2nd Quarter 2010 Manhattan Residential Market Report — Prepared by Miller Samuel

Key Trend Metrics

-Price per square foot was $1,051, down 0.5% from $1,056 in the prior year quarter but up 1.2% from $1,038 in the prior quarter.

-Median sales price was $899,000, up 7.6% from $835,700 in the prior year quarter and up 3.6% from $868,000 in the prior quarter.

-Average sales price was $1,432,712, up 9.1% from $1,312,920 in the prior year quarter and up 0.4% from $1,426,994 in the prior quarter.

-Number of sales surged 79.9% to 2,756 sales from 1,532 sales in the prior year quarter and increased 15.6% from 2,384 sales in the prior quarter.

-Listing inventory declined 13% to 8,157 units from 9,378 units at this time last year and increased 1.6% from 8,027 units in the prior quarter.

-Days on market was 105 days, down from 162 days this time last year.

-Listing discount was 9.1%, down from 7.8% in the same period last year.

Co-op Market

-Median sales price of a co-op this quarter was $697,501, up 7.5% from $649,000 in the prior year quarter.

-Number of sales surged by 65.2% to 1,203 units, from 728 units in the same period last year.

-Listing inventory levels for co-ops declined 10.3% to 3,948 units from 4,399 units in the prior year quarter.  

-Co-ops accounted for 43.7% of all apartment sales and 48.4% of all listings this quarter. 

Condo Market

-Median sales price of a condo this quarter was $1,100,000, up 10.1% from the prior year quarter result of $999,000.

-Number of sales jumped by 93.2% to 1,553 units, from 804 units in the same period last year.

-Listing inventory levels for condos fell 15.5% to 4,209 units from 4,979 units in the prior year quarter.  

-Condos accounted for 56.3% of all apartment sales and 51.6% of all listings this quarter. 

Luxury Market (upper 10% of all co-op and condo sales)

-Median sales price was $4,093,365, up 11.8% from $3,660,608 in the prior year quarter.

-The lower limit of the top ten percent of all sales this quarter was $3,000,000.

-Listing inventory fell 29.3% to 1,304 units from the same period last year.

-Days on market was 146 days, compared to 182 days in the prior year quarter.

-Listing discount was 6.4%, down from 8.6% this time last year.

Loft Market (co-op and condo sales)

-Median sales price was $1,570,000, down 15.9% from the prior year quarter result of $1,867,500.

-Number of sales jumped 263.9% to 262 units, from 72 units in the same period last year.

-Listing inventory declined 25.6% to 548 units from 737 units in the prior year quarter.  

-Lofts accounted for 13.7% of all apartment sales this quarter, the highest market share in 4 years.