Manhattan 2-Q 2010 Neighborhood Sales Comparison

By
Real Estate Agent with Compass

Downtown Manhattan, comprised of neighborhoods below 34th Street, accumulated the largest percentage of sales this quarter with 35%, a small increase in market share from First Quarter 2010.

The West Side accounted for 21% of sales while the East Side accrued 24%.

Downtown resales performed well versus a year ago. Resale co- ops increased 7% in median price as average price per square foot increased 5% versus Second Quarter 2009. One- and three- bedroom co-ops increased by 11% and 18%, respectively, from a year ago. Versus First Quarter 2010, condo median price increased 11% while average price per square foot increased by 4%.

West Side resale co-ops increased 7% in median price and 9% in average price per square foot versus Second Quarter 2009. As one- bedroom co-ops were the only category to increase in median price versus a year ago, this shift in overall median price was due to a higher number of transactions in the three-plus bedroom category. Versus First Quarter 2010, resale co-ops decreased by 3% in median price but increased by the same amount in average price per square foot. Resale condos increased 9% in median price and 10% in average price per square foot. Two-bedroom condos increased significantly in median price by 19%. Versus First Quarter 2010, West Side resale condos increased 2% in median price but decreased 3% in average price per square foot.

East Side resale co-ops increased 10% in median price versus Second Quarter 2009 while average price per square foot remained flat. Versus the prior quarter, median price increased 6% while average price per square foot decreased slightly by 3%. Resale condos decreased 10% in median price versus a year ago. Average price per square foot rose 7% from a year ago. Versus First Quarter 2010, median price decreased 14% while average price per square foot decreased 5%.

Uptown experienced a decrease of 7% in median price but a 1% increase in average price per square foot versus Second Quarter 2009. Three-plus bedroom co-ops increased 116% versus last quarter, mainly due to larger sized transactions closer to Central Park North. Resale condos Uptown increased 2% and 7% in median price and average price per square foot, respectively, versus First Quarter 2010.

Midtown West increased 17% in median price versus Second Quarter 2009 but decreased 5% in average price per square foot. This increase in median price was largely fueled by a 27% price increase in the one-bedroom category. Versus First Quarter 2010, median price decreased 1% while average price per square foot decreased 5%. In the Midtown West resale condo market, median price decreased 10% while average price per square foot increased 3% from a year ago. Versus First Quarter 2010, median price increased mildly by 2% as average price per square foot decreased 2%.

Midtown East resale co-ops experienced a 15% increase in median price but a 7% decrease in average price per square foot versus Second Quarter 2009. One bedroom co-op sales increased 8% in median price whereas the two bedroom category decreased by 21%. Versus First Quarter 2010, median price dropped slightly by 1% while average price per square foot decreased 7%. In contrast, resale condo sales increased 26% in median price and 6% in average price per square foot versus a year ago. All bedroom categories saw increases in price, but two- and three-bedroom condos rose significantly by 23% and 43%, respectively.

Luxury Market

Manhattan’s luxury market is defined as the highest priced 10% of all co-op and condo sales. Since Second Quarter 2009, the luxury market increased 7% in median price and 4% in average price per square foot. Versus First Quarter 2010, however, median price and average price per square foot decreased 8% and 4%, respectively. Luxury resale condos increased 23% in median price and 16% in average price per square foot versus Second Quarter 2009. Versus last quarter, resale condo median price increased 5% but average price per square foot decreased 7%. Luxury resale co-ops increased over the prior quarter by 5% and 2%, respectively, in median price and average price per square foot. Versus Second Quarter 2009, luxury new development sales increased 27% in median price but fell 7% in average price per square foot. Both median price and average price per square foot fell by 4% and 6%, respectively, over the prior quarter for luxury new development sales.

As always, I will be tracking the residential sales market closely over the summer months, and would welcome the opportunity to answer any questions you may have about the Manhattan real estate market.

Second Quarter 2010 Corcoran Report

Courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Oh no!  I'll never be able to afford to move back to New York with the prices going  up like that! 

Jul 08, 2010 04:45 AM #1
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Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Pat, You can always rent, although rentals are going up too.

Jul 08, 2010 05:03 AM #2
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Mitchell J Hall

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