Streeteasy Q4 2011 Manhattan Summary

As the year closed, Streeteasy.com, a New York real estate listing aggregating website, compiled a market summary breaking down the stats for each area of Manhattan for the last quarter. Streeteasy publishes reports on the New York real estate market quarterly based on data from over 1,000 brokers in the city. Below are some highlights from its most recent report, which can be found at http://streeteasy.com/nyc/market/reports

Overall average and median prices across Manhattan decreased by 6.2 percent and 9.6 percent, respectively, since Q3 2011. Compared to the previous year, overall average price decreased by 8.9 percent and median price dropped by 9.1 percent. Median prices for condo resales increased by 7.5 percent since last quarter and by 6.8 percent since last year.

In contrast, co-op resales median price decreased by 10.6 percent since last quarter and by 8.7 percent since last year. Median price for new developments decreased 12.3 percent from last quarter and 9.8 percent from last year. Closings in new developments dropped by 33.6 percent since last quarter and made up 16.8 percent of all closings. Most closings (62.8 percent) were under $1 million. The bulk of closings occurred among co-op resales (55.6 percent).

The luxury market (the 10 percent most expensive condo and co-op sales) this quarter was comprised of sales above $2.75 million, an 11.3 percent decrease from last quarter’s 90th-percentile price ($3.1 million). The number of sales above $2.75 million decreased by 34.4 percent since last quarter and by 22.7 percent since last year. Downtown had the most luxury closings as it made up 34.6 percent of all luxury closings, followed by the Upper West Side, which made up 34.0 percent of luxury closings.

Downtown (South of 34th Street)
- Condo resale median price up 6.7 percent since last quarter; 0.7 percent since prior year
- Co-op resale median price down 15.3 percent since last quarter; 7.9 percent since prior year
- New development median price up 19.3 percent since last quarter; 2.0 percent since prior year
- Average time on market same as last quarter but down 10.6 percent since prior year

Midtown (34th Street to 59th Street)
- Condo resale median price up 0.6 percent since last quarter; 13.5 percent since prior year
- Co-op resale median price down19.0 percent since last quarter; 22.5 percent since prior year
- New development median price up 4.5 percent since last quarter; 7.0 percent since prior year
- Average time on market 7.0 percent longer than last quarter but 8.1 percent fewer days than prior year

Upper East
- Condo resale median prices down 9.2 percent since last quarter; up by 10.5 percent since prior year
- Co-op resale median price down 12.0 percent since last quarter; 0.1 percent since the prior year
- New development closings down 58.6 percent since last year
- Condo resales stayed on market 8.2 percent longer since last quarter; co-op resale time-on-market down 0.5 percent

Upper West
- Condo resales median price down 1.3 percent since previous quarter; 7.1 percent since prior year
- Co-op resales median price up 0.3 percent since last quarter; down 7.8 percent since prior year
- The total volume of closings decreased by 35.5 percent since last quarter and by 29.1 percent since last year
- UWS properties spent 4.5 percent more time on market compared to last year

Upper Manhattan
- Condo resale median price down 4.6 percent since last year
- Co-op resale median price up 20.4 percent since last year
- New development median price down 17.4 percent since last quarter; 13.1 percent since last year
- Overall time on market decreased by 3.9 percent since last quarter but increased by 9.2 percent since last year
- New developments made up 55.6 percent of the closings this quarter

Most Closings by Neighborhood
Midtown East—227 closings; $560,000 median price; $758,819 average price
Upper West Side—197 closings; $1,081,000 median price; $1,775,335 average price
Lincoln Square—157 closings; $999,000 median price; $1,763,345 average price
Chelsea—119 closings; $795,000 median price; $1,170,451 average price
Lenox Hill—116 closings; $932,500 median price; $1,744,104 average price