Oct
01

Manhattan Co-op/Condo Residential Sales Market Report Third Quarter 2010

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Our Q3 Survey of Manhattan co-op and condo sales which was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

After three consecutive quarters of double digit declines in year-over-year inventory levels, the pace of the declines appears to be easing. There were 8,123 listings at the end of the third quarter, 3.2% less than 8,389 listings in the prior year quarter and essentially unchanged from the 8,157 listings in the prior quarter.

There were 2,661 sales in the third quarter, 19.3% above 2,230 sales in the prior year quarter, but 3.4% less than 2,756 sales in the prior quarter. With the increase in the number of sales came a shift in the mix of apartment sizes that sold during the period that skewed the price indicators higher.

There was a sharp decline in studio sales to 9% market share from 17% in the same period last year, but a 10% jump in 1-bedroom and 2-bedroom apartments.

Overall price indicators show gains over prior year and prior quarters, and were skewed higher by the shift to a more normal sales mix by size of apartment. The median sales price of a Manhattan apartment was $914,000, 7.5% higher than $850,000 in the prior year quarter and 1.7% above $899,000 in the prior quarter.

Properties sold more quickly in the quarter than during the same period last year. The average days on market—the number of days between the last change in list price, if any, to the contract date—was 125 days or 42 days faster than 167 days last year.

Sellers were more in sync with market value this quarter. Listing discount—the percentage difference between the list price at time of contract to the contract price—fell to 5.8% from 7.6% in the prior year quarter.

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