1st Quarter 2010 Manhattan Residential Market Report - Prepared by Miller Samuel

NEW YORK, April 2 /PRNewswire/ -- The just-released First Quarter 2010 Prudential Douglas Elliman Manhattan Market Overview a return to a more historically normal level of sales and inventory.

The improving market of the second half of 2009 had momentum with both sales and prices, both of which carried into the first quarter of 2010.  Sales levels and a shrunken inventory were at levels consistent with the 10-year average, and there was some improvement in the luxury market.  Overall, prices were lower in the first quarter of 2010 than they were in the first quarter of 2009, but price levels, "are now moving sideways," according to Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report.

"The New York City housing market was very healthy this past quarter," said Dottie Herman, President and CEO of Prudential Douglas Elliman.  "We're very busy and there's been a great demand for housing at all levels.  Though we took a bruising, we did not get hurt like the rest of the country."

"The return to more normal levels of sales activity over the past three quarters was fueled by low mortgage rates, improved consumer confidence as a result significant gains in the stock market and the first time buyer and existing homeowner tax credits," said Miller. "There remains concern in 2010 over the potential for rising mortgage rates, expiration of tax credits and an economy that has not established significant improvements in unemployment and mortgage financing terms."

Key Trend Metrics

-Average sales price was $1,426,994, down 21.8% from $1,825,847 in the prior year quarter but up 10.1% from $1,296,156 in the prior quarter.

-Price per square foot was $1,038, down 17.6% from $1,259 in the prior year quarter and down 1.2% from $1,051 in the prior quarter.

-Median sales price was $868,000, down 11% from $975,000 in the prior year quarter but up 7.2% from $810,000 in the prior quarter.

-Number of sales surged 99.5% to 2,384 sales from 1,195 sales in the prior year quarter but slipped 3.6% from 2,473 units in the prior quarter.

-Listing inventory declined 23.1% to 8,027 units from 10,445 units at this time last year and increased 17.2% from 6,851 units in the prior quarter.

-Days on market was 124 days, down from 170 days this time last year.

-Listing discount was 5.4%, down from 12.4% in the same period last year.

-Absorption rate was 10.1 months, consistent with the 10-year 9.9 month average and significantly improved over the 26.2 month rate in the prior year quarter.

Co-op Market

-Median sales price of a co-op this quarter was $685,000, up 16.6% from $587,500 in the prior year quarter.

-Number of sales surged by 168.4% to 1,111 units, from 414 units in the same period last year.

-Listing inventory levels for co-ops declined 20.8% to 3,809 units from 4,807 units in the prior year quarter.

-Co-ops accounted for 46.6% of all apartment sales and 47.5% of all listings this quarter.

-Absorption rate was 10.3 months.

Condo Market

-Median sales price of a condo this quarter was $1,065,000, down 13.2% from the prior year quarter result of $1,227,200.

-Number of sales jumped by 63% to 1,273 units, from 781 units in the same period last year.

-Listing inventory levels for condos fell 25.2% to 4,218 units from 5,638 units in the prior year quarter.

-Condos accounted for 53.4% of all apartment sales and 52.5% of all listings this quarter.

-Absorption rate was 9.9 months.

Luxury Market (upper 10% of all co-op and condo sales)

-Median sales price was $4,582,125, down 30.5% from $6,595,000 in the prior year quarter.

-The lower limit of the top ten percent of all sales this quarter was $2,875,000.

-Listing inventory fell 6.7% to 1,502 units from the same period last year.

-Days on market was 193 days, compared to 153 days in the prior year quarter.

-Listing discount was 3.6%, down from 7.8% this time last year.

-Absorption rate was 19.2 months.

Loft Market (co-op and condo sales)

-Median sales price was $1,400,000, down 32.2% from the prior year quarter result of $2,065,000.

-Number of sales jumped 102.2% to 180 units, from 89 units in the same period last year.

-Listing inventory declined 33.3% to 556 units from 834 units in the prior year quarter.

-Lofts accounted for 7.6% of all apartment sales this quarter, essentially unchanged from 7.4% during the same period last year.

-Absorption rate was 9.3 months.

About Prudential Douglas Elliman

Prudential Douglas Elliman Real Estate is New York's largest residential brokerage, with over 60 offices, more than 3,800 real estate agents and a network of national and international affiliates.  Prudential Douglas Elliman ranked in the top four of all real estate companies in the nation.  The company also controls a portfolio of real estate services, including Manhattan's largest residential property manager, Douglas Elliman Property Management, as well as PDE Title and DE Capital Mortgage.  For more information on Prudential Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Prudential Douglas Elliman site at www.prudentialelliman.com.

About Miller Samuel

Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area.  Miller Samuel provided property valuations of more than $5,000,000,000 in the past year.  The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies.  The firm developed what is now the largest database of Manhattan co-op and condo sales covering the sales market back to the late 1970s.  For more information visit www.millersamuel.com.

SOURCE Prudential Douglas Elliman