Feb
04

Manhattan 2000-2009 Residential Sales and Market Anlaysis

By

Approximately 92,000 co-op and condo sales transactions from more than 6,500 buildings over the last ten years were analyzed. Each of the 53 different market areas have been presented with data tables and charts as well as a summary matrix that compare 2009 to the prior year (2008) and prior decade (2000).

  • After setting records in 2008, all three price indicators declined in 2009. This is the first time that any of the three price indicators have posted year-over-year declines since 1996.
  • The 2009 median sales price of a Manhattan apartment was $850,000, down 11% from the record set in 2008 at $955,000
  • Manhattan housing prices have doubled over the past decade. Price per square foot increased 105.6% to $1,073 from $522 in 2000.
  • There were 7,430 sales in 2009, 27.9% fewer than were sold in 2008. However, the release of pent-up demand from the first half of 2009 caused the second half to see a surge in sales activity.
  • The annualized pace of sales in the second half of 2009 was 9,400 units, higher than the 9,178 average annual number of sales over the last decade.
  • There were 6,851 listings on the market at the end of 2009, 24.6% less than 9,081 listings in 2008, which was the highest level of inventory in the past decade. The 2009 inventory level was in line with the 6,860 average annual inventory level since 2000.
  • Over the past decade, the Manhattan condo market has surpassed the co-op market in sales, beginning with a 40% market share and ending with a 54% market share. The gain was primarily due to the addition of new development sales to the housing stock.

The 2000-2009 Manhattan Market Report relaeased today and summarized above was prepared by Miller Samuel for Prudential Douglas Elliman.

Comments are closed.