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Market Wide - West Side - Manhattan Market Quarterly Report - 1Q 2011

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Real Estate Agent

Manhattan Market report

 

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

New Developments

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.

This increase can be attributed to a concentration of sales at The Rushmore in the $2 million to $6 million range and one sale at 535 West End Avenue.

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.

 

Download Complete Report:

Manhattan Market Report 1st Quarter 2011

 

Courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

Apartment and Townhouse listings by email

How much is your Manhattan apartment or townhouse worth in today's market?


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Comments (11)

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

great local market report. I guess we can all agree on one thing...they are not making anymore Manhattan...what a great market to sell in :)

Apr 02, 2011 05:39 AM
Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

Great local report Mitchell! I'm just thankful that I found you on Active Rain to handle the family referral. From the snippets I've heard there were issues to be faced and your professionalism got the job done!

Apr 02, 2011 05:48 AM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Jeffrey, Thank you. You're right, they are not making Manhattan anymore except in a Las Vegas hotel. lol

Vickie, Thank you. I really appreciate your family referral. You have a wonderful family. They were perfect sellers, the nicest couple with the most adorable baby and smart, quiet, friendly cat. They always accommodated buyers by having their home accessible. The closing is scheduled for Monday 4/11.

I hope to send you a referral soon.

Apr 02, 2011 07:04 AM
MaryJane Sheppard
The Van Dyk Group - Real Estate - Long Beach Island, NJ

Hi Jeffrey......great to see these market stats on Manhattan....I like to keep up on the info there as we have many clients who have primary residences in NYC and second homes on LBI (NJ).  Besides, I just love NYC!!!  You're very lucky to live & work in that fabulous city!

Apr 02, 2011 11:49 AM
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

Now this is a market report that is worthy of a feature. Exceptionally detailed and to the point.

Apr 02, 2011 01:21 PM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

Mitchell,

Thanks for the very comprehensive update. Manhattan is THE market in my opinion. I watch it even from Toronto.

The Toronto market has been hot, and is now higher than ever.

Brian

Apr 02, 2011 03:40 PM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Mary Jane, Thanks for stopping by, I've been getting a lot of clients from Jersey too. They love the Upper West Side

William, Thank you. I wasn't expecting a feature. Been out all evening, It was a pleasant suprise.

David, Thanks, block by block even building to building and apartment to apartment. Different size apts are in play at different times. The rental market is very active too.

Brian, Thanks, Toronto is a great city. Good luck, hope you have a great Spring seaason.

Apr 02, 2011 04:34 PM
Debbie Gartner
The Flooring Girl - White Plains, NY
The Flooring Girl & Blog Stylist -Dynamo Marketers

Thx for the update.  NYC helps stabilize our area here in Westchester.

Apr 02, 2011 10:57 PM
Elliott S. Topkins
Topkins & Bevans-etopkins@topbev.com - Boston, MA
Massachusetts Real Estate and Title Atty

Michael_- I am a Massahusetts real estate lawyer with three, soon to be four, kids living in NYC. Your material is always relevant, and I am going to re-blog it for friends and family to consider. Keep up the good work. I have just obtained my Real Estae license so perhaps I can help you with Boston deals.

Apr 03, 2011 10:25 PM
Mitchell J Hall
Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

Debbie, Your welcome, Thanks for stopping by.

Elliott, Thank you for the re-blog and nice comment. 4 kids living in NYC, wow. That's great! You certainly have a reason to visit. Give me a call next time you're in town. I'd love to meet you.

Apr 29, 2011 01:35 PM