Manhattan Real Estate Market Report - 3rd Quarter 2009
Significant findings in Q3 2009
CLOSING PRICES CONTINUE TO DECLINE FROM A YEAR AGO. Condo and co-op resale median prices have declined since last quarter and are still significantly down from a year ago. The overall average
- Condo resale median prices increased by 5.3% since last quarter to $937,500, but decreased by 14.6% since last year. Average price ($1.471M) is up 11.1% for the quarter but down 26.2% since last year.
- Co-op resale median prices decreased by 2.1% to $575K compared to last quarter and by 11.5% since last year. Average sales price ($878K) decreased by 4.3% since last quarter and by 21.3% since the prior year.
- New Developments median sales price increased by 1.8% since last quarter to $1.212M and by 24.3% since last year. Average sales price ($1.77M) also increased by 1.8% since last quarter and by 23.1% since last year.
VOLUME OF RESALE CLOSINGS INCREASE SIGNIFICANTLY. The number of closings has increased by 68.4%, from the 2,040 closings of last quarter, but is down by 21.7% from a year ago. Co-op resales have increased by 85% since last quarter and condo resales have increased by 75% since last quarter. The number of new development closings increased by 31% since last quarter but is still down by 65.3% since a year ago. New development closings made up 18.8% of the closings while co-op resales dominated activity at 54.9%.
INVENTORY STEADILY DECLINES. Inventory of available listings in
CONTINUED INCREASE IN NEW CONTRACTS. This quarter, there were 2,632 listings that went into contract, a 6.3% increase from last quarter’s number of new contracts (2,477). Additionally, there were 142 broken contracts, a 7.6% increase compared to last quarter’s 132.
FEWER PRICE CUTS. This quarter, 36.1% of all
LISTINGS SPEND A LONGER TIME ON MARKET FROM A YEAR AGO. The average time on market for condo resale listings decreased by 3.7% since last quarter but increased by 9.1% since last year, while co-ops sat on the market for 1.7% longer than last quarter, and 19.4% longer than the prior year. This quarter, condo resales stayed on the market for an average of 126 days, while co-op resales were on the market for an average of 120 days.