In the following charts and graphs you can see how the market stacks up against last month and this month last year.

Manhattan rental apartment buildings’ market value increased 15 percent, cooperative apartment buildings increased 9.5 percent and condominium units 7.1 percent compared to a year ago.

In Brooklyn, rental apartment buildings increased 3.9 percent, cooperative apartment buildings 1.6 percent and condominium units 1.2 percent compared to 2011.

Compared to the peak of the market in 2007, the market value of Manhattan rental apartment and cooperative apartment buildings has increased 22.5 percent, and condominium units increased 48.2 percent according to the City of New York.

In Brooklyn, the market value of rental buildings was up 3.5 percent, cooperative apartments 18.4 percent.
These market value increases have resulted in a 40 percent increase in real property taxes since the peak of the market in 2008.

From MIke Slattery, Senior Vice President, REBNY Research Department

“Tight mortgage credit conditions continued to drive rental prices and activity higher.”

• The median net effective rent (face rent less landlord concessions) jumped 9.5% from $2,950 to $3,121 in the same period last year. The year-over-year-gains were consistent across all rental price indicators.
• The 2-bedroom and 3-bedroom markets outpaced their smaller counterparts,increasing 14% and 18.1% respectively over the same period.
• New rental activity (excluding lease renewals) was up 10% from 7,217 to 7,942 in the same quarter last year.
• About 7.4% of new leases had some form of landlord concession compared to the 40.5% in the prior year quarter. For those leases with concessions, the average amount was the equivalent of 1.2 months of free rent.
• Days on market—the number of days from original list date to lease signing—was at its second fastest pace of 37 days in 15 years, which is when we began tracking this metric.

“After a year of mixed economic news, the Manhattan housing market, while continuing to experience overall price stability, closed out the year with a slower pace of sales.”

•  Median sales price was $855,000, a modest 1.2% increase from $845,000 in the prior year quarter. Price per square foot increased 5.6% to $1,117 from $1,058 over the same period.
• There were 2,011 sales in the fourth quarter, 12.4% less than 2,295 in the prior year quarter. The fourth quarter had the lowest number of sales since the same period six years ago, perhaps related to the unusual surge in sales in the prior quarter. Pending sales were also below the prior year level.
• There were 7,221 active listings at the end of the fourth quarter, essentially unchanged from the same period last year, but 2.6% less than the ten-year quarterly average of 7,412.
• Days on market—the number of days from the last price change if any to the contract date—saw a modest 5 day increase to 130 days from 125 days, still consistent with the 132 day average for the prior decade.
• Listing discount—the percent difference between the list price at time of sale to the sales price—fell to 4.9% from 8% in the same period last year.

“East End market conditions reflected increased activity, especially in the luxury market as listing inventory slipped”

• There were 538 sales in the third quarter, 14.7% above 469 sales total in the same period last year, but 13.1% below the prior quarter total of 619 sales.
• Median sales price was $700,000 in the third quarter, 12% higher than $625,000 in the prior year quarter. In the third quarter, 67.1% of all sales fell below the million dollar threshold consistent with the 65.9%, five-year average.
• There were 2,238 listings at the end of the third quarter, 1.5% less than the 2,271 listings in the same period last year.
• Although price indicators and sales activity increased from the same period last year, the listing discount measuring the negotiability between buyer and seller edged higher to 11.3% from 10% in the same period last year.
• Days on market, the number of days from the last price change to contract date, increased 6 days to 170 days from 164 days in the prior year quarter.

“Sales activity jumped above last year’s levels, as listing inventory slipped.  Negotiability between buyers and sellers held steady.”

• Median sales price declined 3.2% to $365,000 from $377,250 in the prior year quarter. Average sales price followed a similar pattern, declining 3.9% to $457,496 from $475,946. The decline is largely attributable to last year’s federal homebuyers tax credit that had pushed sales prices higher.
• There were 5,141 sales in the third quarter, 18.4% above the 4,343 total in the prior year quarter and 22.3% above the prior quarter total of 4,205. The current total is the fourth highest quarter in three years, led by three quarters significantly impacted by the federal homebuyers tax credit from the second half of 2009 through early 2010.
• There were 21,462 listings on the market at the end of the third quarter, 1% less than 21,670 listings in the prior year quarter and 5.8% less than 22,772 listings in the prior quarter.
• The average number of days to sell a property from its original list date to contract date was 116, nominally longer than 112 days in the prior year quarter.
• The listing discount, or negotiability between buyer and seller, measures the percentage discount from the original list price and the sales price, was essentially unchanged at 6.5% in the third quarter compared to 6.6% in the same period last year.

• There were 2,650 sales in the second quarter, 3.8% less than the federal-tax-credit-stimulated 2,756 sales total from the same period last year, and 10.7% more than 2,394, a seasonal uptick from the prior quarter.
• Median sales price declined 5.5% to $850,000, the second consecutive year-over-year decline of this metric. Both average sales price and price per square foot edged 1.6% over the same period.
• There were 8,070 active listings available at the end of the second quarter, 1.1% less than the 8,157 total in the same period a year ago, but a 6.1% seasonal increase from the 7,605 total in the first quarter.
• The number of days between the change in the list price, if any, and contract date—known as days on market—jumped from 105 in the previous year’s second quarter, to 136 days in the same period this year.
• The percentage difference between the listing price at time of contract and the contract price—the listing discount—fell to 3.5% from 9.1% in the prior year quarter.

• 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