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

Apr 3, 2014

Manhattan Market Report | First Quarter 2014

0 comments
Following an extremely strong 2013, closed sales in the Manhattan market remained numerous duringFirst Quarter 2014, up 25% year-over-year to over 3,200 sales. With a proportional increase
in sales at  the high end, the price per square foot and the average price both topped the Second Quarter 2008 peak.

Ultra-low inventory levels strongly contributed to this quarter’s substantial price appreciation.
Across the market, both the average price per square foot and median price increased by double digits
when compared to First Quarter 2013. 


Market-wide price per square foot averaged $1,276, exceeding the Second Quarter 2008 peak of $1,261 by 1%. Condominium values played a large role in that change; the average price per foot for resale condos reached $1,420, a 13% increase from First Quarter 2013. 

Year-over-year, the median price increased 12% for resale condos and 15% for resale co-ops. Larger units in particular continue to post significant price gains; three+ bedroom units gained 25% in median price market-wide this quarter, compared to an 8% gain in studio units.

Thanks to closings in major luxury properties, new development pricing also rose to new heights. Average price increased 69% to $3.285 million, median price 35% to $1.880 million, and price per square foot 40% to $1,776. With their outstanding popularity and intense demand from luxury buyers, new development products skew bigger than the rest of the market; 31% of new development closings this quarter were in three+ bedroom units. While new developments represented only 11% of market-wide closings, they drove some of the biggest price gains.


Despite the large increase in closings this quarter, signed contracts were down versus this time last year. This can be attributed in large part to limited inventory which in the First Quarter 2014 
was 17% lower than the First Quarter 2013 and the unusually harsh winter and lack of large new development projects opening this quarter also played a role. 




This report uses market-wide data based on transactions that closed in the First Quarter 2014 (January 1 through March 31) and compares it to closings that took place last quarter and during the same quarter last year. Closings typically occur eight to twelve weeks after a contract is signed in the resale market but can occur several years later for new developments. For that reason, the sales activity discussed trails actual market conditions.
  
For Manhattan property owners thinking of selling, there has never been a better or more advantageous time. For buyers looking to act in this market, swift and aggressive action is called for. 

Whichever you may be, I invite you to contact me with your questions about the First Quarter 2014 Corcoran Report and on the market in general.


Jan 7, 2014

Manhattan Market Report | Fourth Quarter 2013

1 comments
The key takeaways from this quarter’s report:
  •         Low inventory: available residences in Manhattan decreased in number for the twelfth straight quarter (three years).
  •         Demand is aggressive and on the rise: more contracts are being executed now than at the same time a year ago, a trend that has been ongoing for eight quarters (two years).
  •          Short supply and high demand meant higher prices: the price per square foot in Manhattan reached $1197, a five-year high (just 5% off the all-time high of $1261 in Q2 08)
  •        New development sales are pumping up luxury sales and resulting in dramatic price gains at the high end.
      The Manhattan market remained very strong during the Fourth Quarter 2013. Closed sales increased 1% year-over-year, exceeding 4,000 transaction sides for the third consecutive quarter. Additionally, signed contracts were up 10% versus the same quarter last year. Fourth Quarter 2013 was the eighth consecutive quarter with double-digit year-over-year gains in signed contracts. The sustained release of pent-up demand continued to drive this quarter’s sales performance. Fourth Quarter 2013 sales performance is even more remarkable considering the current low inventory level.




      This was the twelfth quarter of year-over-year listing decline. Condo inventory declined 3% and co-op inventory declined by 8% compared to Fourth Quarter 2012. Inventory is currently 54% lower than its peak of 12,336 listings in the First Quarter of 2009.



     For property owners thinking of selling, there has never been a better or more advantageous time since before the financial collapse of 2008. For buyers looking to act in this market, swift and aggressive action is called for. Whichever you may be, I invite you to contact me with your questions about the Corcoran Report and on the market in general.



 
 

Dec 19, 2013

Manhattan Monthly Market Report | November 2013

0 comments
Market Wide Summary

This month the condominium market experienced growth in both average price as well as price per square foot across all bedroom categories. 
November 2013 Manhattan Market Report marketwide
The co-op market declined by 10% year-over-year in average price, however median price and average price per square foot remained steady. In both markets larger units showed bigger price gains than smaller units. 

Also for both condos and co-ops, declining inventory paired with decreasing buyer negotiability and shorter average time on the market indicate a tightening of the market versus last year. Despite the diminishing inventory, contract activity increased year-over- year by 16% in the condo market and 9% in the co-op market, indicating strong demand.

Condominium Market Snapshot

The condominium market showed a strong performance in November 2013. Price per square foot grew in all bedroom categories by more than 19%. Larger units experienced bigger price per square foot growth with three+ bedroom units gaining a remarkable 30% year-over-year. 

Median price dropped 26% month-over-month, due to seasonal trends plus a smaller volume of two and three+ bedroom sales and an increase in one bedroom sales. Buoyed by higher-end sales in new developments, the average price increased by 6% year-over-year. Inventory continued to decline this month with a 12% drop since November 2012. 

Accordingly, buyer negotiability dropped from a 3.2% discount off last asking price to 1.3% and the average number of days on the market dropped 54%, from 187 to 86 days. These indicators together clearly support a tightening of the condominium market as supply and demand dynamics continue to drive price growth.

Cooperative Market Snapshot
November 2013 Manhattan Market Report coops
The co-op market showed strength during November 2013 with a continued trend of increasing price per square foot in all segments of the market. Units in the 3+ bedroom category saw the largest increase, with a 31% gain in price per square foot since November 2012. 

Two-bedroom units had the second largest gain, at 16% price per square foot increase year- over-year. Studio units gained 7% and 1-bedrooms saw the smallest gain in price, 4%. The limited inventory has tightened the market; the average number of days a property was listed on the market dropped significantly from both last month and last year, with 28% and 46% declines respectively. 

Average sale price dropped year-over-year by 10%, however median price and price per square foot held steady

November 2013 Manhattan Market Report

Oct 4, 2011

Manhattan Market Report: Third Quarter 2011

1 comments

The prices are boring, but the volume is exciting - 3,750 sales marketwide

This report uses market-wide data based on transactions that closed in the Third Quarter 2011 (July 1 through September 30) and compares it to closings that took place last quarter and during the same quarter one year ago. Closings typically occur eight to twelve weeks after a contract is signed; for that reason, the sales activity charted here trails actual market conditions.

  
Pricing market-wide continued to grow at a steady rate. While median price declined 2% from a year ago, average price per square foot grew 3% to $1,061. Compared to Second Quarter 2011, median price, at $854,750, grew 2% while average price per square foot rose slightly by 1%. Both resale and new development market pricing was higher over last quarter and last year. Despite diminishing inventory, the new development sector continues to attract significant demand. New development transactions accounted for 21% market-share this quarter, higher than Third Quarter 2010 when they accounted for 19%.

West Side Resales and New Developments, Click map for more Neighborhoods
Coops and Condos

Both resale and new development market pricing was higher over last quarter and last year. Despite diminishing inventory, the new development sector continues to attract significant demand. New development transactions accounted for 21% market-share this quarter, higher than Third Quarter 2010 when they accounted for 19%. Closings in new developments are comprised of a steady stream of sales in properties opened prior to the downturn as well as a wave of sales in newly completed buildings which opened in the past year. 

Manhattan Absorption
Luxury Market

Townhouses - Lofts

Download Comprehensive Report
Manhattan Market Report - 3rd Quarter 2011
Manhattan Market Reports

Apr 1, 2011

Manhattan Market Report - 1st Quarter 2011

3 comments
 
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)

 
HOME

Web Analytics

Clicky

This site and its feeds are owned and operated by Mitchell Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

Copyright 2006 -2013 nyc BLOG estate All Rights Reserved