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Market Overview:
New York, NY
While sales prices for apartments in Manhattan fell during the second quarter as compared to first quarter, the number of sales was actually up.
Prudential Douglas Elliman reported that:
- The median sales price for homes in the quarter ended 6/30 was $835,700, down 18.5% from the prior quarter and down 14.3% from same time last year
- The average sales price per square foot was $1,056 a decrease of about 16% from the prior quarter and also the same time last year.
- The number of sales was up 28.2% from the prior quarter but down a sharp 50% from the same quarter last year.
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There are 9,378 homes for sale, down 10.2% from last quarter (which was the highest quarterly total in a decade!) but up 8.7% from the same quarter last year.
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Days on the market decreased 4.7% to 162 days but increased 20% from 135 days in the prior year's quarter.
Looking more closely at the median sales price, new developments were down 29% from the prior quarter but only off 6.7% from the second quarter of last year. Conversely, the median sales price of re-sale units was actually up 7.4% from the prior quarter, but down 25.6% from the second quarter of 2008.
First time and entry level buyers had a 54% share of the number of sales that took place in the second quarter. They seemed to be buying the smaller size apartments as studios and one bedroom co-ops saw no or small declines in price from the prior quarter, but 3 and 4 bedroom units suffered price declines of 42% and 53%, respectively.
The luxury market, defined as the top 10% of all co-op and condo sales, saw its days on the market increase by 33% from 137 days in the second quarter of 2008 to 182 days in the same quarter of 2009..
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