Market Reports

Miller Samuel prepares a series of real estate market reports covering the New York region. Additional market areas are currently under development. Over the past year these reports had a distribution in both print and internet download of more than 1,300,000 copies. Each of these reports are available for download as Adobe Acrobat © PDF files below.

Much of the data for the New York regional report series is available via an aggregate data search engine that generates custom tables. The reports are prepared using the following methodology.

• Miller Samuel Market Report Innovations
• First to track Manhattan co-ops by price per square foot
• First to analyze Manhattan square footage of all sales
• First to analyze the Manhattan market by median sales price
• First to break out the Manhattan market by bedrooms (Studio, 1, 2, 3, 4+)
• First to analyze Manhattan market-wide apartment inventory
• First to analyze Manhattan days on market and absorption
• First to drop Manhattan price per room as an obsolete market indicator
• First to break out Manhattan sales by specific neighborhoods
• First to analyze the Manhattan uptown co-op and condo market
• First to analyze the Manhattan co-op and condo market by zip code
• First to break out the Long Island/Queens & East End markets by quintiles
• First to analyze the entire borough of Brooklyn

These market studies may not be reproduced or used in whole or in part, except with proper credit as to their authorship.

Manhattan Market Overview 2Q 2008 [PDF] Archives

A quarterly survey of Manhattan co-op and condo sales.

..Like the prior quarter, fewer sales occurred compared to the prior year quarter, but more than the corresponding quarter two years prior. There were 3,081 co-op and condo sales collected at the close of the quarter, down 21.8% from the prior year quarter. The decline in activity was evenly spread across coop and condo property types with the lower level of demand related to tighter credit and a weaker economy. With tighter credit conditions for market participants existing today as compared to last year, it is reasonable to expect a lower level of activity relative to 2007 for the remainder of 2008. In fact, there were more co-op and condo sales in 2007 than in any other year over the past 20 years...

Brooklyn Market Overview 2Q 2008 [PDF] Archives

A quarterly survey of Brooklyn residential sales.

...The median sales price of a residential property in Brooklyn slipped 1.9% to $525,000 from $535,000 in the prior year quarter. Average sales price increased overall due to the influence of new condo development activity on overall prices. The average sales price of a Brooklyn property was $588,441 this quarter, 2.4% higher than the prior year quarter average sales price of $574,454. Condo prices, on a price per square foot basis, were up 16.4% to $575 from $494 in the prior year quarter. There is broad disparity between new development and re-sale condo prices. The price per square foot of a condo in a new development was $649 per square foot, up 27.5% from the $509 price per square foot of the prior year quarter. Over the same period, re-sale condos averaged $496 per square foot, up 7.4% from the $462 price per square foot of the prior year quarter...

Long Island/Queens Market Overview 2Q 2008 [PDF] Archives

A quarterly survey of more than 8,000 Long Island and Queens residential sales in the current quarter (The Hamptons and the North Fork are analyzed in a separate report).

...In continuation of last quarters market pattern, the pace of inventory growth and the pace in the decline in the number of sales continue to slow but still show weakening market conditions. The lower level of activity is reflective of stressed economic conditions and more stringent underwriting guidelines of mortgage lenders, who are requiring larger down payments, tighter ratios and higher credit scores. Despite a decline in activity, price indicators were essentially unchanged from the prior year quarter. There is an expectation of higher sales activity in the third quarter as spillover from the spring market activity closes in the summer months...

Hamptons/North Fork Market Overview 1Q 2008 [PDF] Archives

A quarterly survey of residential sales from the Hamptons and the North Fork.

...Both median and average sales price indicators were above levels reached in the prior year quarter. There was an upward skew in average sales price not seen in the change in median sales price, which was $790,000 up 1.9% over the prior year period median sales price of $775,000. The average sales price was $1,728,610 this quarter, up 16.8% above the prior year quarter, the second highest quarterly average sales price after the third quarter of 2007, which had an average sales price of $1,805,104. Besides the rise in price indicators within the top 20% of the market, perhaps one of the more striking characteristics of the East End was the decline in overall number of sales. The lower volume of sales activity is largely attributable to the declining national economic climate, tighter credit and a weaker employment picture in the New York City financial services sector...

Manhattan Market Report 1998-2007 [PDF] Archives

More than 90,000 co-op and condo sales transactions from more than 6,400 buildings over the last ten years were analyzed. Each of the 53 different market areas was analyzed with data tables and charts as well as a summary matrix with prior year and prior decade comparisons.

...The average sales price of a Manhattan apartment set a record for the 11th consecutive year. In 1996, the unadjusted average sales price was $399,501. The 2007 average sales price was $1,351,621, up 4.3% over the prior year record of $1,295,445 and up 238.3% from the average sales price in 1996, when this trend began. However, the pace of price growth has slowed for the second consecutive year. After a recent high water market of 21.6% price growth in 2005, the pace of overall price growth slowed to 6.1% in 2006 and 4.3% in 2007. There were a record 13,430 sales in 2007, a 58.1% increase over the 2006 total of 8,493 sales. The 2006 number of sales total had been consistent with the 8,510 average annual number of sales over the preceding decade. The significant increase in the number of sales this year resulted in a 13.5% drop in inventory levels. Without the addition of new development to the housing stock in 2007, the decline is re-sale inventory was more pronounced. There was a 26.2% year over year decline in the number of co-op apartments listed for sale, yet the number of condo units was unchanged. Co-op apartments are primarily comprised of re-sales because new development entering the market is nearly exclusive to condo property types. The year over year change in condo inventory was 0% indicating that the sharp decline in re-sale inventory seen in the co-op market was offset by new development condo inventory being added to the market....

Manhattan Townhouse Report 1998-2007 [PDF] Archives

Over 2,500 Manhattan residential townhouse transactions were analyzed over this ten year period. 1, 2 and 3-5 (delivered vacant) family houses comprised the data set.

...The average sales price of a Manhattan townhouse was a record $4,658,155 in 2007, up 14.1% from the prior year record average sales price of $4,082,837. The 2007 record is more than twice, or 116.5% higher than the $2,151,653 average sales price in 1998. Median sales price showed a similar pattern. The median sales price for 2007 was a record $3,125,000, up 15.7% from the prior year record median sales price of $2,700,000. Because the average square footage of townhouses dropped sharply in the past year, the average price per square foot jumped over the same period. Average price per square foot reached a record $1,137 in 2007, up 32.8% above the $856 price per square foot seen in 2006. This indicator is 145% above the $464 average price per square foot in 1998. Other than the decline seen from 2000 to 2001, the price per square foot has been the same or higher than the prior year for the past decade....

Please Adobe Acrobat version 5 or higher is required to view the reports.