Feb
05

Manhattan Coop & Condo 10-Year Sales Trend Analysis

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 Our 2001 to 2010  Manhattan Residential Sales Trend Analysis which was released Thursday and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

  • Price indicators show stability with mixed results
    • 2010 was second only to 2008 in both Median sales price and Average sales price  which was considered the peak of the Manhattan Market
    • Median sales price for 2010 was $880,000, 3.5% above the 2009 median sales price of $850,000 and more than double than the median sales price of
    • $430,000 in 2001
    • Average sales price rose 4.6% to $1,457,255 in 2010 from $1,393,001 in 2009
    • The key reason for the increase in these metrics was due to the shift in the mix towards larger apartment sales
      • 2009 referred to as the “year of the first time buyer”
      • Entry level apartment sales were the first to gain traction
    • Average square footage of an apartment sale in 2010 was 1375 square feet.
  • Number of sales above 10,000
    • There were 10,060 co-op and condo sales in 2010, the third highest one year total of the past decade
    • The 2010 total was 35.4% higher than 7,430 sales in 2009
    • Market conditions saw significant improvement in the second half of 2009
    • Listing inventories ended 2010 up 5.6% encouraging individuals who removed their listings in 2009 to re-enter the market
    • The monthly absorption rate declined to 8.6 months from 11.1 months and below the 9.3 month decade average
  • Days on Market, Listing Discount fall with rise in sales activity
    • Days on market fell below the 133 day average of the past decade in 2010
      • It took an average of 119 days to sell a property in 2010
      • Down sharply from 179 days in 2009
    • Listing discount fell to 7.1% from the ten year high of 10.2% in 2009 but well above the 4.2 average of the past decade

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