Manhattan Coop and Condo Sales Reports For Q2 2009

Manhattan Market Report Q2 2009

Manhattan Market Report Q2 2009

Miller Samuel, an independent appraisal firm,  and Prudential Douglas Elliman real estate today released the Manhattan Market Overview. The report tracks the 1532 sales of coop and condo apartments that closed in the second quarter of 2009 and compares the data to first quarter sales of this year as well as the same quarter sales of 2008 thus adjusting for seasonality.

In addition, the  report separates and compares median sale prices of resale properties ($725,000) with the median sale prices of new developments ($1,069,162). This is important because new developments represent the state of mind of buyers who signed contracts up to 18 months ago. Other stats include:

  • Listing inventory grew a modest 8.7% over the same period last year but fell 10.2%  from the prior quarter. This reflects the restrained release of “shadow” inventory, which include new development units at or near completion not currently offered for sale, and “casual sellers” opting to wait until market conditions improve before listing their properties.
  • There were 50.3% fewer sales in the second quarter as compared to the same period last year as weaker economic conditions and more difficulties for many to obtain a mortgage made it more difficult to buy an apartment.
  • The average amount of time to sell and apartment is now 162 days. Twenty seven days longer than the same period last year as raising inventory creates increased competition among sellers.
  • The listing discount, which is the difference in price between the last asking price and the selling price, was 7.8% was down from 12.4% in the first quarter of this year but up from 3.6% in the prior year quarter.
  • Both studio and 1 bedroom coop apartments saw no change in median sales prices from the prior quarter at $365,000 and $580,000 respectively.
  • Two bedroom coop apartments had a decline of 4.4% to $1, 075, 000.
  • Both 3 and 4 bedroom coop apartments declined by 41.8% to $1,995,000 and 53% to $4,200,000 respectively
  • The overall median sale price a Manhattan condo fell below $1,000,000 for the first time since the first quarter of 2007.

Other reports published today include Corcoran and Property Shark, Brown Harris Stevens and Street Easy.

Other commentary supplied by The Huffington PostThe New York Observer, ForexYard, CNNMoney and The New York Times

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