Showing posts with label market report. Show all posts
Showing posts with label market report. Show all posts

Aug 13, 2013

Manhattan Market Monthly Report | July 2013

Manhattan Monthly Market Snapshot

Marketwide Summary

Average price per square foot for condos and coops increased significantly this month over last July. The strength of the market is evident in the rising prices and the increase of contract activity this July over July2012. Average sale prices rose 55% year-over-year for condominiums and 69% for coops. This can be attributed to a decline in sales under $1M and a tremendous 400% growth in Corcoran sales over $5M this July compared to last July.

The number of contracts signed this July outpaced last July's number by 25% for condos and by 20% for coo-ops. Negotiability for buyers and the average days on market both declined last July. This July there was a 23% decline in total listings compared to July 2012.

Aug 10, 2012

Manhattan Monthly Market Snapshot | July 2012


Dec 5, 2011

Manhattan Lofts

Manhattan Loft Market Report

Median price, at $1.7 million held relatively firm over both time periods.

At $1,188, loft average price per square foot increased 6% from both Second Quarter 2011 and Third Quarter 2010. Price growth was most prevalent in the 2,500-plus square foot category; median price increased 11% from last quarter and 13% from a year ago.

Data from third quarter 2011 Corcoran Report

Currently there are approximately 400 active loft listings for sale throughout Manhattan. They range from $600,000 for a 1200 square foot walk-up in Harlem to a 10,911 square foot 19 room, 7 bedroom, 5.5 bath Penthouse at The Muitions Building in Tribeca for $28 million.

As always, I will continue to follow closely sales activity and trends in Manhattan Lofts, and would welcome the oportunity to answer any questions about this report, the market in general or any questions about buying or selling real estate in Manhattan.

Sep 9, 2011

9/11 - New York's Real Estate Market A Decade Later

9/11 - New York's Real Estate Market A Decade Later

I will always remember that sunny September day 10 years ago, all the innocent lives lost and all the heroes who sacrificed their lives to save others. 

This blog is a market report about the Rebirth of Lower Manhattan and New York's Comeback.
Since September 11, 2001, the number of people living in Lower Manhattan has nearly doubled. In fact, Lower Manhattan has added more people over the past ten years than Atlanta, Dallas and Philadelphia combined.

Our city’s rapid economic recovery was the result of strong leadership at all levels of government (local, state and federal) and the resilience of all New Yorkers who were determined to come back from this unthinkable event stronger than ever.

Today Lower Manhattan is full of new housing, restaurants, hotels, bars, parks, schools, open spaces and new businesses big and small. Despite wide spread fear after 9/11 that New York's economy would never recover, The Real Estate Board of New York's (REBNY) examination of the city's real estate market shows that the city has demonstrated strength and resilience in the ten years following the attacks.

REBNY Study NY Real Estate A Decade after 9/11

Ten years later, New York City’s economy is strong and its real estate market is robust. REBNY has compiled data that chronicles the strides of NYC's real estate market in the last decade. Stimulated by government incentive programs, including grants for businesses and rent stipends for residents near ground zero, New York City has recovered and continues to thrive.

Today, New York City is thriving. Our population is growing and the city is adding new jobs. In re- sponse to the attacks, New York City has been a national leader in implementing more stringent building safety requirements. These include wider emergency exit stairs to make evacuations quicker, the installation of photoluminescent strips to make building evacuations safer and the full sprinklerization of office buildings to better safeguard property and protect lives.

In the spirit of the fellowship and unity that brought New York together in the wake of the September 11 attacks, Community Board 1 invites you to join us for Hand in Hand -- Remembering 9/11 as we stand together to show our resilience, unity and remembrance.

On Saturday, September 10th, 2011 at 8:46am, we will commemorate the 10 year anniversary of the September 11th attacks, when thousands of people will grasp hands to form a human chain along the waterfront from the tip of Lower Manhattan heading north.
> Register now.

courtesy of:
Mitchell Hall, Associate Broker, The Corcoran Group
REBNY member


Jul 6, 2011

Second Quarter 2011 Manhattan Market Report

Market-wide pricing for all apartments grew at a steady rate from both Second Quarter 2010 and First Quarter 2011, largely due to price growth in the resale market. Resales have been strong, with median price up 9% and average price per square foot up 4% from one year ago.

Corcoran 2Q 2011 Manhattan Market Report
Click the image above to download complete 2-Q market report:

Each market segment and neighborhood has it's own nuances. If you're thinking about buying or selling a home, or would like to discuss the market or this report please contact me.

Mar 2, 2011

Manhattan Townhouse Market Report

The Corcoran Group published the Manhattan Townhouse Report. The report is a survey of closed sales market-wide in 2010 (as compared to 2009).  It surveys several distinct markets, as well as the luxury high-end, breaking out single-family homes from multi-family ones (for the purpose of the report, multi-family townhouses contained two, three or four units only; buildings with more were classified as apartment buildings and were not included).  Only arms-length transactions are studied.

In 2010, there were 196 market-wide townhouse transactions, a 61 percent increase over 2009. Both
the single-family and multi-family sectors increased in sales volume, by 68 percent and 54 percent,
respectively, versus 2009. While both markets improved sharply in sales from a year ago, price
performance differed considerably.

In the single-family market, median price grew 6 percent from a year ago to $5.825 million while
average price per square foot increased 8 percent to $1,619. Multi-family townhouse sales, however,
decreased 3 percent in median price to $1.65 million while average price per square foot decreased 12
percent to $709 per square foot.

Jan 4, 2011

Fourth Quarter 2010 Manhattan Market Report

The Fourth Quarter Corcoran Report 2010  has been published is available to download  and is live on

2010 has been an encouraging year in Manhattan real estate, which experienced a 20% boost in sales transactions compared to full-year 2009, even with a 17% decrease in sales transactions in Fourth Quarter 2010 compared to the same quarter in 2009.

Following normal seasonality, market-wide Fourth Quarter sales were 11% lower than Third Quarter 2010. In Fourth Quarter 2010, mortgage rates remained at very attractive levels with the 30-year fixed-rate mortgage hitting a record low in November.

Pricing market-wide is stable. The Fourth Quarter median price for all market-wide transactions increased 3 percent from a year ago to $825,000, while average price per square foot remained even at $1,030. Pricing typically eases at the end of the year and 2010 was no exception; compared to Third Quarter 2010, median price declined 5% while average price per square foot remained unchanged, in large part to a higher percentage of smaller apartments having sold this quarter.

New development sales accounted for 19 percent of market-wide transactions this quarter, down slightly from Third Quarter 2010 but even with Fourth Quarter 2009. Prices of new development sales have clearly re-adjusted and were lower from both a year ago and the Third Quarter. However, a continued decline in and a limited outlook for new inventory is reducing options and intensifying competition among buyers who favor new developments.

Nov 19, 2010

NY Still Bucking National Housing Price Trends

The Real Deal reported as overall U.S. home prices declined year-over-year in September 
for the second straight month, New York was the state with the highest level of home 
price appreciation in the country, with a 2.67 percent increase, according to a new report 
from analytics firm CoreLogic

That figure includes sales of distressed homes; excluding distressed home sales, 
New York home prices rose by 3.82 percent in September, compared to September 
2009. However, New York was one of just seven states to see home prices increase 
during that period, as the national housing market continues to struggle. According to 
the report, the country saw home prices depreciate by 2.79 percent in September, up 
from the 1.08 percent depreciation seen in August. 

In Manhattan the numbers for October 2010 are even better. Both condo and coop 
sales increased from September 2010. 

Below is The Corcoran Group: Manhattan Monthly Market Snapshot for October 2010.
Click to enlarge

Click to enlarge

click to enlarge

Oct 4, 2010

Manhattan Market Third Quarter Report - 2010


Third Quarter Corcoran Report, the quarterly survey of residential real estate sales in Manhattan.  This report compares data based on deals that closed in 3Q 2010 (July 1 through September 30) with those closed in the prior quarter and in the same quarter one year ago.

Thus far in 2010, the Manhattan market has achieved a new equilibrium in pricing and pace. Buyers have been quick to take advantage of favorable interest rates and price points down 20% from their peak in 2008.  However, those prices have stabilized noticeably; in the third quarter most homes appreciated in value by modest margins. 

The Third Quarter has historically been a period of slower activity and 2010 was no exception; the number of sales eased back from the breathless pace of the first two quarters.  In an interesting contrast, sales – which in the first part of the year were dominated by studio and one-bedroom units – saw an increase among larger apartments in the Third Quarter.

Jul 1, 2010

Manhattan 2nd Quarter Corcoran Report Released

The Second Quarter Corcoran Report has been released. The report is a quarterly examination of Manhattan's residential real estate market.

The report utilizes market wide data based on deals that closed in the Second Quarter 2010 (April 1 through June 30) and compares it to closings that took place last quarter and during the same quarter one year ago.

Closings usually occur eight to twelve weeks after a contract is signed (in new development, the wait can be as long as two years); for that reason, the sales activity charted here trails actual market conditions.

The Second Quarter is typically the strongest sales period of the year. The Second Quarter 2010 brought a flurry of buyers back to the residential real estate market in Manhattan.

Approximately forty-seven percent more transactions occurred during Second Quarter 2010 than in the same quarter one year ago, making this the strongest quarter since before the market’s downturn in September 2008.

A variety of factors encouraged buyers this quarter: stabilized prices, lower inventory levels, interest rates at historic lows, increased consumer confidence, a strong lending environment with greater availability of jumbo loan financing, and the completion of many new developments.

Pricing this quarter showed further signs of stability. Market wide, the median price of all Second Quarter 2010 sales was $810,000 with an average of $1,040 per square foot. Overall, these metrics remained at levels nearly equivalent to the Second Quarter 2009 and the First Quarter 2010.

The the role of the first-time home buyer tax credit has been marginal to Manhattan sales, and that the strength of our market is attributable to other factors. New development regained some market share this quarter and accounted for twenty percent of all sales.

download the complete 2nd Quarter Corcoran Report

Apr 2, 2010

First Quarter 2010 Manhattan Market Report

The First Quarter Corcoran Report

Corcoran Group Real estate in collabaration with Property Shark released it's Manhattan residential real estate market report utilizing market-wide data based on deals that closed in the First Quarter of 2010 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter one year ago.

Closings usually occur eight to twelve weeks after a contract is signed (in new development, the wait can be as long as two years); for that reason, the sales activity charted here trails actual market conditions.

The First Quarter 2010 saw a healthy return of buyers to the market. Twenty-three percent more properties sold in the First Quarter of 2010 than in the same quarter one year ago.

Favorable market conditions such as price stabilization, low mortgage rates, renewed confidence in the economy and the extension and expansion of the home buyer tax credit made this an ideal time to purchase property.

Buyers have begun to realize that, from here on out, prices will more likely go up than down. As a result of buyers’ increased activity, the price reductions that characterized the post-Lehman
market (from September 2008 through the Third Quarter of 2009) ended in the Fourth Quarter of 2009 and stabilized in the First Quarter of 2010.

Market-wide, the average sale price and the average price per square foot of an apartment were up 2 percent versus last quarter; for resales only, these metrics were up 3 percent.

Manhattan Market Trends - Market Wide.

Sales increased strongly versus a year ago. While prices are generally lower than First Quarter 2009, market-wide median prices are up versus Fourth Quarter 2009.

Uptown new development median price increased 12% from Fourth Quarter 2009 while average price per square foot inched up slightly by 1%. Median price for one-bedroom residences increased 30%

Buyers have recognized that now is a great time to purchase property. As of this writing, the number of market-wide closed sales in First Quarter 2010 is 23% higher than First Quarter 2009.

Once all First Quarter 2010 sales are tallied (due to the lag time between a closing and its recording not all sales are able to be included in this report), we estimate that the number of sales could be as much as 70% higher than a year ago.

Resale activity was strongly improved with increased activity in both co-ops and condominiums and in all neighborhoods compared to a year ago.

Manhattan Market Trends Coops and Condos

One aspect of the current recession is how quickly price corrections occurred. Over the course of only a year, median co-op sales price declined 14% from peak to trough (Third Quarter 2008 to Third Quarter 2009).

In a year-and-a-half, co-op price per square foot declined 19%. Condo median price declined 22% between Fourth Quarter 2008 and Fourth Quarter 2009 and price per square foot declined 17% between Fourth Quarter 2008 and Second Quarter 2009.

All of these metrics are now higher than they were at their 2009 troughs. Co-op Historical Sales Prices (Four Years)

For the complete: First Quarter Corcoran Report

Jul 7, 2007

Manhattan Market Still Rising: 2Q-07 Update

This week Manhattan brokers released their 2Q-07 market reports. While the numbers are always a little different from each report the consensus seems to be condo prices rose while coops prices declined slightly and overall apartment average prices are up and inventory is down.

According to a report by Miller Samuel, a leading appraisal company the average sales price of Manhattan condos and co-ops dropped from $1.39 million in second-quarter 2006 to $1.33 million in second-quarter 2007, and the median sales price rose from $880,000 in second-quarter 2006 to $895,000 in second-quarter 2007.

The average price per square foot was $1,139 in the second quarter, up 5 percent compared to second-quarter 2006, and the for-sale inventory declined 31.5 percent, to 5,237 units.

Price per square foot increased 10.7 percent among uptown for-sale units, to $630; 7.2 percent for downtown units, to $1,099; 4.3 percent for west side units, to $1,153; and declined 4 percent for east side units, to $1,134.

Condos and co-ops spent an average 117 days on market in the second quarter, down 18.6 percent compared with 144 days in second-quarter 2006.

While the median sales price of Manhattan condos climbed 5.1 percent and the average price rose 0.3 percent in the second quarter compared to the same quarter last year, the median sales price of co-ops dropped 3.7 percent and the average price dropped 11.2 percent.

Miller Samuel reported 1,595 co-op sales and 2,344 condo sales in the second quarter.

Brown Harris Stevens and Halstead Property, in their report by economist Gregory J. Heym, announced a 7 percent rise in the average price and an 11 percent rise in the median price of Manhattan co-ops and condos in the second quarter compared to the same quarter last year.

The average sale price, according to this report, rose across the board for every size co-op and condo in the second quarter compared to the prior year's quarter, and was up 18.3 percent for units with four or more bedrooms, 11.4 percent for studios, 10 percent for one-bedroom units, 5.1 percent for two-bedroom units and .06 percent for three-bedroom units.

The average price per square foot for Manhattan condos and co-ops increased from $999 in second-quarter 2006 to $1,122 in second-quarter 2007, a rise of 12.3 percent.

The market is strong in Manhattan I see it everyday. However these numbers should always be taken with a grain of salt. No body lives in an average or median apartment. There are always variables and not every apartment goes up or down in sync.

Many people want to live in Manhattan. From all demographics and all over the world. For many buyers condos have always been worth more simply because they are easy to buy and many buyers might not be eligible for a coop and there are less condos than coops in Manhattan.

Coops are still a fact of life for most Manhattanites but the "exclusivity", "character and charm" along with difficult boards are becoming less desirable as opposed to new luxury condos with many amenities and flexibility for the new breed of buyers in Manhattan.

For more information: Miller Samuel, New York Times

Jun 20, 2007

Hot Town, Summer in the City: Residential Market Report

Summer is here and the Manhattan Residential market has not cooled down. Sales activity remains strong, especially among the priciest properties reports The Real Deal.

While new condos hit the market, co-ops are in short supply. Listing inventory is up, but less than last year and the upper end of the market is thriving.

On May 15th I posted the REBNY Residential city wide sales report that reported a 23% increase in apartment sale prices in NYC for the 1st quarter of 07 compared to 06. According to the REBNY report the average first quarter sale price rose to $1,107,000.

Jonathan Miller, president of Miller Samuel appraisal firm says prices rose 5.4% to $1,290,000. There is high level activity across the market and upper-end pricey properties areharder to find.

I've been very busy the last several months. Actually it's been really busy since Thanksgiving. The market has been busy there are bidding wars. Some apartments in bidding wars are selling for 20% above ask.

I really thought after Memorial Day it would be slow and I could get to the beach this summer. I thought wrong. I guess there is always 4th of July.

Feb 15, 2007

Moving on UP! Uptown Prices Soar!

Upper Manhattan Prices Boom from end of 2005 to end of 2006

Price information provided by the appraisal firm
Miller Samuel in the February issue of The Real Deal reports Upper Manhattan had the biggest price increases more than any other neighborhood in Manhattan between 4th Q 2005 and 4th Q 2006.

Washington Heights had the largest percent increase in average apartment price, reaching $543,100 in the fourth quarter of 2006 up from $282,333 in Q4 2005. A 92.4% gain over the last year.

Uptown Hamilton Heights and Morningside Heights increased 42.6% with average sale prices increasing from $355,157 in Q4 2005 to $506,3555 in Q4 2006.

Downtown lofts in Soho and Tribeca also saw large gainss 20.9% from $2,060,360 in 4Q 2005 to $2,491,298 in the last quarter of 2006. Lincoln Square 19.8% from $1,519894 4Q 2005 to $1,820,871 in 4Q 2004

Harlem and East Harlem had the largest rise in average price per square foot jumping 43%, from $474 to $678. followed by Soho and Tribeca increasing 27.1% from $1,048 to $1,332. followed by Soho/Tribeca at 27.1%. Soho and Tribeca had the highest average rents among Manhattan neighborhoods.

Average prices per square foot were down in several prime neighborhoods, including Greenwich Village, the Upper East Side and the Upper West Side.

The average Manhattan price rose 3.2 percent from the end of 2005 to the end of 2006
According to a report by Miller Samuel, median apartment prices in Uptown manhattan rose 349 percent from 1995 to 2004, going from $68,000 to $305,000 – twice as fast as in other parts of Manhattan.

The market outlook for 2007 is strong with record Wall Street bonuses and the continuing of new developments.

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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