Prudential Douglas Elliman's 3rd Quarter 2010 Manhattan Residential Market Report—Prepared by Miller Samuel

NEW YORK, Oct. 1 /PRNewswire/ -- The just-released Third Quarter 2010 Prudential Douglas Elliman Manhattan Market Overview showed a Manhattan housing market that continues to show improvement towards a more stabilized market in terms of sales, inventory levels, and a shift toward a more typical mix of apartment sizes.

"Third quarter 2010 was an extension of the second quarter's 'spring market' with levels sales and inventory remaining at more 'normal' levels," said Jonathan Miller, President/CEO of Miller Samuel, the firm that prepared the report. We are also seeing more normal and consistent seasonality - something that has been missing in the economic turmoil of the past two years."

Although the market still faces significant economic challenges including high unemployment and tight credit conditions, other factors such as record low mortgage rates, improved affordability, and favorable exchange rate continue to drive the market.

"New York fared very well as compared to the rest of the country," said Dottie Herman, President and CEO of Prudential Douglas Elliman.  "Prices were up and we saw activity in all segments of the market, which caused the average sales price to rise significantly.  We are optimistic about the fourth quarter; however some uncertainty remains about economic conditions." 

Key Trend Metrics

-Price per square foot was $1,095, up 10% from $996 in the prior year quarter and up 4.3% from $1,051 in the prior quarter.

-Median sales price was $914,000, up 7.5% from $850,000 in the prior year quarter and up 1.7% from $899,000 in the prior quarter.

-Average sales price was $1,487,472, up 12.4% from $1,323,462 in the prior year quarter and up 3.8% from $1,432,712 in the prior quarter.

-Number of sales rose 19.3% to 2,661 sales from 2,230 sales in the prior year quarter but slipped 3.4% from 2,756 sales in the prior quarter.

-Listing inventory declined 3.2% to 8,123 units from 8,389 units at this time last year.

-Days on market was 125 days, down from 167 days this time last year.

-Listing discount was 5.8%, up from 7.6% in the same period last year.

Co-op Market

-Median sales price of a co-op this quarter was $777,500, up 23.4% from $630,000 in the prior year quarter.

-Number of sales jumped by 32.7% to 1,320 units, from 995 units in the same period last year.

-Listing inventory levels for co-ops increased 5.9% to 4,065 units from 3,840 units in the prior year quarter.

-Co-ops accounted for 49.6% of all apartment sales and 50% of all inventory this quarter.

Condo Market

-Median sales price of a condo this quarter was $1,120,000, up 10.3% from the prior year quarter result of $1,015,124.

-Number of sales increased by 8.6% to 1,341 units, from 1,235 units in the same period last year.

-Listing inventory levels for condos fell 10.8% to 4,058 units from 4,549 units in the prior year quarter.

-Condos accounted for 50.4% of all apartment sales and 50% of all inventory (excluding shadow) this quarter.

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

-Median sales price was $4,393,749, up 12.5% from $3,905,000 in the prior year quarter.

-The lower limit of the top ten percent of all sales this quarter was $3,060,000.

-Listing inventory fell 31.2% to 1,112 units from the same period last year.

-Days on market was 136 days, compared to 181 days in the prior year quarter.

-Listing discount was 7.3%, up from 4.1% this time last year.

Loft Market (co-op and condo sales)

-Median sales price was $1,660,000, up 10.7% from the prior year quarter result of $1,500,000.

-Number of sales jumped 53.2% to 190 units, from 124 units in the same period last year.

-Listing inventory declined 16.4% to 521 units from 623 units in the prior year quarter.

-Lofts accounted for 9.5% of all apartment sales this quarter.

SOURCE Prudential Douglas Elliman