Manhattan Fourth Quarter 2010 Real Estate Market Report

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Prudential Douglas Elliman Manhattan Fourth Quarter 2010 Real Estate Market Report

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Manhattan Fourth Quarter 2010 Real Estate Market Report

  1. 1. Manhattan Market Overview 4Q 10 A Quarterly Survey of Manhattan Co-op and Condo Sales Prepared by Miller Samuel Inc. Appraisal and consulting services covering the New York City metropolitan area Seasonality returned to the Manhattan Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr Average Sales Price $1,482,650 -0.3% $1,487,472 14.4% $1,296,156 housing market Average Price per Square Foot $1,058 -3.4% $1,095 0.7% $1,051 Number of sales below last year’s end of Median Sales Price $845,000 -7.5% $914,000 4.3% $810,000 year surge There were 2,295 sales in the fourth New Development $1,060,738 -9.4% $1,170,988 -5.7% $1,125,000 quarter, 7.2% below 2,473 sales in the same period Re-Sale $800,000 -8.8% $877,200 7.4% $745,000 last year and 13.8% below the 2,661 sales of the Number of Sales 2,295 -13.8% 2,661 -7.2% 2,473 prior quarter. However, the comparison to the same Days on Market (from Last List Date) 125 0.1% 125 -38.8% 204 period last year is a comparison to a quarter that Listing Discount (from Last List Price) 8% 5.8% 12.8% Listing Inventory 7,232 -11% 8,123 5.6% 6,851 represented the largest fourth quarter market share of sales activity in more than 20 years. QUARTERLY AVERAGE SALES PRICE / MANHATTAN QUARTERLY AVERAGE SALES PRICE / MANHATTAN When comparing the 13.8% decline in sales from $2,000,000 $2,000,000 the third to fourth quarter, the change exceeded $1,800,000 $1,800,000 the 20-year 7.5% average decline. Fourth quarter $1,600,000 $1,600,000 listing inventory increased 5.6% to 7,232 from $1,400,000 $1,400,000 $1,200,000 $1,200,000 6,851 in the prior year quarter—the same quarter $1,000,000 $1,000,000 that had the record surge in sales that worked off $800,000 $800,000 excess inventory during that period. The fourth $600,000 $600,000 quarter inventory total was 11% below 8,123 in $400,000 $400,000 00 01 02 03 04 05 06 07 08 09 10 00 01 02 03 04 05 06 07 08 09 10 the prior quarter. The decline was greater than NEW DEVELOPMENT MARKET SHARE MEDIAN SALES PRICE NEW DEVELOPMENT MARKET SHARE MEDIAN SALES PRICE New Developement Re-sale the 3.4% average decline over the past decade, New Developement Re-sale $2,000,000 $2,000,000 50% 50% suggesting the new year will begin with a modest level of inventory entering into one of the seasonally $1,600,000 $1,600,000 Median Sales Price 40% 40% Median Sales Price highest sales periods of the year. $1,200,000 $1,200,000 30% 30% Price indicators above prior year quarter due $800,000 20% 20% to shift toward larger units The median sales $800,000 price of a Manhattan apartment was $845,000, up $400,000 $400,000 Market Share New Development (Units) 10% 10% Market Share New Development (Units) 4.3% from $810,000 in the same period last year, $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 0% 0% $0 but down 7.5% from $914,000 in the prior quarter. 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 Median sales price edged higher due to the shift AVERAGE PRICE PER SQ FT / CO OP Downtown East Side West Side Uptown in the mix from last year’s higher concentration of market—gained 12% SQ FT / CO OP year over year Downtown activity.East Side AVERAGE PRICE PER causing the sales The average decline over the Uptowntwo West Side past $1,200 $1,200 smaller, entry-level sales. Market share of studio and price indicators to rise. Median sales price tends decades between these two periods was 2.5%. The $1,000 $1,000 1-bedroom apartments lost 11% market share while to decline from the third to the fourth quarter, the direction this quarter was consistent, but lower than $800 weakest quarter of the year in terms of prices and the current quarter over quarter decline of 7.5%. $800 2-bedroom apartments—the largest segment of the $600 $600 $400 $400 Visit our website to browse listings and learn more about market trends $200 $200
  2. 2. 4Q 10 Manhattan Market overvieW  Prudential douglas elliMan real estate Co-op market The other price indicators followed a similar pattern. Average sales price jumped 14.4% to $1,482,650 Co-op sales accounted for 51.7% of all apartment from $1,296,156 in the prior year quarter, but slipped sales in the quarter. The co-op absorption rate—the 0.3% from $1,487,472 in the prior quarter. Price per Listing inventory and number of number of months to sell all existing inventory at the current pace of sales—is 9.3 months, faster than the square foot edged 0.7% higher to $1,058 per square sales returned to seasonal patterns 10-year average of 10.6 months. foot from $1,051 in the prior year quarter, but fell Number of AVERAGE SALES PRICE / MANHATTAN QUARTERLY sales slipped and inventory 3.4% from $1,095 in the prior quarter. Price indicators rose from the same period expanded from last years surge in sales $2,000,000 QUARTERLY AVERAGE SALES PRICE / MANHATTAN a year ago as entry-level sales lost market Days on market and listing discount fell There were 1,186 sales in the fourth quarter, $1,800,000 $2,000,000 share The median sales price of a Manhattan co- sharply from prior year The number of days 6.2% below the 1,264 sales of the 2009 year end $1,600,000 $1,800,000 op apartment was $685,000 in the fourth quarter, between the change in the list price, if any, and surge, which was caused by the release of pent-up $1,400,000 $1,600,000 8.7% higher than $630,000 in the prior year contract date—known as days on market—fell $1,200,000 demand from the lack of activity earlier in the year. $1,400,000 $1,000,000 quarter. The fourth quarter result was 11.9% below sharply to 125 days from a record 204 days in The fourth quarter number of sales were 10.2% $1,200,000 $800,000 $1,000,000 the $777,500 spike in the prior quarter, caused the same period last year. The current level was below the 1,320 sales seen in the prior quarter, $600,000 $800,000 by the drop out of the entry-level segment and unchanged from the prior quarter and consistent trending in the same direction but greater than the $400,000 $600,000 surge in 2-bedroom07 market 08share. The other10 price with the 126 days on market average of the past 15 00 01 02 03 04 05 06 09 5.5% average third to fourth quarter change of the $400,000 indicators followed 07 similar patterns.09 The average years. Similarly, the percentage difference between past decade. Listing inventory ended the 03 00 01 02 NEW DEVELOPMENT MARKET SHARE MEDIAN SALES PRICE 04 quarter at 05 06 08 New Developement Re-sale10 $2,000,000 % higher than the SHARE MEDIAN SALES sales price was $1,200,589, 23.1% higher 50% than the listing price at time of contract and the contract 3,687, DEVELOPMENT MARKET3,069 inventory level PRICE NEW 20.1 New Developement Re-sale the $975,049 average sales price of the prior 50% year price—the listing discount—fell sharply to 8% from of$2,000,000year quarter that represented the lowest the prior $1,600,000 40% Median Sales Price quarter and 4.1% below the $1,251,959 average its 15 year high of 12.8% in the prior year quarter, level of inventory of the last 3 years and was caused $1,600,000 sales price of the prior quarter. Price per square 40% $1,200,000 Median Sales Price 30% but increased 2.2% from 5.8% in the prior quarter. by the surge in demand at the end of 2009. Listing $1,200,000 foot edged 0.8% higher to $928 from $921 in the 30% For the past fifteen years the increase in listing inventory fell 9.3% from 4,065 in the third quarter $800,000 20% prior quarter, but fell 6.3% from $990 in the prior discount between the third and fourth quarters has to 3,687 in the fourth quarter, slightly below with the $800,000 20% $400,000 quarter. Market Share New Development (Units) 10% averaged 1.3% so the current increase appears third to fourth quarter decade average of 10.2%. $400,000 10% consistent with seasonal trends. $0 4Q 09 1Q 10 2Q 10 Market Share New Development (Units) 3Q 10 4Q 10 0% Seasonality decided to stay a while Beginning $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 0% AVERAGE PRICE PER SQ FT / CO OP Downtown East Side West Side Uptown in the third quarter, the distribution of sales by $1,200 AVERAGE PRICE PER SQ FT / CO OP Downtown East Side West Side Uptown number of bedrooms has returned to a pattern $1,200 $1,000 more consistent with long-term trends. Emphasis $1,000 $800 in 2009 was on the first time buyer and entry level apartments as many consumers transitioned $800 $600 from renters to purchasers, enticed by newfound $600 $400 affordability caused by double digit price declines, $400 $200 a federal tax credit and historically low mortgage $0 $200 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 rates. At the end of 2009 and the beginning of $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 2010, the luxury market re-appeared in the real LISTING DISCOUNT VS DAYS ON MARKET / CO OP estate conversation as consumers took advantage 20% LISTING DISCOUNT VS DAYS ON MARKET / CO OP 200 of some of the largest price discounts from the 20% 200 16% 175 market’s peak. By the third quarter and continuing 16% 175 through the fourth quarter, the middle of the housing 12% 150 Days On Market market stopped underperforming relative to its 12% 8% 150 125 higher and lower counterparts. Looking forward, Days On Market 8% 125 4% 100 macro economic issues such as unemployment and Listing Discount tight credit need to ease in order to see meaningful 4% Listing Discount 100 0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 75 improvement beyond the rebound experienced from 0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 75 2009 to 2010. AVERAGE PRICE PER SQ FT / CONDO Downtown East Side West Side Uptown $2,500 AVERAGE PRICE PER SQ FT / CONDO Downtown East Side West Side Uptown $2,500 CO-Op Market Matrix Current Qtr %$2,000 Chg Prior Qtr % Chg Prior Year Qtr CO-Op apartMent Mix % of Total Median Price Average Sales Price $1,200,589 -4.1% $2,000 $1,251,959 23.1% $975,049 Studio 14% $345,000 $1,500 Average Price per Square Foot $928 -6.3% $990 0.8% $921 Median Sales Price $685,000 $1,500 -11.9% $777,500 8.7% $630,000 1 bedroom 40% $568,000 $1,000 Number of Sales 1,186 -10.2% $1,000 1,320 -6.2% 1,264 2 bedroom 31% $1,150,000 $500 Days on Market (from Last List Date) 118 11.3% 106 -21.9% 151 3 bedroom 10% $2,250,000 Listing Discount (from Last List Price) 5.8% $500 2.8% 18.3% $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 Listing Inventory 3,687 -9.3% 4,065 20.1% 3,069 4+ bedroom 3% $5,040,337 $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 LISTING DISCOUNT VS DAYS ON MARKET / CONDO 15% LISTING DISCOUNT VS DAYS ON MARKET / CONDO 300 15% 300 Visit our website 12% to browse listings and learn more about market trends 240 Days On Market 12% 240 9% 180
  3. 3. $400,000 $600,000 00 01 02 03 04 05 06 07 08 09 10 $400,000 NEW DEVELOPMENT MARKET SHARE MEDIAN SALES PRICE 00 01 02 03 04 05 06 07 08 New Developement 09 Re-sale10 $2,000,000 Prudential douglas elliMan real estate  Manhattan Market overvieW NEW DEVELOPMENT MARKET SHARE MEDIAN SALES PRICE New Developement Re-sale 50% 4Q 10 $2,000,000 50% $1,600,000 40% Median Sales Price Condo market $1,600,000 40% $1,200,000 Median Sales Price 30% either more optimism by sellers for 2011 or heavy Listing discount and days on market declined $1,200,000 $800,000 30% 20% contract activity at the end of the fourth quarter or The average days on market for a Manhattan co- $800,000 op $400,000 days, 33 days faster than 151 days in was 118 Price indicators edged higher as Market Share New Development (Units) 20% 10% a combination of both. The combination of falling sales and falling listing inventory resulted in a 9.6 the$400,000 quarter,09 12 days slower than 106 2Q 10 prior $0 year 4Q but 1Q 10 listing inventory slipped Market Share New Development (Units) 3Q 10 4Q 10 10% 0% month absorption rate, consistent with the 9.4 days in the prior quarter. This metric averaged 126 Number of sales declined from prior year $0 0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 month average absorption rate of the past decade. days over the past decade. However, from the point Downtown AVERAGE PRICE PER SQ FT / CO OP quarter There Side East West Side were 1,109 sales in the fourth Uptown Condo sales comprised 48.3% of all sales in the $1,200 where the PRICE PER SQ FT / is originally listed, the Downtown AVERAGE average property CO OP quarter, 8.3% below 1,209West Side in the prior year East Side sales Uptown fourth quarter, higher than the 42.7% average of average $1,200 days on market was 197 days indicating $1,000 quarter and 17.3% below 1,341 sales in the prior the past 20 years as condos have been added to that sellers were waiting an average of 79 days or $1,000 $800 quarter. Historically, the fourth quarter is the the housing stock through new development. To more nearly three months before the property was $800 $600 weakest in terms of sales activity averaging an illustrate the trend, the fourth quarter of 1990 had a priced close enough to market value to receive an $600 $400 8.4% drop from the third quarter over the past condo sales market share of 33.3%. offer. This indicator expanded over the past year $400 $200 decade. The 17.3% quarter over quarter decline Price indicators edged above prior year from 183 days suggesting that seller optimism $0 $200 exceeds the 10-year average, but is consistent quarter due to shift in sales mix The median about the market09expanded faster 10 4Q 1Q than market 2Q 10 3Q 10 4Q 10 with the direction of the seasonal pattern. Listing sales price of a Manhattan condo in the fourth conditions actually reflected. The 1Q 10 discount 2Q 10 $0 4Q 09 listing 3Q 10 4Q 10 LISTING DISCOUNT VS DAYS ON MARKET / CO OP inventory fell 6.3% to 3,545 from 3,782 in the prior quarter was $997,885, the first time this metric fell sharply to 5.8% from a decade high of 18.3% 20% 200 has fallen below the $1,000,000 threshold in 2010, in the prior year quarter, but edged higher than the year quarter and fell 12.6% from 4,058 in the prior LISTING DISCOUNT VS DAYS ON MARKET / CO OP 20% quarter. Listing inventory has averaged a 2.6% 200 but still 0.3% higher than the $995,000 median three year low of 2.8% in the prior quarter. 16% 175 decline in the third to fourth quarter transition as sales price in the prior year quarter. This metric is 16% 175 12% 150 some sellers opt to pull listings from the market that still 10.9% below $1,120,000 in the prior quarter. Days On Market 150 12% There was a pronounced year over year shift in the 8% did not sell or delay their entry until the new 125 year. Days On Market 8% The greater decline in 2010 than the decade125 long quarterly mix of size categories. Sales of entry- 4% Listing Discount 100 average, while consistent in direction, suggests level apartments—studio and 1-bedrooms—lost 4% Listing Discount 100 0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 75 12% market share as compared to the prior year 0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 75 quarter. The drop was more than offset by the 15% AVERAGE PRICE PER SQ FT / CONDO Downtown East Side West Side Uptown increase in market share of 2-bedroom apartments $2,500 AVERAGE PRICE PER SQ FT / CONDO Downtown East Side West Side Uptown sold. The larger units sold increased the aggregate $2,500 $2,000 results, thereby characterizing the condo market $2,000 as rising when it is currently seeing relatively $1,500 stable pricing on an individual unit basis. The other $1,500 $1,000 price indicators showed similar patterns. Price per $1,000 square foot increased 0.9% to $1,198 in the fourth $500 $500 quarter, from $1,187 in the prior year quarter and $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 essentially unchanged from $1,199 in the prior $0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 quarter. Average sales price was $1,784,296 in the LISTING DISCOUNT VS DAYS ON MARKET / CONDO 15% LISTING DISCOUNT VS DAYS ON MARKET / CONDO 300 fourth quarter, 9.3% higher than $1,631,872 in the 15% 300 prior year quarter and 3.8% above $1,719,296 in 12% 240 Days On Market the prior quarter. 12% 240 180 9% Days On Market Days on market fell sharply The average days 9% 180 6% 120 on market for a Manhattan condo was 132 days, 6% 120 almost half the 259 days in the last quarter of 2009 3% 60 Listing Discount and 11 days faster than the 143 day average of the 3% 60 0 0% 4Q 09 Listing Discount 1Q 10 2Q 10 3Q 10 4Q 10 prior quarter. Listing discount increased to 10.4% 0% 0 from 7.1% in the prior year quarter and from 8.8% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 in the prior quarter. AVERAGE PRICE PER SQ FT / LUXURY AVERAGE PRICE PER SQ FT / LOFT COndO Market Matrix / LUXURY Current Qtr $2500 AVERAGE PRICE PER SQ FT % Chg AVERAGE Prior Qtr SQ FT / LOFT Prior Year Qtr $1,500 PRICE PER % Chg COndO apartMent Mix % of Total Median Price Average Sales Price $2200 $2500 $1,784,296 3.8% $1,500 $1,719,296 9.3% $1,631,872 Studio 11% $460,000 $1,300 Average Price per Square Foot $1900 $2200 $1,198 -0.1% $1,199 0.9% $1,187 $1,300 $1,100 $1,120,000 1 bedroom 27% $693,600 Median Sales Price $997,885 -10.9% 0.3% $995,000 $1600 $1900 Number of Sales 1,109 -17.3% $900 $1,100 1,341 -8.3% 1,209 2 bedroom 43% $1,315,000 $1600 $1300 Days on Market (from Last List Date) 132 -7.7% 143 -49.0% 259 $1000 $1300 4Q 09 $900 $700 3 bedroom 15% $2,900,000 Listing Discount (from Last List Price) 3Q 10 1Q 10 2Q 10 10.4% 4Q 10 4Q 098.8%1Q 10 2Q 10 3Q 10 7.1% 4Q 10 $1000 4Q 09 Listing Inventory 3,545 -12.6% $700 4,0581Q 10 -6.3% 10 3,782 4+ bedroom 4% $6,275,000 1Q 10 2Q 10 3Q 10 4Q 10 4Q 09 2Q 3Q 10 4Q 10 Visit our website to browse listings and learn more about market trends
  4. 4. Listing Discount 40% 0% 4Q 09 1Q 10 30% 2Q 10 3Q 10 4Q 10 75 4Q 10 Manhattan /Market overvieW AVERAGE PRICE PER SQ FT CONDO 20%  Prudential douglas elliMan real estate Downtown East Side West Side Uptown NEW DEVELOPMENT MARKET SHARE MEDIAN SALES P $2,500 $2,000,000 10% Market Share New Development (Units) luXury market $2,000 Median Sales Price 2Q 10 3Q 10 4Q 10 quarter, 26.3% higher than $4,863,673 in the 0% in the fourth quarter was 142 days, nearly 100 days $1,600,000 $1,500 prior year quarter and 9% above the $5,636,600 faster than the 240-day average in the prior year Price indicators rose as larger Downtown $1,000 East Side West Side Uptown average sales price of the prior quarter. The average quarter but edged higher from 136 days in the prior $1,200,000 sales price was at its the highest level since the quarter. Properties within the luxury market took units sold $500 first quarter of 2009 record of $7,801,442 when $800,000 17 days longer to be sold than the overall market Price indicators rose above the prior year the luxury re-sale market went dormant and new consistent with the 19-day average difference $400,000 quarter Median 09 $0 4Q sales price of 10 Manhattan 1Q a 2Q 10 3Q 10 4Q 10 development closings, reflecting contracts signed over the past decade. The listing discount moved luxury apartment was $4,350,000, up 15.1% from LISTING DISCOUNT VS DAYS ON MARKET / CONDO 12 to 18 months earlier, comprised more than in the opposite direction09 11% up from 4.3% in $0 1Q to 2Q 09 3 $3,780,000 in the prior year quarter, but slipped 15% 68% of the closings for the period. Market share of 300 the prior year quarter and higher than 7.3% in the 1% from $4,393,749 in the prior quarter. The year new development closing was 19.1% in the fourth prior quarter. Monthly absorption rate declined to 12% over year quarterly gain was a shift towards larger Days On Market 240 2Q 10 3Q 10 4Q 10 quarter, consistent with the 19% market share in 12.8 from 16.8 in the prior year quarter suggesting sales. The average square footage of a luxury 9% 180 the overall market. The luxury market began at that the increase in the listing discount was more apartment was 2,923 in the fourth quarter, 12.1% 6% $3,050,000 in the fourth quarter. 120 attributable to over confidence in setting list prices higher than 2,606 in the third quarter. This gain was 200 Days on market fell sharply from same by sellers than a sign of a slow down in the luxury also compounded due to the premium, as measured 3% 60 Listing Discount 175 period last year The luxury market saw a market segment. in 0% price per square foot, for larger contiguous 0 4Q 09 1Q 10 150 2Q 10 significant decline in the time it4Q 10 for a properly 3Q 10 took Note: This sub-category is the analysis of the top ten percent of all space. This is more evident in the average sales co-op and condo sales. The data is also contained within the co-op Days On Market priced property to sell. The days on market average price metric that averaged $6,141,426 in the fourth125 and condo markets presented. AVERAGE PRICE PER SQ FT / LUXURY 100 Luxury Market Matrix/ LOFT AVERAGE PRICE PER SQ FT Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr $2500 Average Sales Price $1,500 $6,141,426 9% $5,636,600 26.3% $4,863,673 2Q 10 3Q 10 4Q 10 75 $2200 Average Price per Square Foot $2,101 10.8% $1,897 12.6% $1,866 $1,300 $1900 Median Sales Price $4,350,000 -1% $4,393,749 15.1% $3,780,000 Downtown East Side West Side Uptown $1,100 Number of Sales 230 -13.5% 266 -6.9% 247 $1600 Days on Market (from Last List Date) 142 4.4% 136 -40.8% 240 $1300 $900 Listing Discount (from Last List Price) 11% 7.3% 4.3% $1000 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 $700 4Q 09 Listing Inventory 1Q 10 2Q 10 3Q 10 979 4Q 10 -12% 1,112 -29.3% 1,384 loft market quarter, 11.6% above $1,400,000 in the prior year prior quarter. As a result, the monthly absorption quarter and 5.8% below $1,660,000 in the prior rate was 8.3 months, up nominally from 8 months quarter. in the prior year quarter and from 8.2 months in the Days on market fell sharply as 2Q 10 3Q 10 4Q 10 prior quarter. Both sales and listing inventory declined listing inventory declined There were 169 loft sales in the fourth quarter, Listing discount and days on market fell Price indicators above prior year quarter 300 7.1% below the 182 sales in the same perid last sharply from prior year quarter Days on market as average size jumped The average 240 square year and 11.1% below the 190 sales in the prior was 131 days, nearly two months faster than 190 Days On Market footage of a Manhattan loft sale was 1,948 in the quarter. Loft market share of total sales was 7.4%, days in the prior year quarter, but up 27 days from 180 fourth quarter, 17.8% larger than 1,654 square feet the same as the prior year quarter and consistent the prior quarter, the latter being a seasonal pattern. in the prior year quarter and 7.3% larger than 1,816 120 with the 8% ten year average. Despite the decline The listing discount was 5.8%, down sharply from square feet in the prior quarter. This rise in average in the number of sales, listing inventory declined the 12.8% spike and ten year high in the prior year 60 size caused the price indicators to see year over over the same periods. There were 467 listings in quarter and up nominally from 5.6% in the prior 0 2Q 10 year quarterly 10 3Q increases. The 4Q 10 median sales price the fourth quarter, down 3.9% from the prior year quarter. Note: This sub-category is the analysis of all co-op and condo loft sales available. The data is also contained within the of a loft apartment was $1,563,013 in the fourth total of 486 and 10.4% below 521 listings in the co-op and condo markets presented. AVERAGE PRICE PER SQ FT / LOFT LOft Market Matrix Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr $1,500 Average Sales Price $2,086,120 5.3% $1,981,389 19.5% $1,746,274 Average Price per Square Foot $1,071 -1.8% $1,091 1.4% $1,056 $1,300 Median Sales Price $1,563,013 -5.8% $1,660,000 11.6% $1,400,000 $1,100 Number of Sales 169 -11.1% 190 -7.1% 182 Days on Market (from Last List Date) 131 26% 104 -31.1% 190 $900 Listing Discount (from Last List Price) 5.8% 5.6% 12.8% $700 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 Listing Inventory 467 -10.4% 521 -3.9% 486 ©2010 Prudential Douglas Elliman and Miller Samuel Inc. All worldwide rights reserved. eastside 980 Madison Ave. 212.650.4800 • 575 Madison Ave. 212.891.7000 Midtown 425 East 58th St. 212.832.1666 Prudential Douglas Elliman Miller Samuel Inc. 205 East 42nd St. 212.692.6111 • 485 Madison Ave. 212.350.8500 westside 1995 Broadway 212.362.9600 • 2142 Broadway Real Estate Real Estate Appraisers 212.769.2004 • 2169 Frederick Douglass Blvd. 212.865.1100 downtown 90 Hudson St. 212.965.6000 • 26 West 17 St. 575 Madison Avenue 21 West 38th Street 212.645.4040 • 137 Waverly Pl. 212.206.2800 • 51 East 10 St. 212.995.5357 • 690 Washington St. 212.352.5252 Brooklyn New York, NY 10022 New York, NY 10018 212.891.7000 212.768.8100 156 Montague St. 718.780.8100 • 189 Court St. 718.522.2929 • 299 Bedford Ave. 718.486.4400 • 154 Seventh Ave. 718.840.2000 elliman.com millersamuel.com 664 Fulton Street 718.780.8100 BronX 3265 Johnson Ave. Riverdale 718.884.5815 rental 485 Madison Ave. 212.350.8500 For more information or electronic copies of this report please visit reloCation 575 Madison Ave. 212.891.HOME elliman.com/marketreports. Email report author Jonathan Miller at jmiller@millersamuel.com with questions or comments.

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