
$0
$900
11
4Q4Q
1111
3Q
11
$0Inventory3Q
Listing
(Active)
1,131
3Q 11
4Q 11
Absorption Rate (Monthly, Active)
-6.3%
$5,726,086
-1.4%
-4.4%
$2,113
-2.6%
-0.2%
$4,075,000
11.3%
265
58.6%
162
1Q 12
1Q 12-6.1%
1Q 12
2Q 122Q 12
1,204
2Q 12
-15.4%
13.6
MANHATTAN LUXURY
Average Price Per Sq Ft
$2,074
8
$4,174,825
6
-5.1%
311
4
104.0%
126
2
4.4%
3Q 12 3Q 12 0
0.6%
1,124
3Q 12
-2.6%
4.6%
11.5
$5,442,521
6.5%
10.8
Absorption Rate
Price Per Sq Ft
Absorption Rate 25
MANHATTAN LOFT
$2,600Average
Average Price Per Sq Ft
Absorption Rate
MANHATTAN LOFT
$1,400
10
$1,400
10
$2,400
20
$1,300
8
$1,300
8
$2,200
15
$1,200
6
$1,200
6
$2,000
10
$1,100
4
$1,100
4
$1,800
5
$1,000
2
$1,000
2
$1,600
0
3Q 11
4Q 11
1Q 12
2Q 12
3Q 12
0
$900
3Q
11
4Q
11
1Q
12
2Q
12
3Q
12
Note: This
sub-category analyzes
Data
markets presented.
0
$900
3Q 11 the top 10% of all
4Qco-op
11 & condo sales.1Q
12is also contained within
2Q 12the co-op and condo
3Q 12
New Development
Market
Average Price
Per SqMatrix
Ft
3Q–2012
% Chg (qtr) 2Q–2012 % Market
Chg (yrShare
)
3Q–2011
NEW DEVELOPMENT
$1,900
AverageAverage
Sales Price
Price Per Sq Ft
50%
$2,136,881
$1,547,083 Absorption
31.5% Rate
$1,624,996
MANHATTAN38.1%
LUXURY
Average Price Per Sq Ft
Absorption Rate
MANHATTAN LUXURY
Average
Price
per
Sq
Ft
$1,422
30.2%
$1,092
15.5%
$1,231
40%
$1,700
$2,600
25
$2,600
25
Median Sales Price
$1,490,000
45.4% $1,025,000
35.5% $1,100,000
$2,400
30%
20
$1,500
$2,400 of Sales
20574
Number
525
21.2%
433
-8.5%
20%
$2,200
15
$1,300
$2,200
15144
Days
on Market (From Last List Date)
301
38.7%
217
109.0%
$2,000
10%
10
$1,100 Discount (From Last List Price)
Listing
9.7%
10.8%
6.1%
$2,000
10
0%
$1,800
5
$900 Inventory
Listing
(Active)
1,090
-16.2%
1,300
-27.7%
1,507
09
10
11
12
08
$1,800
5
Absorption
Rate3Q
(mos,
6.2 1Q 12 -31.1%
-21.5%
$1,600
0 7.9
11 active)
4Q 11
2Q 129.0
3Q 12
$1,600
0
3Q 11
4Q 11
1Q 12
2Q 12
3Q 12
Sales
Share
of
Overall
Market
17.8%
16.4%
18.5%
In-Focus: Market Share Percentage by Price (Co-ops & Condos)
3Q 12
3Q11
$20+
Average
$10.1-$20M
Average
$7.1M-$10M
$1,900
$5.1M-$7M
$1,900
$4.1M-$5M
$1,700
$3.1M-$4M
$1,700
$2.1M-$3M
$1,500
$1.1M-$2M
$1,500
$501-$1M
$1,300
$1-$500k
$1,300
$1,100
$1,100
$900
$900
0
NEW DEVELOPMENT
NEW DEVELOPMENT
Price Per Sq Ft
Price Per Sq Ft
4
8
12
16
20
Market Share
Market Share
24
28
32
50%
50%
40%
40%
30%
30%
20%
20%
36
10%
10%
0%
0%
09
10
11
12
08
09
10
11
12
08
Note: This sub-category analyzes new development co-op & condo sales. Data is also contained within the co-op and condo markets presented.
In-Focus: Market Share Percentage by Price (Co-ops & Condos)
In-Focus: Market Share Percentage by Price (Co-ops & Condos)
$20+
$20+
$10.1-$20M
$10.1-$20M
$7.1M-$10M
$7.1M-$10M
$5.1M-$7M
$5.1M-$7M
$4.1M-$5M
$4.1M-$5M
$3.1M-$4M
$3.1M-$4M
$2.1M-$3M
$2.1M-$3M
$1.1M-$2M
$1.1M-$2M
$501-$1M
$501-$1M
$1-$500k
$1-$500k
0
0
4
4
8
8
12
12
16
16
20
20
24
24
3Q 12
3Q 12
28
28
3Q11
3Q11
32
32
36
36
©2012 Prudential Douglas Elliman and Miller Samuel Inc. All worldwide rights reserved.
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and its related entities, registered in many jurisdictions worldwide.Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
All material presented herein is intended for information
purposes only. While this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice.