2nd Quarter 2010 Manhattan Residential Market Report — Prepared by Miller Samuel

Report Reveals Sales Jumping Nearly 80%, Return to a More Normalized Market, Consumer Confidence

Jul 01, 2010, 00:01 ET from Prudential Douglas Elliman

NEW YORK, July 1 /PRNewswire/ -- The just-released Second Quarter 2010 Prudential Douglas Elliman Manhattan Market Overview showed a Manhattan housing market that continued to show improvement over the past year.  

"While housing prices remained stable, the number of sales jumped nearly 80% from last year and rose more than 15% from last quarter, returning to historic norms," said Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report. "The housing market restart began with an increase in sales to first time buyers in 2009, gradually expanding to the high end market in 2010."

Although the market still faces significant economic challenges including high unemployment and tight credit conditions, other factors such as record low mortgage rates and improved affordability continue to drive the market.

"What we saw this past quarter was a balanced market – one that was not tilted towards the buyer or the seller," added Dottie Herman, President & CEO of Prudential Douglas Elliman. "The boom of several years ago was abnormal and what we are seeing now is a return to a normalized market. New York City was the last residential market to get hurt and the first to recover."

Key Trend Metrics

-Price per square foot was $1,051, down 0.5% from $1,056 in the prior year quarter but up 1.2% from $1,038 in the prior quarter.

-Median sales price was $899,000, up 7.6% from $835,700 in the prior year quarter and up 3.6% from $868,000 in the prior quarter.

-Average sales price was $1,432,712, up 9.1% from $1,312,920 in the prior year quarter and up 0.4% from $1,426,994 in the prior quarter.

-Number of sales surged 79.9% to 2,756 sales from 1,532 sales in the prior year quarter and increased 15.6% from 2,384 sales in the prior quarter.


-Listing inventory declined 13% to 8,157 units from 9,378 units at this time last year and increased 1.6% from 8,027 units in the prior quarter.

-Days on market was 105 days, down from 162 days this time last year.

-Listing discount was 9.1%, down from 7.8% in the same period last year.


Co-op Market

-Median sales price of a co-op this quarter was $697,501, up 7.5% from $649,000 in the prior year quarter.

-Number of sales surged by 65.2% to 1,203 units, from 728 units in the same period last year.


-Listing inventory levels for co-ops declined 10.3% to 3,948 units from 4,399 units in the prior year quarter.  

-Co-ops accounted for 43.7% of all apartment sales and 48.4% of all listings this quarter. 


Condo Market

-Median sales price of a condo this quarter was $1,100,000, up 10.1% from the prior year quarter result of $999,000.

-Number of sales jumped by 93.2% to 1,553 units, from 804 units in the same period last year.


-Listing inventory levels for condos fell 15.5% to 4,209 units from 4,979 units in the prior year quarter.  

-Condos accounted for 56.3% of all apartment sales and 51.6% of all listings this quarter. 


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

-Median sales price was $4,093,365, up 11.8% from $3,660,608 in the prior year quarter.

-The lower limit of the top ten percent of all sales this quarter was $3,000,000.


-Listing inventory fell 29.3% to 1,304 units from the same period last year.

-Days on market was 146 days, compared to 182 days in the prior year quarter.

-Listing discount was 6.4%, down from 8.6% this time last year.


Loft Market (co-op and condo sales)

-Median sales price was $1,570,000, down 15.9% from the prior year quarter result of $1,867,500.

-Number of sales jumped 263.9% to 262 units, from 72 units in the same period last year.


-Listing inventory declined 25.6% to 548 units from 737 units in the prior year quarter.  

-Lofts accounted for 13.7% of all apartment sales this quarter, the highest market share in 4 years.



SOURCE Prudential Douglas Elliman