StreetEasy is pleased to present our Q2 2010 Quarterly Report on the Manhattan residential market. The bulk of the report is
based on approximately 3,500 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. Our Market Snapshot section will give you the most real-time view of how the
real estate market is responding to the current economic conditions by looking at inventory, price changes and in-contract data.
Resale closing numbers provide a more timely view of the market than new development numbers since new developments often
go into contract as much as 24 months before closing. Days on Market (DoM) data is another important market indicator in the
normally fast-paced Manhattan real estate market. We seek to continually improve this report and provide data that will be
meaningful and useful to you. Please keep sending your suggestions to support@streeteasy.com.
Significant findings in Q2 2010
CLOSING PRICES REMAIN STABLE. Since last quarter, the overall average and median prices, which include condo and co-op
resales, and new developments, had price gains of 3.5% and 2.6%, respectively. Compared to one year ago, overall prices have
increased by 4.1% and 2.6%, respectively. The overall average price was $1.39M while the overall median price was $800K.
• Condo resale median price increased by 0.5% since last quarter to $970K, and by 10.2% since last year. Average price
($1.496M) remained stable with a slight decrease of 0.3% for the quarter and up 4.2% since last year.
• Co-op resale median price decreased by 1.1% to $630K compared to last quarter but increased by 5.0% since last year.
Average sales price ($1.025M) increased by 1.7% since last quarter and by 9.5% since the prior year.
• New Developments median sales price jumped by 30.2% since last quarter and by 2.6% since last year. Average sales
price ($1.86M) increased by 2.4% since last quarter and by 4.4% since last year.
VOLUME OF CLOSINGS INCREASES. The total number of closings this quarter, approximately 3,500, has increased by 13.9%
from the 3,123 closings of last quarter and has jumped by 65.2% from the 2,153 closings from a year ago. Condo resales have
increased by 16.0% and co-op resales have increased by 17.2% since last quarter. Compared to a year ago, condo resales
increased by 87.1% and co-op resales increased by 76.0%. The number of new development closings increased by 4.2%% since
last quarter and by 31.6% since a year ago. New development closings made up 19.7% of the closings while co-op resales
dominated activity at 52.3%.
INVENTORY SLIGHTLY RISES. According to our listings database, an average of 403 new listings came onto market every week
in this quarter, an increase of 1.6% since last quarter, which averaged 397 new listings per week. Condos made up 49.4% of all
active listings on market this quarter (co-ops 47.7%, townhouses 2.9%). There were a total of 15,025 listings that were available at
some point in this quarter, a 5.2% increase since last quarter but a 6.0% decrease compared to the prior year quarter.
CONTRACT ACTIVITY INCREASES. This quarter, there were 2,914 listings that went into contract, a 21.9% increase from last
quarter’s number of new contracts (2,390). Additionally, compared to the prior year, which had 2,477 contracts, contract activity
increased by 17.6%. Additionally, there were 281 broken contracts, a 47.9% increase compared to last quarter’s 190.
MORE BUT LESS STEEP PRICE CUTS. This quarter 29.3% of all Manhattan listings had price cuts, a total of 4,402, 10.2% more
cuts than last quarter but 22.0% fewer cuts than a year ago. Of all active listings for condos this quarter, there were 1,998 condo
listings with price cuts, a 9.2% increase since last quarter and a 20.6% decrease since last year. Co-ops had about 2,404 cuts, a
10.9% increase in the number of price cuts since last quarter and 18.6% fewer cuts than a year ago. The average price cut this
quarter for condos was 6.9%, compared to last quarterʼs 7.5%, and for co-ops, the average cut was 6.4%, compared to last
quarter
ʼs 6.7%.
LISTINGS SPEND LESS TIME ON MARKET. The average time on market for condo resale listings decreased by 10.2% since last
quarter and by 9.8% since last year, while co-ops sat on the market for 7.7% fewer days than last quarter and 11.4% shorter than
the prior year. This quarter, condo resales stayed on the market for an average of 136 days, while co-op resales were on the
market for an average of 125 days.
StreetEasy Q1 2010 Manhattan Market Report
StreetEasy is pleased to present our Q1 2010 Quarterly Report on the Manhattan residential market. The bulk of the report is
based on approximately 3,100 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. Our Market Snapshot section will give you the most real-time view of how the
real estate market is responding to the current economic downturn by looking at inventory, price changes and in-contract data.
Resale closing numbers provide a more timely view of the market than new development numbers since new developments often
go into contract as much as 24 months before closing. Days on Market (DoM) data is another important market indicator in the
normally fast-paced Manhattan real estate market. We seek to continually improve this report and provide data that will be
meaningful and useful to you. Please keep sending your suggestions to support@streeteasy.com.
Significant findings in Q1 2010
CLOSING PRICES INCREASE FOR CONDO & CO-OP RESALES. Since last quarter, the overall average and median prices,
which include condo and co-op resales and new developments, had price gains of 5.8% and 4.8%, respectively. However,
overall prices have continued to decline from a year ago, about 3.3% and 8.1%, respectively. The overall average price was
$1.394M while the overall median price was $804K.
• Condo resale median prices increased by 9.7% since last quarter to $971K, and by 8.2% since last year. Average price
($1.614M) is up 14.6% for the quarter and up 8.0% since last year.
• Co-op resale median prices increased by 8.3% to $650K compared to last quarter and by 16.7% since last year.
Average sales price ($1.052M) increased by 11.4% since last quarter and by 18.2% since the prior year.
• New Developments median sales price increased slightly by 0.6% since last quarter but dropped by 12.6% since last
year. Average sales price ($1.867M) decreased by 3.7% since last quarter and by 5.3% since last year.
VOLUME OF RESALE CLOSINGS DECLINE SINCE LAST QUARTER. The total number of closings this quarter, approximately
3,100, has decreased by 16.0% from the 3,700 closings of last quarter but has jumped by 83.6% from the 1,700 closings a year
ago. Co-op resales have decreased by 8.0% since last quarter and condo resales have increased by 2.3% since last quarter.
Compared to a year ago, condo resales increased by 156.0% and co-op resales increased by 146.7%. However, the number of
new development closings declined by 44.3% since last quarter and by 34.0% since a year ago. New development closings made
up 13.0% of the closings while co-op resales dominated activity at 55.3%.
INVENTORY REMAINS STEADY. According to our listings database, an average of 397 new listings came onto market every
week in this quarter, an increase of 42.9% since last quarter, which averaged 278 new listings per week. Condos made up 50.9%
of all active listings on market this quarter (co-ops 46.2%, townhouses 2.9%). There were a total of 14,282 listings that were
available at some point in this quarter, a 2.6% increase since last quarter and a 0.9% increase compared to the prior year quarter.
INCREASE IN NEW CONTRACT ACTIVITY SINCE LAST QUARTER. This quarter, there were 2,390 listings that went into
contract, a 5.2% increase from last quarter’s number of new contracts (2,272). However, compared to the prior year, which had
1,358 contracts, contract activity increased by 76.0%. Additionally, there were 190 broken contracts, a 24.2% increase compared
to last quarter’s 153.
FEWER, LESS STEEP PRICE CUTS. This quarter 28.0% of all Manhattan listings had price cuts, a total of 3,996, 4.9% more cuts
than last quarter but 29.2% fewer cuts than a year ago. Of all active listings for condos this quarter, there were 1,835 condo listings
with price cuts, a 1.5% increase since last quarter and a 27.6% decrease since last year. Co-ops had about 2,161 cuts, an 11.0%
increase in the number of price cuts since last quarter and 30.1% fewer cuts than a year ago. The average price cut this quarter for
condos was 7.5%, compared to last quarter
ʼs 7.8%, and for co-ops, the average cut was 6.7%, compared to last quarterʼs 7.0%.
LISTINGS CONTINUE TO SPEND A LONGER TIME ON MARKET. The average time on market for condo resale listings
increased by 2.9% since last quarter and by 5.0% since last year, while co-ops sat on the market for 1.2% more days than last
quarter and 6.9% longer than the prior year. This quarter, condo resales stayed on the market for an average of 147 days, while coop
resales were on the market for an average of 120 days.
StreetEasy.com is a real estate website providing in-depth information across all brokerages and offering you the power to search,
sort, and manage that information effectively, as well as the tools to keep you on top of the market.
You can download the full report below
StreetEasy Q4 2009 Manhattan Market Report
StreetEasy is pleased to present our Q4 2009 Quarterly Report on the Manhattan residential market. The bulk of the report is
based on approximately 3,800 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. Our Market Snapshot section will give you the most real-time view of how the
real estate market is responding to the current economic downturn by looking at inventory, price changes and in-contract data.
Resale closing numbers provide a more timely view of the market than new development numbers since new developments often
go into contract as much as 24 months before closing. Days on Market (DoM) data is another important market indicator in the
normally fast-paced Manhattan real estate market. We seek to continually improve this report and provide data that will be
meaningful and useful to you. Please keep sending your suggestions to support@streeteasy.com.
Significant findings in Q4 2009
CLOSING PRICES CONTINUE TO DECLINE FROM A YEAR AGO. Overall average and median prices, which include condo
and co-op resales and new developments, have continued to decline from a year ago, about 7.8% and 10.0%, respectively.
However, since last quarter, price gains were made in overall average and median prices, about 5.5% and 2.0%, respectively.
The overall average price was $1.327M while the overall median price was $765K.
• Condo resale median prices decreased slightly by 0.4% since last quarter to $890K, and decreased by 3.5% since last
year. Average price ($1.482M) is up 2.3% for the quarter but down 5.9% since last year.
• Co-op resale median prices increased by 6.3% to $612K compared to last quarter but are down by 1.3% since last year.
Average sales price ($954K) increased by 9.1% since last quarter but decreased by 12.3% since the prior year.
• New Developments median sales price decreased by 6.1% since last quarter to $1.12M and by 4.6% since last year.
Average sales price ($1.9M) increased by 6.4% since last quarter and by 10.5% since last year.
VOLUME OF RESALE CLOSINGS STILL ON THE RISE. The total number of closings this quarter (over 3800) has increased by17.6%%, from the 3,270 closings of last quarter and by 28.6%, from the 2,990 closings, from a year ago. Co-op resales have
increased by 21.4% since last quarter and condo resales have increased by 17.7% since last quarter. Compared to a year ago,
condo resales increased by 83.5% and co-op resales increased by 79.1%. The number of new development closings also
increased by 12.5% since last quarter but are still down by 40.6% since a year ago. New development closings made up 19.6% of
the closings while co-op resales dominated activity at 54.5%.
INVENTORY CONTINUES TO DECLINE FROM LAST QUARTER. According to our listings database, an average of 278 new
listings came onto market every week in this quarter, a decrease of 11.5% since last quarter, which averaged 314 new listings per
week. Condos made up 51.9% of all available listings on market this quarter (co-ops 45.4%, townhouses 2.7%). There were a
total of 13,922 listings that were available at some point in this quarter, a 7.0% decline since last quarter but an 11.3% increase
compare to the prior year quarter.
DECLINE IN NEW CONTRACT ACTIVITY SINCE LAST QUARTER. This quarter, there were 2,272 listings that went into
contract, a 13.7% decrease from last quarter’s number of new contracts (2,632). However, compared to the prior year, which had
only 986 contracts, contract activity more than doubled by 130.4%. Additionally, there were 153 broken contracts, a 7.8%
increase compared to last quarter’s 142.
FEWER PRICE CUTS. This quarter, only 27.4% of all Manhattan listings had price cuts, a total of 3,810, 29.0% fewer cuts than last
quarter, and 14.4% fewer cuts than a year ago. Of all available listings for condos this quarter, there were about 1,820 condo
listings with price cuts, a 10.7% decrease since last quarter and a 5.5% decrease since last year. Co-ops had about 1,990 cuts, a
7.7% decrease in the number of price cuts since last quarter and 17.1% fewer cuts than a year ago. The average price cut this
quarter for condos was 7.8%, compared to last quarterʼs 8.4%, and for co-ops, the average cut was 7.0%, compared to last
quarter
ʼs 8.1%.
LISTINGS CONTINUE TO SPEND A LONGER TIME ON MARKET. The average time on market for condo resale listings
increased by 8.8% since last quarter and by 21.5% since last year, while co-ops sat on the market for 2.9% fewer days compared to
last quarter, but 11.9% longer than the prior year. This quarter, condo resales stayed on the market for an average of 139 days,
while co-op resales were on the market for an average of 118 days.
You can download the full report below
StreetEasy Q3 2009 Manhattan Market Report
StreetEasy is pleased to present our Manhattan Residential Report for the 3rd Quarter of 2009.
Our most recent market report has seen coverage from major media outlets including: The Wall Street Journal, Bloomberg, The Daily News, and New York Magazine. Our ability to report across brokerages, coupled with our listing history allows us to compare and chart price changes, inventory levels, new and broken contracts, time on market, as well as the ability to parse out new development listings and closings from condo and co-op resales. Since we cover all brokerages, our listings database is incomparable in terms of comprehensiveness and accuracy.
CLOSING PRICES CONTINUE TO DECLINE FROM A YEAR AGO. Condo and co-op resale median prices have declined since last quarter and are still significantly down from a year ago. The overall average Manhattan sale price (which includes: condo resales, co-op resales, and new development closings) decreased by 2.3% to $1.254M since last quarter, and by 16.4% since last year. Similarly, the overall median Manhattan sale price declined by 0.3% since last quarter to $760K, and by 11.6% since last year.
Condo resale median prices increased by 5.3% since last quarter to $937,500, but decreased by 14.6% since last year. Average price ($1.471M) is up 11.1% for the quarter but down 26.2% since last year.
Co-op resale median prices decreased by 2.1% to $575K compared to last quarter and by 11.5% since last year. Average sales price ($878K) decreased by 4.3% since last quarter and by 21.3% since the prior year.
New Developments median sales price increased by 1.8% since last quarter to $1.212M and by 24.3% since last year. Average sales price ($1.77M) also increased by 1.8% since last quarter and by 23.1% since last year.
VOLUME OF RESALE CLOSINGS INCREASE SIGNIFICANTLY. The number of closings has increased by 68.4%, from the 2,040 closings of last quarter, but is down by 21.7% from a year ago. Co-op resales have increased by 85% since last quarter and condo resales have increased by 75% since last quarter. The number of new development closings increased by 31% since last quarter but is still down by 65.3% since a year ago. New development closings made up 18.8% of the closings while co-op resales dominated activity at 54.9%.
INVENTORY STEADILY DECLINES. Inventory of available listings in Manhattan declined steadily since it peaked around 11,800 units in mid-May. At the time of this report, inventory is currently at 10,163 units. According to our listings database, an average of 314 new listings came onto market every week in this quarter, a decrease of 13.5% since last quarter, which averaged 363 new listings per week. Condos made up 52.1% of all available listings on market this quarter (co-ops 47.3%, townhouses 0.6%). Inventory levels this quarter are 24.6% higher than they were a year ago.
CONTINUED INCREASE IN NEW CONTRACTS. This quarter, there were 2,632 listings that went into contract, a 6.3% increase from last quarter’s number of new contracts (2,477). Additionally, there were 142 broken contracts, a 7.6% increase compared to last quarter’s 132.
FEWER PRICE CUTS. This quarter, 36.1% of all Manhattan listings had price cuts, a total of 5,363. Of all available listings for condos this quarter, there were about 2,400 condo listings with price cuts, a 1.9% decrease since last quarter but 72.4% more cuts since last year. Co-ops had about 2,900 cuts, a 4.4% decrease in the number of price cuts since last quarter but 77.2% more cuts than a year ago. The average price cut this quarter for condos was 8.4%, and for co-ops, the average cut was 8.1%.
LISTINGS SPEND A LONGER TIME ON MARKET FROM A YEAR AGO. The average time on market for condo resale listings decreased by 3.7% since last quarter but increased by 9.1% since last year, while co-ops sat on the market for 1.7% longer than last quarter, and 19.4% longer than the prior year. This quarter, condo resales stayed on the market for an average of 126 days, while co-op resales were on the market for an average of 120 days.
Andrusha Bohackova , Licensed Associate Real Estate Broker, KIAN Realty, 450 7th Avenue, New York, NY 10123 Tel: 212-757-8268 x 151, Cell: 917-291-2149
KIAN ( Pronounced Kee-in ) means Honor & Nobility. KIAN Realty proudly donates 5% of it's profits to charities.
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