Feb
02

Manhattan Co-op & Condo Decade Report

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Our 2002 to 2011  Manhattan Co-op and Condo Decade Report  which was released Today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman

“Manhattan housing prices and sales activity have remained stable for the past three years, despite the general economic turbulence.”

  • The number of sales remained above the 10,000 sale threshold for the second consecutive year and for the fourth time in the decade. There were 10,161 sales in 2011, the third highest total of the decade. The total was 1% above the prior year total of 10,060, but 24.3% below the 2007 housing boom peak of 3,430. The weakest period of sales activity for the decade was in 2009, the year after the “Lehman tipping point” in late 2008 when the credit crunch and low consumer confidence stifled sales activity.
  • There were 7,221 listings at the end of 2011, nominally less than 7,232 listings at the end of 2010. The 2011 result was 3.8% less than the 7,506 inventory in 2002. Modest inventory levels have been the key to market stability in the past two years.

  • The year-over-year price indicators were mixed but have continued to remain relatively stable for the past three years after the sharp price correction at the end of 2008. The 2011 median sales price of a Manhattan apartment was $850,000, 3.4% below $880,000 in 2010. The price indicator was at its fourth highest level in the decade and 88.9% above the 2002 level.

  • The number of days to sell a Manhattan apartment was 127 in 2011, 8 days slower than in 2010, but roughly the same as the 126 day average days on market for 2002.

  • Listing discount, the percentage difference between the list price at time of sale and the sales price, was 4.3%, down from 7.1% in 2010. Buyers and sellers were more in sync on establishing sales price in 2011 than they were in 2010.

 

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