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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.
Manhattan Market Trends - Market Wide
Sales activity continues to exhibit stability and was higher from both a year and a quarter ago. There were approximately 3,250 closed sales during First Quarter 2011, 6% higher than First Quarter 2010 and 7% higher than Fourth Quarter 2010.
This number is 6% lower than the trailing five-year average. Since the market stabilized in Third Quarter 2009, each quarter has seen sales volume over the 3,000 mark and has averaged around 3,275.
Luxury Market - Market wide
Manhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Compared to a year ago, luxury median price decreased 2% to $4.2 million while average price per square foot increased 1%, to $1,923.
Median price remained unchanged from last quarter but average price per square foot decreased 6%.
Luxury co-op prices increased significantly from First Quarter 2010, up 16% in median price and 18% in average price per square foot. This increase is due to the number of sales over $10 million more than doubling. The highest co-op sale this quarter was $36 million while in First Quarter 2010 it was $20.5 million.
Luxury condos increased 12% in median price but remained unchanged in average price per square foot versus a year ago.
Resale West Side
West Side resale co-ops decreased 8% in median price but remained unchanged in average price per square foot from a year ago. One- and two-bedroom residences decreased 5% in median price but three-plus bedroom residences increased 24% from a year ago due to a number of $14 million-plus penthouse sales on Central Park West.
Compared to Fourth Quarter 2010, median price fell at a higher rate, by 14%, while average price per square foot fell 4%.
Every bedroom category fell versus last quarter except for three-plus bedrooms, which increased 17%.
Resale condos increased 6% in median price and 9% in average price per square foot, most notably a 39% increase in three-plus bedroom residences. This significant jump is due to a number of sales at prime resale properties with views of and in close proximity to Central Park.
New Developments: West Side
West Side new development price metrics increased significantly from both last year and last quarter.
Compared to First Quarter 2010, median price jumped 32%, to $1.83 million, while average price per square foot increased 6%, to $1,294.
Compared to Fourth Quarter 2010, median price increased 13% with a 4% increase in average price per square foot.
While there were a significant amount of closings at 535 West End Avenue last quarter, average pricing was diluted by sales in conversion properties further uptown.
Hopefully you will find the following information helpful but remember that in today’s transitioning market, statistics only can tell so much. Dynamics can shift from block to block and from one price to another. I will be tracking this closely over the spring and summer months, and would welcome the opportunity to answer any questions about the report or the market generally.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.