Average Manhattan Condo Sales Price Reaches Record $1,638,798
3rd Quarter 2007 Prudential Douglas Elliman Manhattan Market Overview-Prepared by Radar Logic Inc.
NEW YORK, Oct. 2 /PRNewswire/ — The just-released Third Quarter 2007 Prudential Douglas Elliman Manhattan Market Overview reports that the Manhattan residential real estate market continues to be characterized by declining inventory and rising prices in contrast to the national housing market.
“With the average sales price of a Manhattan condo reaching new heights, we can attest that there’s only one Big Apple, and that’s New York City,” says Dottie Herman, President and CEO, Prudential Douglas Elliman. “Real estate in Manhattan continues to be a strong investment for national and international buyers.” 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. Highlights from the 3rd Quarter Prudential Douglas Elliman Manhattan Market Overview report include:
- Listing inventory fell 31.7% to 5,204 units from the prior year quarter total of 7,623 units.
- Days on market were 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.
- 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 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 average sales price decreased 0.8% to $1,290,391 over the prior year quarter record result of $1,300,928 (5.4% above the prior quarter result of $1,224,840).
“Price levels across the board 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 over the same period last year,” says Jonathan J. Miller, CRP, Executive Vice President/Director of Research, Radar Logic Inc., the home of tradable real estate(SM). “The events of the credit crunch that began in mid-July have not yet seen any appreciable effect on market conditions in the 3rd quarter. The credit crunch impact, if any, would more likely be seen in the coming two quarters.”
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. The average price per square foot increased 9.2% and the median sales price slipped 2.4% from the same period last year.
Inventory levels for co-op apartments 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 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, up 9.2% from last year at this time and up 12.4% from the prior quarter. The 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 condominium apartments totaled 2,732 units, down 30.7% from the prior year quarter of total of 3,943 units. New development was estimated to account for 36.7% of condominium inventory this quarter.
Luxury Market (upper 10% of all co-op and condo sales)
The median sales price of a luxury apartment this quarter was $5,085,883 this quarter, up 12.8% from last year at this time, and up 10.3% from the prior quarter. The 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. The average price per square foot and median sales price showed an 8.8% and 20.1% gains respectively from the prior year quarter.
Jonathan J. Miller and Dottie Herman are available for interview on the statistics:
- The report’s author, Jonathan J. Miller, CRP, Executive Vice President/Director of Research for Radar Logic Incorporated. Miller provides input for the Federal Reserve’s Beige Book, and serves on the NYC Mayor’s Economic Advisory Panel and the NYC Council Finance Committee Economic Advisory Board. On Matrix [matrix.millersamuel.com], he blogs about the real estate economy.
- Dottie Herman is President & CEO of Prudential Douglas Elliman, the company that distributes the report. Prudential Douglas Elliman is New York City and Long Island’s preeminent residential broker, with nearly 70 offices, over 3,300 real estate agents and a network of national and international affiliates. Herman is frequently quoted in The New York Times, The Wall Street Journal, Crain’s, and The New York Post. Full data tables and analysis are immediately available upon request.
ABOUT THE MANHATTAN MARKET OVERVIEW
The Manhattan Market Overview is New York’s first quarterly residential market report, and is developed from the largest and most sophisticated database of transactions in New York. The report was the first to track co-ops by price per square foot, to analyze square footage of all sales, to analyze the market by median sales price, to break out the market by bedrooms (Studio, 1, 2, 3, 4+), to analyze market-wide apartment inventory, to analyze days on market and absorption, to drop price per room as an obsolete market indicator, to break out sales by specific neighborhoods and to analyze the uptown co-op and condo market.
About Radar Logic Incorporated (www.radarlogic.com)
Radar Logic, the home of tradable real estate(SM), is a technology-driven data and analytics business that produces a daily “spot” price for residential real estate in U.S. metropolitan areas. To do this, actual transaction data are captured from public sources and translated into the Radar Logic Daily(TM) Prices. The Daily Prices, in turn, power the Residential Property Index(TM) (RPX(TM)) market, where derivatives and other financial instruments are offered and traded. RPX allows real estate and financial professionals to manage risk, invest in real estate without owning physical assets, and obtain more accurate insight into the residential property market.
For more information on Radar Logic and the RPX, including licensed dealers, visit www.radarlogic.com.
SOURCE Prudential Douglas Elliman
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