Following up on yesterday's Roundtable about the state of the market—and in advance of Jonathan Miller's arrival on the scene here later today—let's quickly parse the Miller Samuel Manhattan market data compiled for Prudential Douglas Elliman for the first quarter of 2007 as compared to the same quarter a year ago.
Seatbelts fastened? Across the board, the numbers are up: more sales (an astounding 73% higher than Q1 2006) at higher median prices ($835,000, up from $825,00), and less inventory (down 14.2%) as apartments sell faster (one week faster, in point of fact.) Bucking the trend: condo prices, which are down ever-so-slightly.
From Miller Samuel's forthcoming report for Prudential Douglas Elliman:
*Highlights:* /Overall Manhattan Market [includes entire island]/· Q1 2007 Manhattan Market Overview [Matrix]
The Manhattan residential real estate market entered 2007 with a surge in the
number of sales, declining inventory, rising prices and shorter marketing
times. Record bonus income and stabilizing mortgage rates have help foster the
significant increase in demand this quarter. The rise in demand, has helped
reduce inventory, shorten marketing times and reduce listing discounts.
- The number of sales increased 73% this quarter to 3,474 units as compared to
the 2,005 units sold in the prior year quarter.
- Listing inventory fell 14.2% to 5,923 units from the prior year quarter total
of 6,904 units.
- Days on market was 131 days this quarter, one week faster than the same period
- Listing discount was 2.6%, down from 2.8% during the same period last year.
Price levels were generally up this quarter, with the greatest price gains seen
in larger apartments, namely 3-bedroom and 4-bedroom units with a 9% and 24.8%
gain respectively over the same period last year.
-The average price per square foot increased 6.6% to $1,070 over the prior year
quarter result of $1,004 (7.2% above the prior quarter result of $998).
-The median sales price increased 1.2% to $835,000 over the prior year quarter
result of $825,000 (4.5% above prior quarter result of $799,00).
-The average sales price decreased 0.8% to $1,290,391 over the prior year
quarter result of $1,300,928 (5.4% above the prior quarter result of $1,224,840).
-The average sales price of a co-op this quarter was $1,132,325, up 3.6% from
last year at this time and up 8.1% from the prior quarter. Average price per
square foot and median sales price and saw similar patterns.
-Inventory levels for co-ops fell 26.2% to 2,929 units as compared to the prior
year quarter total of 3,971 units. Co-op listings are comprised of nearly all
re-sales, with only about 2.4% of new co-op development added to the housing stock.
-The average sales price of a condo this quarter was $1,454,768 this quarter,
down 1.8% from last year at this time and down 2.11% from the prior quarter.
Average price per square foot and median sales price showed 9.8% and 1.6% gains
respectively from the prior year quarter.
-Inventory levels for condos totaled 2,994 units, up 4% from the prior year
quarter total of 2,933 units. New development accounted for 29.9% of condo
inventory this quarter.
/Luxury Market (upper 10% of all co-op and condo sales)/
-The average sales price of a luxury apartment this quarter was $4,641,861 this
quarter, up 2.1% from last year at this time and up 7.3% from the prior
quarter. Average price per square foot and median sales price showed 13% and
0.7% gains respectively from the prior year quarter.
/Loft Market (co-op and condo sales)/
-The average sales price of a loft apartment this quarter was a record
$2,067,133 this quarter, up 13.2% from last year at this time and up 11.9% from
the prior quarter. Average price per square foot and median sales price showed
16.5% and 10.9% gains respectively from the prior year quarter.
· Market Strong for Apartments in Manhattan [NYTimes]
· City High Ri$e [NYPost]
· Curbed Roundtable: April State O' the Market Report [Curbed]