The Manhattan residential real estate market saw more of the same characteristics as the prior 2 quarters of 2007 did.
An elevated number of sales, declining inventory, modest price increases overall but sharp increases seen at the upper end of the market.
It is likely too soon that the events of the credit crunch that began in mid-July will have an effect on market conditions in the 3rd quarter. Its impact, if any, would more likely be seen in the coming two quarters.
The number of sales increased 65.6% this quarter to 3,499 units as compared to the 2,113 units sold in the prior year quarter.
Listing inventory fell 31.7% to 5,204 units from the prior year quarter total of 7,623 units.
Days on market was 123 days this quarter, faster than the 150 days seen in the same period last year.
Listing discount was 2%, down from 4% during the same period last year.
Price levels were generally up this quarter, with the greatest price gains seen in larger apartments, namely 3-bedroom and 4-bedroom units with a 17.9% and 16.4% gain respectively over the same period last year.
The average price per square foot increased 9% to a record $1,144 over the prior year quarter result of $1,050 (0.4% above the prior quarter result of $1,139).
The median sales price increased 2.3% to $864,397 over the prior year quarter result of $845,147 (3.4% below prior quarter record result of $895,000).
The average sales price decreased 0.8% to $1,290,391 over the prior year quarter result of $1,300,928 (5.4% above the prior quarter result of $1,224,840).
Co-op Market
The average sales price of a co-op this quarter was $1,118,465, up 2.8% from last year at this time. Average price per square foot increased 9.2% and and median sales price slipped 2.4% from the same period.
Inventory levels for co-ops fell 32.8% to 2,472 units as compared to the prior year quarter total of 3,680 units. Co-op listings are comprised of nearly all re-sales, with only about 1.6% of new co-op development added to the housing stock.
Condo Market
The average sales price of a condo this quarter was a record $1,638,798 this quarter, up 9.2% from last year at this time and up 12.4% from the prior quarter. Average price per square foot and median sales price showed 9.1% and 5.2% gains respectively from the prior year quarter.
Inventory levels for condos totaled 2,732 units, down 30.7%% from the prior year quarter total of 3,943 units. New development was estimated to account for 36.7% of condo inventory this quarter.
Luxury Market (upper 10% of all co-op and condo sales)
The average sales price of a luxury apartment this quarter was the second highest on record at $5,085,883 this quarter, up 12.8% from last year at this time and up 10.3% from the prior quarter. Average price per square foot and median sales price showed 16.7% and 16.3%% gains respectively from the prior year quarter.
Loft Market (co-op and condo sales)
The average sales price of a loft apartment this quarter was $2,069,364 this quarter, up 4.9% from last year at this time but down 14.2% from the prior quarter. Average price per square foot and median sales price showed 8.8% and 20.1% gains respectively from the prior year quarter.
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