NYC Market Report Q4
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Transcript of NYC Market Report Q4
NEW DEVELOPMENT MARKET SHARE, MEDIAN SALES PRICE
4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
50%
40%
30%
20%
10%
0%
MEDIAN SALES PRICE
MANHATTAN MARKET TRENDS Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$4,00,00000 01 02 03 04 05 06 07 08 09 10
New Development Re-Sale
$2,000,000
$1,600,000
$1,200,000
$800,000
$4,00,000
$0
MARKET SHARE NEW DEVELOPMENT (UNITS)MARKET SHARE NEW DEVELOPMENT (UNITS)
QUARTERLY AVERAGE SALES PRICE / MANHATTAN
226 FIFTH AVENUE . NEW YORK, NEW YORK 10001 . [email protected] . BIDONTHECITY.COM
General Market Overview: Q4 Oct 1 - Dec 31, 2010
The market continues to vacillate and offers no clear
indication on the direction of prices or the volume of sales.
Against the backdrop of high unemployment, large deficits
and modest growth, there is little to suggest upward
pressure on prices. The price per square foot dropped
3% over last year, and the number of homes sold dropped over
13%. Realistic pricing and an 11% reduction of inventory helped to
reduce the days on the market to 4 months. For the best prices
people are increasingly turning Bid on the City for an efficient and
transparent way to buy and sell real estate.
Average Sales Price $1,482,650 -0.3% $1,487,472 14.4% $1,296,156
Average Price per Square Foot $1,058 -3.4% $1,095 0.7% $1,051
Median Sales Price $845,000 -7.5% $914,000 4.3% $810,000
New Development $1,060,738 -9.4% $1,170,988 -5.7% $1,125,000
Re-Sale $800,000 -8.8% $877,200 7.4% $745,000
Number of Sales 2,295 -13.8% 2,661 -7.2% 2,473
Days on Market (from last list date) 125 0.1% 125 -38.8% 204
Listing Discount (from last list price) 8% 5.8% 12.8%
Listing Inventory 7,232 -11% 8,123 5.6% 6,851
Market data supplied by: Miller Samuel Inc. A New York residential and appraisal company
CO-OPS BY BEDROOM COUNT % Of Total Median Price
AVERAGE PRICE PER SQUARE FEET / CO-OP Downtown East Side West Side Uptown
$1,200
$1,000
$800
$600
$400
$200
$0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
20%
16%
12%
8%
4%
0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
200
175
150
125
100
75
CO-OP MARKET TRENDS Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr
LISTING DISCOUNT VS. DAYS ON MARKET / CO-OP
LISTINGSDISCOUNT
DAYS ON MARKET
226 FIFTH AVENUE . NEW YORK, NEW YORK 10001 . [email protected] . BIDONTHECITY.COM
Co-op Market Overview: Q4 Oct 1 - Dec 31, 2010
Market data supplied by: Miller Samuel Inc.
A New York residential and appraisal company
The overall co-op market shows very little in terms of price
increases. Prices per square foot rose less than one percent over
last year. The inventory of co-ops available has grown 20%
over last year while the number of sales dropped over 6%. The
tepid economic recovery will tamp down any surge in demand,
putting pressure on both prices and time on the market. Bid on the
City offers buyers and sellers a quick, efficient and transparent
way to get the best prices for real estate in today’s market.
Studio 14% $345,000
1 bedroom 40% $568,000
2 bedroom 31% $1,150,000
3 bedroom 10% $2,250,000
4+ bedroom 3% $5,040,337
Average Sales Price $1,200,589 -4.1% $1,251,959 23.1% $975,049
Average Price per Square Foot $928 -6.3% $990 0.8% $921
Median Sales Price $685,000 -11.9% $777,500 8.7% $630,000
Number of Sales 1,186 -10.2% 1,320 -6.2% 1,264
Days on Market (from last list date) 118 11.3% 106 -21.9% 151
Listing Discount (from last list price) 5.8% 2.8% 18.3%
Listing Inventory (from last list date) 3,687 -9.3% 4,065 20.1% 3,069
CONDOS BY BEDROOM COUNT % Of Total Median Price
AVERAGE PRICE PER SQUARE FEET / CONDO Downtown East Side West Side Uptown
$2,500
$2,000
$1,500
$1,000
$500
$0 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
LISTING DISCOUNT VS. DAYS ON MARKET / CONDO
15%
12%
9%
6%
3%
0% 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10
300
240
180
120
60
0
CONDO MARKET TRENDS Current Qtr % Chg Prior Qtr % Chg Prior Year Qtr
LISTINGSDISCOUNT
DAYS ON MARKET
226 FIFTH AVENUE . NEW YORK, NEW YORK 10001 . [email protected] . BIDONTHECITY.COM
Condo Market Overview: Q4 Oct 1 - Dec 31, 2010
Market data supplied by: Miller Samuel Inc.
A New York residential and appraisal company
The overall condo market prices were flat if you consider
the average price per square foot rose less than 1% over the
year. Sales were down 8% compared to the 4 quarter of last
year, and inventory decreased by 6%. With very few newly built
condominiums, which command premium square foot pricing,
coming onto the market, inventory may continue its decline as
well as the average price per square foot. For the best results for
buyers and sellers, Bid on the City offers a fast, efficient and
transparent way to buy and sell real estate.
Studio 11% $460,000
1 bedroom 27% $693,600
2 bedroom 43% $1,315,000
3 bedroom 15% $2,900,000
4+ bedroom 4% $6,275,000
Average Sales Price $1,784,296 3.8% $1,719,296 9.3% $1,631,872
Average Price per Square Foot $1,198 -0.1% $1,199 0.9% $1,187
Median Sales Price $997,885 -10.9% $1,120,000 0.3% $995,000
Number of Sales 1,109 -17.3% 1,341 -8.3% 1,209
Days on Market (from last list date) 132 -7.7% 143 -49.0% 259
Listing Discount (from last list price) 10.4% 8.8% 7.1%
Listing Inventory (from last list date) 3,545 -12.6% 4,058 -6.3% 3,782