Folks, it's Friday, so we don't want to needlessly terrify you, but the latest batch of Manhattan housing market numbers for the just-completed quarter (compiled for Prudential Douglas Elliman by appraisal firm Miller Samuel) are downright breathtaking. Prices continue to shoot up across the board, with the average sale price of apartments across all Manhattan topping $1.2m for the first time, the average median sale price hitting $705,000 (up from $605,000 prior quarter), and the average sale price for square foot jumping to $910 from $780. And, for the first time, Miller Samuel included Harlem and uptown Manhattan in its review. Their findings? Shit up there is expensive, too! After the jump, more stats that you'll wish were a joke.
· High-Rise Prices [NYPost]
· Harlem Residents Face Increasing Worth [Columbia Spectator via MS]
From the Miller Samuel Q12005 Market Report for Douglas Elliman:
Overall Manhattan Market [includes entire island]
Prices set records in all categories tracked in this report: Condos, Co-ops, Luxury and Loft Markets, seeing double digit gains over the prior quarter. Improving economic conditions, a tight housing supply, rising incomes and the widely held expectation of rising mortgage rates in the near future, caused housing prices to surge this quarter.
-Average Sales Price increased 23% to $1,214,379 over the prior quarter average of $987,257 (first time above $1.2M)
-Median Sales Price increased 16.5% to $705,000 over the prior quarter median of $605,000. (first time above $700,000)
-Average Price per Square Foot increased 16.7% to $910 over the prior quarter result of $780. (first time above $900 per square foot)
-Number of Sales contracted 6.2% to 2,028 units as limited supply kept transaction volume in check.
-Listing Inventory for March contracted 0.7% from 4,494 units in February to 4,327 units in March. The drop in inventory in the last month of the prior quarter was fully replaced in January as poor weather held units off the market. As a result, inventory was actually 10.3% higher at the end of the 1st quarter 2005 as compared to the end of the 4th quarter of 2004.
-The number of days it takes to sell an apartment fell 2 days to 94 days as compared to the prior quarter. This is the first time this indicator has remained below 100 days for two consecutive quarters.
-Negotiability remained limited, falling slightly to 1.4% for the quarter, from 1.5% last quarter.
Overall gains in the co-op market were attributable to the 4% gain in market share of 2-bedrooms, the largest size category.
-The Average Sales Price of a co-op apartment fell just short of $1,000,000, increasing 15.5% to a record $988,746 over the prior quarter.
-Median Sales Price increased 15.7% to $610,000 over the prior quarter median of $527,000. (first time above $600,000)
-Average Price per Square Foot increased 14.1% to $826 over the prior quarter result of $724. (first time above $800 per square foot)
The condo market saw the largest price gains of all major categories as sales of sales of 3-bedrooms, gained 3% market share.
-Average Sales Price increased 33.9% to $1,548,139 over the prior quarter average of $1,156,571. (first time above $1,500,000)
-Median Sales Price increased 34.7% to $987,000 over the prior quarter median of $732,500. (first time above $900,000)
-Average Price per Square Foot increased 21.2% to $1,035 over the prior quarter result of $854. (first time above $1,000 per square foot)
Luxury Market (upper 10% of all co-op and condo sales)
Records were set in all price categories
-The average sales price of a luxury apartment set a record at $4,533,297, up 23.6% from the $3,668,655 seen last quarter.
-The median sales price set a record at $3,600,000, up 22% from the $2,950,000 seen last quarter.
-The average price per square foot set a record at $1,552, up 13.8% from the $1,364 seen last quarter.
Loft Market (co-op and condo sales)
Records were set in all price categories. Lofts represented 8.5% of all sales in the current quarter.
-The average sales price of a loft apartment set a record at $1,986,626, up 26.6% from the $1,568,792 seen last quarter.
-The median sales price set a record at $1,650,000, up 21.3% from the $1,360,000 seen last quarter.
-The average price per square foot set a record at $926, up 9.5% from the $846 seen last quarter.