Saturday, April 2, 2011

Manhattan Q1 2011 market report CONDOs

Manhattan home prices

The media is reporting Manhattan Q1 prices down 10%, driven by higher mix of coops vs condos.  The median price of a condo is about 2X that of a coop.

Here is the full Manhattan Q1 2011 market report.  
Specific to condos:
Median price up 8% vs last year.
Avg price per sf up 5.4% vs last year.


* Overall (condo + coop) median property price $782,071, down 10% vs last year.  

* This is  driven by higher mix of coop sales.  Median price of a coop is $642k, about half that of a condo at $1.15m.  

* Listing inventory fell to lowest level in 3 years.  

New York (Manhattan) Q1 2011 Condo :
Median price                         $1.15m (+8% YOY)

Avg price per SF                  $1,216 (+5.4%)

Transactions                          964 (-24.3%)

Days on market                     140 (+3.7%)

Luxury property:
The luxury property market, defined by Miller Samuel as the top 10 percent of sales, experienced mixed metrics.

Median price                         $3.95 million (-13.8% YOY)

Avg price per SF                   $1,899 (+1%)

Transactions                          239 (+1.7%)

Days on market                     128 (-33.7%)

Data Source:  Miller Samuel Manhattan Q1 2011 Market Report

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