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

Jan 5, 2016

Manhattan Market Report Fourth Quarter 2015

I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2015 (October 1st through December 31st).

Key Findings of the Fourth Quarter Report:

·         A new record price.  The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded.  The median price per square foot is now $1,348, up 12% from a year ago.
·         More closings but fewer contracts. Though closings continue briskly, the pace of sales slowed as 12% fewer contracts were signed in the fourth quarter versus the year prior.
·         More inventory, finally. The available inventory of homes was up 14% from a year ago, though the total is just over 5,000 – a level we still consider “undersupplied.”

As always, I will continue tracking the residential market closely throughout 2016, and would welcome the opportunity to answer any questions you may have about the market report or the market generally. 

If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service.

Dec 18, 2015

Manhattan Market Report | November 2015

Market Wide Summary

Overall Manhattan contract activity was level compared to last year yet lower than October, typical of past November trends. There was an uptick in new development sales, driven by sales at entry level and mid-market new developments. As a result, these sales contributed to the decline in overall condo average price. There were fewer total listings on the market than a year ago. However, overall inventory is only skewed lower due to the significant decline in co-op listings as condo inventory increased.

Inventory remains very limited, especially among units under $1M. This month buyers were still able to negotiate the asking price, yet only marginally in both markets. Discounts were the most pronounced in sales over $3M, corresponding to the category that has seen the most inventory growth and thus, more competition. The co-op market remains extremely tight and days on market continued to shrink for this product type. The opposite appears to be occurring in the condo market; days on market was higher than the same time last year.

Condominium Market Snapshot

Condo sales were down compared to last month, in line with previous Novembers, but remained level with last year. Listed inventory was 4% higher than the same time a year ago. Negotiability, on average, was 1.6% below the asking price, nearly unchanged from last month and last year. The length of time condos were on the market grew to 106 days, a 16% increase versus last year.

Average and median condo sale price declined year-over-year as market share shifted away from three+ bedroom sales. Price per square foot dropped 13% relative to last November. Studio price per square foot figure dropped 18%, but is often skewed by the low number of studio sales each month. Price per square foot figures for one and two bedrooms, which comprised 74% of transactions this month, both increased versus last year. Three+ bedroom price per square foot declined 32% year-over-year, which was skewed higher last November by several new development sales including a penthouse at Walker Tower.

 Cooperative Market Snapshot

Co-op sales were down slightly versus last year and held steady with last month. Listed co-op inventory declined 13% compared to last year, making November the twelfth consecutive month of year-over-year declines in co-op inventory. With low inventory, negotiability remains very limited at an average of 0.4% off the asking price. Days on market fell 28% versus last year to just 70 days.

Sale prices jumped year-over-year in all bedroom categories. The 61% price jump for three + bedroom units is explained by a high priced sale at The Carlton House. In spite of these notable price increases in each bedroom category, overall overage and median sale price changed little compared to last year, partially due to a shift away from two and three + bedroom sales in terms of market share.

Manhattan Total Inventory by Pricepoint

With the Autumn selling season winding down, total inventory declined 5% month-over-month. Inventory was down 3% compared to November last year, driven by the 13% year-over-year drop in co-op listings. Condo inventory expanded by 4% versus November last year, but declined from the two year high seen in October. Townhouse listings held steady with last year and grew a modest 2% compared to October.

Manhattan Total Listings

Manhattan listings below $1 Million continued their steady decline this month, dropping to just 30% of total listings, down from 38% last November. This decline in listings below $1 Million was matched by an increase in listings priced above $3 Million. At 34% of total Manhattan listings, listings above $3 Million now occupy a significantly higher proportion of total inventory than listings below $1 Million.

Oct 22, 2014

Manhattan Monthly Market Report | September 2014


Manhattan Monthly Market Report | September 2014

The Manhattan market came back strong in September. Year-over-year prices rose in all measures, in some cases by very significant percentages.

For the first time since January, September saw year-over-year gains in contracts signed in both the condo and the co-op markets. 

Average discount from asking price is up slightly for both condos and co-ops, but smaller than the discounts given a year ago. Days on market showed month-over-month increases, but this is likely a result of less buying activity through the month of August.

Apr 1, 2011

Manhattan Market Report - 1st Quarter 2011

Corcoran Manhattan Market Report Q12011

The Manhattan market had a solid performance during First Quarter 2011. The number of sales was improved both versus last year (up 6%) and last quarter (up 7%).

Prices continued their steady course. Market-wide for all apartments the average price was up 2%, median price was down 2% and average price per square foot was down 1% versus First Quarter 2010, all negligible changes. Listed inventory is virtually unchanged from First Quarter 2010 at approximately 9,000 units available for sale.

However, nuances in supply and demand are having different effects between various neighborhoods, product types and market segments. For example, resale condominium median price is up 11% versus a year ago and average price per square foot is up 5%.

But new development median price is down 5% and average price per square foot is down 6%. Why the difference? The supply of new developments is decreasing, as the lack of construction financing for developers means there are very few new properties coming online now.

This is particularly true at the high-end of the market, where most luxury new developments are completely or nearly sold out. As a result, the new development sales that do occur are in lower-priced properties, bringing the average down. Demand for condominiums is therefore shifting to the resale market, driving prices there higher.

 (Download complete Corcoran Manhattan Report)

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

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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