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Manhattan Market Reports Available For Download

I was a bit tardy getting these posted online, but here are the PDF versions of our two latest market reports [1] that I write for Prudential Douglas Elliman [PDE] [2].

In addition, you can see the [methodology]) that went into the reports including the neighborhood boundaries [3] and the type of content [4] we have available. You can also build your own custom data tables [5] here [aggregate data for 1Q 2006 will be available online early next week in this data section):

1Q 2006 Manhattan Market Overview [pdf] [6]

A quarterly survey of more than 2,000 Manhattan co-op and condo sales.

Although the three price indicators showed growth over the prior year quarter and the prior quarter, price per square foot best characterizes market conditions for the current quarter since it is least impacted by the shift in unit mix toward larger apartments this quarter. The average price per square foot of $1,004 was the highest ever recorded in this study but was essentially unchanged from the prior quarter result of $1,002 for a 0.2% increase. The average sales price and median sales price jumped 9.6% and 8.6% respectively over the prior quarter. The average sales price was one of the highest on record at $1,300,928, second only to the second quarter of 2005 when the average sales price set an all-time record of $1,317,528. This indicator was 7.1% above the prior year quarter average sales price of $1,214,379. Median sales price saw a similar pattern, setting a record at $825,000 in the current quarter, up 17% over the prior year quarter median sales price of $705,000. The contradiction in the average price per square foot compared to these indicators was due to a shift in the mix of apartments to larger units that sold for the quarter…

Manhattan Market Report 1996-2005 [pdf] [7]

More than 80,000 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 Manhattan market saw record prices in all major price categories: Average sales price, average price per square foot and median sales price. All categories saw year-over-year gains in excess of 20%. Average sales price remained above $1,000,000 and set a record of $1,221,265, increasing 21.6% over the price year average of $1,004,232. Average price per square foot set a record at $965, increasing 25.8% over the prior year average price per square foot of $767. Median sales price set a record at $750,000, increasing 23.8% over the prior year median sales price of $605,859.With all three price indicators showing similar percentage gains, there were broad-based price increases across most market categories. One of the distinctive characteristics of the market in 2005 was the decline in the number of transactions. A modest increase in mortgage rates and double-digit price gains have reduced affordability. Mortgage rates were above the prior year but are still below levels seen ten years ago. Analysts expect fixed and adjustable rates to increase slightly in the first half of 2006 as the economy continues to improve but the shift in the housing market to more modest price gains may keep further near term rate gains in check…