NYC Marketing Trends Quartly Reports
Lee Presser has researched the 2nd Quarter Residential real estate market in the Manhattan area of New York City. This report is primarily based on 3,500 recorded sales from April, 2010 to June, 2010. I am committed to giving you the most useful and comprehensive information to date.
Resale closing numbers provide a more timely view of the market than new development numbers since new developments often go into contract as much as 24 months before closing.
Lee's take on the 2nd Quarter NYC Real Estate Trends...
Stability is still Shaping the Market - Since the 1st quarter, the overall average and median prices, which include condo and co-op resales, and new developments, have had price gains of 3.5% and 2.6%, respectively. Compared to one year ago, overall prices have increased by 4.1% and 2.6%, respectively. The overall average price was $1.39M while the overall median price was $800K.
Condo resale median price increased by 0.5% since last quarter to $970K, and by 10.2% since last year. Average price ($1.496M) remained stable with a slight decrease of 0.3% for the quarter and up 4.2% since last year.
Co-op resale median price decreased by 1.1% to $630K compared to last quarter but increased by 5.0% since last year. Average sales price ($1.025M) increased by 1.7% since last quarter and by 9.5% since the prior year.
New Developments median sales price jumped by 30.2% since last quarter and by 2.6% since last year. Average sales price ($1.86M) increased by 2.4% since last quarter and by 4.4% since last year.
Final Sales are Increasing - The total number of closings this quarter, approximately 3,500, has increased by 13.9% from the 3,123 closings of last quarter and has jumped by 65.2% from the 2,153 closings from a year ago. Condo resales have increased by 16.0% and co-op resales have increased by 17.2% since last quarter. Compared to a year ago, condo resales increased by 87.1% and co-op resales increased by 76.0%. The number of new development closings increased by 4.2%% since last quarter and by 31.6% since a year ago. New development closings made up 19.7% of the closings while co-op resales dominated activity at 52.3%.
Number of homes on the market had a slight increase - According to a listings database, an average of 403 new listings were reported each week of the 2nd quarter, an increase of 1.6% since the 1st quarter, which averaged 397 new listings per week.
Condos made up 49.4% of all active listings on the market this quarter. Co-ops were 47.7%, and townhomes were 2.9%. There were a total of 15,025 listings that were available at some point in this quarter. Although this is an increase of 5.2% from the 1st quarter, it is a slight decrease of 6.0% compared to 2009 2nd quarter.
Contract Activity Increases - There were 2,914 listings that went into contract, a 21.9% increase from last quarter´s number of new contracts (2,390). Additionally, compared to the prior year, which had 2,477 contracts, contract activity increased by 17.6%. And, there were 281 broken contracts, a 47.9% increase compared to last quarter´s 190.
Increase in price cuts - This quarter 29.3% of all Manhattan real estate listings had price cuts. A total of 4,402, or 10.2% more cuts than last quarter, but 22.0% fewer cuts than a year ago. Of all active listings for condos this quarter, there were 1,998 condo listings with price cuts, a 9.2% increase since last quarter and a 20.6% decrease since last year. Co-ops had about 2,404 cuts, a 10.9% increase in the number of price cuts since last quarter and 18.6% fewer cuts than a year ago. The average price cut this quarter for condos was 6.9%, compared to last quarter's 7.5%, and for co-ops, the average cut was 6.4%, compared to last quarter's 6.7%.
Listings Spend Less Time on the Market - The average time on market for condo resale listings decreased by 10.2% since last quarter and by 9.8% since last year, while co-ops sat on the market for 7.7% fewer days than last quarter and 11.4% shorter than the prior year. This quarter, condo resales stayed on the market for an average of 136 days, while co-op resales were on the market for an average of 125 days.