Thursday, July 7, 2011

Second Quarter Manhattan Real Estate Market Reports


  • Stability is the word for the Manhattan Real Estate Market;
  • Manhattan is showing steady sales, flat prices and inventory, even while many other housing markets are in an uncertain struggle;
  • Total number of sales in the 1st quarter was off somewhat from last year's 2nd Quarter, but probably because of the burst of sales a year ago due to the now expired federal tax credit;
  • According with Miller Samuel Inc.: 
  • The average sale price for a Manhattan apartment in the latest quarter was $1,46 million, up 1.6% from a year earlier, while the median price was $850,000 down 5.5% from a year ago, but 8.7% higher than the 1st quarter; 
  • Sales were off 3.8% from a year ago (Streeteasy.com said sales fell 12.3%);
  • The median price for a one bedroom co-op fell by 8.2%, the median price for a three-bedroom co-op rose by 37.5% to $3 million over a year earlier;
  • Price per square foot rose 1.6 percent;
  • Manhattan is one of the better markets in the country, along with D.C.
  • The top market tier had a lot more activity;
  • New York City's unemployment rate in May was 8.6 percent, with an increase in private sector jobs that was well above the 10-year averages for the March to May period;
  • There are some concerns about tightening of loan limits under federal guidelines that take effect in October;
  • Foreign buyers from Asia, Russia and Brazil have been another source of demand for the New York city's market;
  • Reports showed an increase of 10-20 percent in the total number of sales in the 2nd quarter in relation to the first three months of the year, but a decrease of 4-7 percent from the same time last year;
  • The average listing remained on the market for 132 days, a 29.5 percent year-over-year increase, but actually consistent with a 10-year average; 
  • New developments seem to be suffering the most with their median sale prices plunging 15.7 percent from last quarter , and 19 percent from the year before, to $1,13 million, and the average price per square foot for a new Manhattan development fell 9 percent tin the 2nd quarter to $1,069;

The Wall Street Journal: Manhattan Sales Hit Jogging Speed
Reuters: Manhattan apartment prices up slightly in second quarter
The New York Times: Rise in High-End Sales Buoys Manhattan Housing Market
The Real Deal: Manhattan home sales market continues to stabilize: reports
Crains NY: Manhattan residential market held on in 2Q
NY Daily News: Manhattan apartment prices on the rise as wealthy buyers snap up properties, wake up housing market


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Chart of Manhattan sales prices (Source: Halstead Property)

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