NEW YORK, April 1, 2011 /PRNewswire/ -- The Douglas Elliman Report: Manhattan Sales 1Q 2011 reveals the first quarter of the Manhattan housing market showed a modest uptick in sales but declines in all the price indicators. However, the declines were generally attributable to the expiration of the tax credit last spring and the significant shift in the sales mix toward co-ops over condos – markets that performed very differently in the quarter. Inventory edged lower and the number of contracts increased from the prior quarter.
"While there were about the same number of Manhattan co-op and condo sales as there were last year at this time, overall prices were below last year's levels as the market began to move away from the expiration of the federal homebuyers tax credit in mid-2010," said Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report.
"Although housing continues to face economic challenges from high unemployment and tight credit conditions, the market has rebounded significantly over the last year and a half," added Dottie Herman, President and CEO of Prudential Douglas Elliman. "We look forward to a healthy and stable 2011."
Key Trend Metrics
- Price per square foot was $1,025, down 1.3% from $1,038 in the prior year quarter and down 3.2% from $1,058 in the prior quarter.
- Median sales price was $782,071, down 9.9% from $868,000 in the prior year quarter and down 7.4% from $845,000 in the prior quarter.
- Number of sales edged 0.4% higher to 2,394 from 2,384 sales in the prior year quarter and rose 4.3% from 2,295 sales in the prior quarter.
- Pending price index rose 7.1% from the same period last year but slipped 3.2% from the prior quarter.
- Pending sales index fell 14.2% from the same period last year but jumped 12.5% from the prior quarter
- Listing inventory fell 5.3% to 7,605 units from 8.027 units at this time last year.
- Days on market was 127 days, up slightly from 123 days this time last year.
- Listing discount was 4.5%, down from 5.3% in the same period last year.
- Price per square foot of a co-op this quarter was $896, down 1.3% from $908 in the prior year quarter.
- Number of sales surged 28.7% to 1,430 units, from 1,111 units in the same period last year.
-Listing inventory levels for co-ops increased 5% to 3,998 units from 3,809 units in the prior year quarter.
- Co-ops accounted for 59.7% of all apartment sales, its highest market share in 6 years.
-Price per square foot of a condo this quarter was $1,216, up 5.4% from $1,154 in the prior year quarter.
-Number of sales dropped 24.3% to 964 units, from 1,273 units in the same period last year.
-Listing inventory levels for condos fell 14.5% to 3,607 units from 4,218 units in the prior year quarter.
-Condos accounted for 48.3% of all apartment sales and 40.3% of all active inventories this quarter.
Luxury Market (upper 10% of all co-op and condo sales)
-Price per square foot was $1,899, up 1% from the prior year quarter result of $1,881.
-The lower limit of the top ten percent of all sales this quarter was $2,750,000.
-Listing inventory fell 31.8% to 1,025 units from the same period last year.
-Days on market were 128, down sharply from 193 days in the prior year quarter.
-Listing discount was 5.6%, up from 3.6% this time last year.
Loft Market (co-op and condo sales)
-Price per square foot was $1,101, down 1.8% from the prior year quarter result of $1,121.
-Number of sales rose 5% to 189 units, from 180 units in the same period last year.
-Listing inventory declined 15.6% to 469 units from 556 units in the prior year quarter.
-Lofts accounted for 7.9% of all apartment sales this quarter.
About Prudential Douglas Elliman Real Estate
Prudential Douglas Elliman Real Estate is New York's largest residential brokerage, with over 60 offices in New York City, Long Island, the Hamptons and Westchester/Putnam, 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 in 2007, 2008, 2009, and 2010. 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.elliman.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 has authored this report series since 1994. For more information visit www.millersamuel.com.
SOURCE Rubenstein Associates