Archive for July, 2010

Our Q2 Manhattan Rental Market Overview which was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

  • The average rental price of a Manhattan apartment fell 3.3% to $3,710 per month from $3,839 in the same period last year. This was caused by the drop in the average size of a rental this quarter.
  • Rental price per square foot increased 12.3% to $49.60 from $44.16 over the same period due to the higher price per square foot skew seen in smaller apartments.
  • There were 5,659 rentals in the second quarter, more than double the level of activity during the same period last year. As a result of the surge in rental activity, listing inventory fell 31.8% to 4,972 units from 7,290 units over the same period.
  • Days on market fell by one month to 53 days in the second quarter from 83 days in the prior year quarter as the higher level of rental activity and declining inventory reduced the marketing time of rental apartments.
  • The discount between original list price and contract list price fell to 1.8% the lowest since the “Lehman tipping point” in 2008 as listing inventory fell sharply and landlords began to reduce their reliance on concessions.

Categories : Market Reports
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Today we are released Second Quarter sales  report for the Manhattan residential market.  Manhattan Market Overview Q2 2010 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

  • The number of sales continued to rise. There were 2,756 sales in the second quarter, up 79.9% from 1,532 sales in the prior year quarter and up 15.6% from 2,384 sales in the prior quarter.
  • The number of sales was the highest in 2 years and higher than the 2,411 quarterly average of the past decade.
  • Available listing inventory continued to decline. There were 8,157 listings in the second quarter, 13% below the 9,378 listing total of the prior year quarter, but up 1.6% from the prior quarter total of 8,027. The total level of available inventory was in sync with the 8,037 listing inventory average of the past five years.
  • Price indicators remained stable over the year. Price per square foot was $1,051 per square foot in the second quarter, essentially unchanged from $1,056 per square foot in the prior year quarter and up 1.2% from $1,038 per square foot in the prior quarter.
  • The other price indicators increased due to the 9.7% rise in square footage to 1,364 square feet, up from 1,243 square feet in the prior year quarter.
  • Properties sold much more quickly in the quarter. The average days on market—thenumber of days between the last list price change, if any, to the contract date—fell to 105 days from 162 days in the prior year quarter.
  • Sellers tested buyers this quarter by pricing properties higher, but were met with resistance.
  • Listing discount—the percentage difference between the list price at time of contract and the contract price—increased to 9.1% from 7.8% in the same period last year.

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