The Douglas Elliman Report: Manhattan Sales 2Q 2011 -- Prepared by Miller Samuel

NEW YORK, July 1, 2011 /PRNewswire/ -- The Douglas Elliman Report:  Manhattan Sales 2Q 2011 reveals that sales of Manhattan co-ops and condos were below last year's tax credit-stimulated levels, but have been rising since the beginning of the year consistent with seasonal expectations.  The amount of active listings slipped over the past year and overall housing price trends continued to reflect stabilized conditions.  

"Relative to other housing markets across the country, Manhattan continues to be one of the best performing markets to date," said Dottie Herman, President & CEO of Prudential Douglas Elliman. "While our regional economy is showing a slow pace of improvement, we anticipate the Manhattan housing market to follow the same trend for the remainder of 2011."

"The luxury market, which represents the highest 10% of all sales, showed price gains over last year as Wall Street and foreign buyers continue to drive demand," said Jonathan Miller, the report's author.

Key Trend Metrics

• Median sales price was $850,000, down 5.5% from $899,000 in the prior year quarter but up 8.7% from $782,071 in the prior quarter.
• Price per square foot was $1,068, up 1.6% from $1,051 in the prior year quarter and up 4.2% from $1,025 in the prior quarter.
• Average sales price was $1,455,098, up 1.6% from $1,432,712 in the prior year quarter and up 9.3% from $1,331,306 in the prior quarter.
• Number of sales slipped 3.8% to 2,650 from 2,756 sales in the prior year quarter but increased 10.7% from 2,394 sales in the prior quarter.

• Pending price index increased 14.3% from the same period last year but increased 10.6% from the prior quarter.
• Pending sales index fell 30.7% from the same period last year but increased 2.1% from the prior quarter

• Listing inventory slipped 1.1% to 8,070 units from 8,157 units at this time last year.
• Days on market was 136 days, up from 105 days this time last year.
• Listing discount was 3.5%, down from 9.1% in the same period last year.

Co-op Market

• Median sales price this quarter was $700,000, up 0.4% from $697,501 in the prior year quarter.
• Number of sales increased 13.5% to 1,366 units, from 1,203 units in the same period last year.

Condo Market

• Median sales price this quarter was $1,070,000, down 2.7% from $1,100,000 in the prior year quarter.
• Number of sales dropped 17.3% to 1,284 units, from 1,553 units in the same period last year.

Loft Market (co-op and condo sales)

• Median sales price this quarter was $1,675,000, up 6.7% from $1,570,000 in the prior year quarter.
• Number of sales fell 21.4% to 206 units, from 262 units in the same period last year.

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

• Median sales price this quarter was $4,550,000, up 11.2% from $4,093,365 in the prior year quarter.
• The lower limit of the top ten percent of all sales this quarter was $2,950,000.

New Development Market (co-op and condo sales)

• Price per square foot was $1,160, down 1.7% from the prior year quarter result of $1,180.
• Number of sales rose 7.2% to 577 units, from 622 units in the same period last year.

• Active inventory declined 21.3% to 1,626 units from 2,067 units in the prior year quarter.  
• New development accounted for 21.8% of all 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. They are exclusive strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. 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 Prudential Douglas Elliman