StreetEasy Market Report Q1 2010docs.streeteasy.com/market_reports/2010Q1_Report.pdfStreetEasy is pleased to present our Q1 2010 Quarterly Report on the Manhattan residential market

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Market Report

Manhattan Q1 2010

StreetEasy is pleased to present our Q1 2010 Quarterly Report on the Manhattan residential market. The bulk of the report is based on approximately 3,100 recorded sales for this quarter as well as over 1,000 broker sources thereby allowing us to provide the most comprehensive view of today’s market. Our Market Snapshot section will give you the most real-time view of how the real estate market is responding to the current economic downturn by looking at inventory, price changes and in-contract data.

Resale closing numbers provide a more timely view of the market than new development numbers since new developments often go into contract as much as 24 months before closing. Days on Market (DoM) data is another important market indicator in the normally fast-paced Manhattan real estate market. We seek to continually improve this report and provide data that will be meaningful and useful to you. Please keep sending your suggestions to [email protected].

Significant findings in Q1 2010

CLOSING PRICES INCREASE FOR CONDO & CO-OP RESALES. Since last quarter, the overall average and median prices, which include condo and co-op resales and new developments, had price gains of 5.8% and 4.8%, respectively. However, overall prices have continued to decline from a year ago, about 3.3% and 8.1%, respectively. The overall average price was $1.394M while the overall median price was $804K.

• Condo resale median prices increased by 9.7% since last quarter to $971K, and by 8.2% since last year. Average price ($1.614M) is up 14.6% for the quarter and up 8.0% since last year.

• Co-op resale median prices increased by 8.3% to $650K compared to last quarter and by 16.7% since last year. Average sales price ($1.052M) increased by 11.4% since last quarter and by 18.2% since the prior year.

• New Developments median sales price increased slightly by 0.6% since last quarter but dropped by 12.6% since last year. Average sales price ($1.867M) decreased by 3.7% since last quarter and by 5.3% since last year.

VOLUME OF RESALE CLOSINGS DECLINE SINCE LAST QUARTER. The total number of closings this quarter, approximately 3,100, has decreased by 16.0% from the 3,700 closings of last quarter but has jumped by 83.6% from the 1,700 closings a year ago. Co-op resales have decreased by 8.0% since last quarter and condo resales have increased by 2.3% since last quarter. Compared to a year ago, condo resales increased by 156.0% and co-op resales increased by 146.7%. However, the number of new development closings declined by 44.3% since last quarter and by 34.0% since a year ago. New development closings made up 13.0% of the closings while co-op resales dominated activity at 55.3%.

INVENTORY REMAINS STEADY. According to our listings database, an average of 397 new listings came onto market every week in this quarter, an increase of 42.9% since last quarter, which averaged 278 new listings per week. Condos made up 50.9% of all active listings on market this quarter (co-ops 46.2%, townhouses 2.9%). There were a total of 14,282 listings that were available at some point in this quarter, a 2.6% increase since last quarter and a 0.9% increase compared to the prior year quarter.

INCREASE IN NEW CONTRACT ACTIVITY SINCE LAST QUARTER. This quarter, there were 2,390 listings that went into contract, a 5.2% increase from last quarter’s number of new contracts (2,272). However, compared to the prior year, which had 1,358 contracts, contract activity increased by 76.0%. Additionally, there were 190 broken contracts, a 24.2% increase compared to last quarter’s 153.

FEWER, LESS STEEP PRICE CUTS. This quarter 28.0% of all Manhattan listings had price cuts, a total of 3,996, 4.9% more cuts than last quarter but 29.2% fewer cuts than a year ago. Of all active listings for condos this quarter, there were 1,835 condo listings with price cuts, a 1.5% increase since last quarter and a 27.6% decrease since last year. Co-ops had about 2,161 cuts, an 11.0% increase in the number of price cuts since last quarter and 30.1% fewer cuts than a year ago. The average price cut this quarter for condos was 7.5%, compared to last quarterʼs 7.8%, and for co-ops, the average cut was 6.7%, compared to last quarterʼs 7.0%.

LISTINGS CONTINUE TO SPEND A LONGER TIME ON MARKET. The average time on market for condo resale listings increased by 2.9% since last quarter and by 5.0% since last year, while co-ops sat on the market for 1.2% more days than last quarter and 6.9% longer than the prior year. This quarter, condo resales stayed on the market for an average of 147 days, while co-op resales were on the market for an average of 120 days.

StreetEasy.com is a real estate website providing in-depth information across all brokerages and offering you the power to search, sort, and manage that information effectively, as well as the tools to keep you on top of the market.

Manhattan Q1 2010


Market Snapshot

Inventory

week starting onInventory 12/28/09 1/4/10 1/11/10 1/18/10 1/25/10 2/1/10 2/8/10 2/15/10 2/22/10 3/1/10 3/8/10 3/15/10 3/22/10

Available Listings 9,110 9,364 9,501 9,656 9,791 9,900 10,023 10,136 10,283 10,440 10,489 10,434 10,442

New Listings 109 385 422 427 384 416 433 398 449 485 469 393 394Absorbed Listings 273 413 356 309 385 371 359 337 393 477 502 451 433

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Inventory presented here is for all active listings (unique, with verified addresses) on the market, which includes available listings and in-contract listings that have not yet closed. The pace of new listings has increased compared to the previous quarter. In 2009Q4, an average of 278 new listings were added every week; this quarter, an average of 397 have been added every week, an increase of 42.9%. Additionally, an average of 406 listings have been absorbed every week, compared to last quarter’s average of 425 absorbed listings per week, a slight drop of 4.5%. Inventory levels this quarter were 2.6% higher than last quarter and 0.9% higher than this time last year. *Absorbed listings refer to available and in-contract listings that have been taken off the market either because they were de-listed, taken temporarily off the market, or because they were sold and closed.

Manhattan Q1 2010


Market Snapshot

Price Cuts

Condos Co-ops# of Price Decreases Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall 1,835 1.5% -27.6% 2,161 11.0% -30.1%

Downtown 545 -9.5% -38.6% 408 6.3% -43.6%Midtown 484 6.4% -25.1% 508 9.5% -16.7%

Upper West Side 263 7.3% -32.4% 367 9.6% -41.3%Upper East Side 310 3.7% -21.5% 701 13.1% -28.5%

Upper Manhattan 216 11.3% -0.5% 177 22.9% 15.7%

Condos Co-opsAverage Price Decreases Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall -7.5% -4.6% -18.3% -6.7% -4.2% -28.1%

Downtown -7.5% -6.6% -23.3% -6.4% -5.3% -29.8%Midtown -7.1% -4.1% -14.3% -6.5% -0.2% -26.1%

Upper West Side -7.2% -2.5% -20.2% -6.3% -0.6% -31.0%Upper East Side -7.5% -1.6% -16.0% -7.1% -7.0% -28.9%

Upper Manhattan -8.4% -6.3% -16.8% -6.9% -7.9% -12.4%

% Change Since % Change Since


There were 3,996 listings (approximately 28.0% of all active listings) that had price cuts this quarter, compared to 3,810 listings with cuts last quarter. 54.1% of all price cuts were for co-op listings. There were 4.9% more listings with price cuts than last quarter but 29.2% fewer than last year. Condos had an average discount of 7.5% and co-ops had an average cut of 6.7%, which are comparatively less steep than the average cut of 7.8% (for condos) and 7.0% (for co-ops) from last quarter.

Manhattan Q1 2010


Market Snapshot

Price Increases

Condos Co-ops# of Price Increases Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall 161 15.8% 75.0% 118 28.3% 187.8%

Downtown 55 89.7% 61.8% 25 78.6% 316.7%Midtown 58 11.5% 190.0% 21 -8.7% 75.0%

Upper West Side 19 -9.5% 46.2% 23 43.8% 187.5%Upper East Side 16 77.8% 23.1% 42 27.3% 223.1%

Upper Manhattan 12 71.4% 0.0% 7 16.7% 250.0%

Condos Co-opsAverage Price Increases Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall 5.4% 10.6% -11.0% 4.3% -20.8% -26.2%

Downtown 5.6% 8.0% 4.9% 5.0% 8.0% -29.5%Midtown 5.2% -21.0% -2.3% 5.5% 25.1% 20.4%

Upper West Side 5.2% -1.5% -18.8% 4.7% -15.6% -21.5%Upper East Side 6.7% 80.9% -3.2% 3.6% -47.4% -41.8%

Upper Manhattan 5.1% 17.2% -38.9% 2.0% -52.5% -75.2%



This quarter, there were 279 listings with price increases, 17.7% more than last quarter, and 105.2% more than a year ago. This quarter, condo listings had 75.0% more increases compared to the prior year. Additionally, there were 187.8% more co-op listings with price increases than the previous year. Condo listings had an average price increase of 5.4% while co-op listings had an average increase of 4.3% this quarter.

Manhattan Q1 2010


Market Snapshot

In Contracts

January % change February % change March % change

Contracts 2010 Jan 2009 2010 Feb 2009 2010 Mar 2009

New Contracts 674 121.7% 742 66.7% 974 111.3%

Broken Contracts 65 132.1% 73 151.7% 52 30.0%

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This quarter, there were 2,390 listings that entered into contract, a 5.2% increase compared to last quarter (which had 2,272 contracts), and a 76.0% increase since a year ago (which had 1,358 contracts). Additionally, there were a total of 190 broken contracts this quarter, a 24.2% increase from last quarter, which had 153 broken contracts. (Please note that broken contracts do not necessarily mean buyers have walked away from deposits. Listings previously in contract that are now available may be due to co-op board rejections, as well as developers allowing buyers out of their contracts.)

Manhattan Q1 2010


StreetEasy Facts for Q1 2010

Most Closings # of Closings Average Price Median Price

Midtown East 266 $778,640 $570,000Upper West Side 240 $1,545,708 $959,523

Lincoln Square 236 $1,629,004 $908,750Upper East Side 186 $2,177,461 $1,024,000

Yorkville 179 $1,128,677 $687,500

# of Most Price Cuts # of CutsAverage

Discount

Midtown East 567 -6.59%Upper East Side 375 -7.69%

Lenox Hill 323 -8.17%Upper West Side 318 -7.29%

Midtown West 264 -10.76%

Proportion of Most Price Cuts% of All Listings

Average Discount

Manhattan Valley 42.8% -6.61%Upper East Side 36.0% -7.69%

Beekman 35.9% -7.41%Sutton Place 35.6% -6.65%Murray Hill 35.0% -6.30%

Most Searched 'Hoods

1. West Village 1. The Corner - 200 West 72nd Street2. Greenwich Village 2. 14 West 14th Street3. Gramercy Park 3. Devonshire House - 28 East 10th Street4. Soho 4. The St. Mark - 115 East 9th Street5. Chelsea 5. 133 West 22nd Street

Most Searched Buildings

Most Expensive Closings Unit # Unit Type Final Price

15 West 63rd Street #29A Condo $23,980,000515 Park Avenue #27/28 Condo $23,980,000995 Fifth Avenue #15 Co-op $21,011,434

13 East 67th Street Townhouse $20,000,00026 West 76th Street Townhouse $19,390,312

Biggest Price Cuts Unit #Most Recent

List PricePrice at Start of Q4 2009 % Cut

30 East 65th Street #15A $1,695,000 $2,400,000 29.38%450 East 83rd Street #21-BC $5,000,000 $7,000,000 28.57%

575 Park Avenue #301 $1,075,000 $1,495,000 28.09%75 Central Park West #5D $2,850,000 $3,950,000 27.85%190 East 72nd Street #9A $1,095,000 $1,495,000 26.76%

Manhattan Q1 2010


Overall Market

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Average Price Median Price Average DoMRecorded Prices Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall $1,394,241 5.8% -3.3% $804,000 4.8% -8.1% 144 -3.8% -9.3%

Condo Resales $1,614,410 14.6% 8.0% $971,000 9.7% 8.2% 147 2.9% 5.0%Co-op Resales $1,052,347 11.4% 18.2% $650,000 8.3% 16.7% 120 1.2% 6.9%

New Developments $1,867,530 -3.7% -5.3% $1,157,042 0.6% -12.6% 247 2.0% 2.9%

New Devs Condos Co-opsNumber of Sales Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Number of Sales 399 -44.3% -34.0% 978 2.3% 156.0% 1,700 -8.0% 146.7%

Less than $500,000 61 -31.5% 19.6% 121 -14.2% 53.2% 561 -16.9% 98.9%$500,000 - $1,000,000 120 -50.0% -25.9% 389 -11.0% 175.9% 649 -11.7% 144.9%

$1,000,000 - $3,000,000 152 -40.9% -46.7% 365 15.5% 201.7% 397 5.9% 239.3%$3,000,000 - $5,000,000 33 -62.9% -53.5% 54 63.6% 125.0% 53 29.3% 178.9%

$5,000,000 - $10,000,000 29 -19.4% -6.5% 35 75.0% 150.0% 35 94.4% 483.3%More than $10,000,000 4 -66.7% -33.3% 14 27.3% 366.7% 5 -29.6% 150.0%

% Change Since % Change Since % Change Since


Overall average and median prices gained 5.8% and 4.8%, respectively, since last quarter. Compared to the previous year, average price declined by 3.3% and median price declined by 8.1%. Condo resales median price increased by 9.7% while co-op resales median price increased by 8.3% since last quarter. New developments had a nominal 0.6% increase in median price but a 3.7% decrease in average price since last quarter. The bulk of closings occurred among co-op resales (55.3%). Closings in new developments decreased by 44.3% since last quarter and made up 13.0% of all closings (a decrease of 34.0% since last year). 61.8% of closings were under $1M.

Manhattan Q1 2010


Luxury Market

Average Price Median PriceRecorded Prices Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall $5,600,683 -0.5% 5.8% $4,452,128 8.6% 9.0%

Downtown $5,410,382 5.2% 10.7% $4,100,000 5.1% 5.8%Midtown $5,534,862 -2.5% 14.8% $4,600,000 -6.1% 10.6%

Upper West Side $5,794,557 -6.1% 4.3% $4,452,128 8.6% -7.2%Upper East Side $5,692,932 -3.9% 5.1% $4,500,000 7.1% 3.2%

Upper Manhattan $3,225,000 n/a n/a $3,225,000 n/a n/a


Condos Co-opsNumber of Sales Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Number of Sales 174 -21.6% 10.1% 101 38.4% 236.7%

Downtown 72 -33.3% 41.2% 14 0.0% 600.0%Midtown 16 -11.1% 23.1% 10 42.9% 900.0%

Upper West Side 41 -18.0% 95.2% 17 54.5% 142.9%Upper East Side 44 -2.2% -38.9% 60 50.0% 200.0%

Upper Manhattan 1 n/a 0.0% 0 n/a n/a


The luxury market is defined as the top 10% of all condo and co-op sales, in terms of price. This quarter, the luxury market was comprised of sales at $2.825M and above, a 6.2% increase from last quarter’s 90th-percentile price of $2.65M. Median price among luxury new development closings increased by 8.6% but average price decreased slightly by 0.5% since last quarter. The number of luxury sales decreased by 25.1% since last quarter but increased by 93.7% since last year. 37.8% of luxury market closings occurred in the Upper East Side.

Manhattan Q1 2010


Townhouses

Average Price Median PriceRecorded Prices Q1 2010 Q4 2009 Q1 2009 Q1 2010 Q4 2009 Q1 2009

Overall $5,420,073 27.0% 78.1% $3,900,000 41.8% 155.7%

Downtown $5,247,560 -1.6% 62.3% $4,000,000 -15.8% 6.7%Midtown $4,200,000 -43.1% -28.7% $4,200,000 -43.1% -17.4%

Upper West Side $7,763,247 73.0% 693.5% $5,866,300 51.4% 499.6%Upper East Side $10,351,875 39.6% 36.1% $10,207,500 94.4% 34.2%

Upper Manhattan $744,545 -20.9% -34.7% $650,000 -23.3% -36.7%


SalesNumber of Sales Q1 2010 Q4 2009 Q1 2009

Number of Sales 36 -32.1% 80.0%

Downtown 6 -64.7% 100.0%Midtown 1 -50.0% -75.0%

Upper West Side 8 100.0% 700.0%Upper East Side 9 -18.2% 350.0%

Upper Manhattan 12 -33.3% 20.0%

% Change Since

Median sale price for townhouses increased by 41.8% since last quarter and by 155.7% since last year. The volume of townhouse sales in Manhattan overall dropped by 32.1% since last quarter but jumped by 80.0% since last year, with 36 closings this quarter. Out of these 36 closings, one-third of them were in Upper Manhattan.

Manhattan Q1 2010


Downtown Below 34th Street

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Overall $1,497,302 -0.3% 8.6% $900,000 4.0% -7.3% 160 6.0% -20.6%

Condo Resales $1,767,578 29.6% 22.4% $1,155,000 15.9% 16.1% 168 9.6% 10.1%Co-op Resales $936,142 13.4% 37.4% $699,000 22.1% 27.1% 111 -1.3% 1.3%

New Developments $2,067,758 -16.1% 19.8% $1,100,000 -26.7% -11.5% 279 19.8% -6.3%


Number of Sales 171 -43.0% -46.7% 305 23.0% 165.2% 380 -20.7% 119.7%

Less than $500,000 17 30.8% 54.5% 26 -25.7% 13.0% 95 -46.0% 30.1%$500,000 - $1,000,000 61 -39.6% -39.6% 104 11.8% 166.7% 174 -15.5% 117.5%

$1,000,000 - $3,000,000 58 -46.8% -66.5% 138 32.7% 236.6% 104 23.8% 477.8%$3,000,000 - $5,000,000 14 -73.1% -44.0% 24 71.4% 166.7% 7 -36.4% 250.0%

$5,000,000 - $10,000,000 19 -5.0% 111.1% 7 250.0% 250.0% 0 -100.0% n/aMore than $10,000,000 2 -81.8% 0.0% 6 500.0% 500.0% 0 -100.0% n/a



The Downtown market experienced a median price increase of 4.0%, to $900K since last quarter, while average price decreased slightly by 0.3%, to $1.497M. Condo resale average and median prices increased by 29.6% and 15.9%, respectively since last quarter. Co-op average and median prices also jumped by 13.4% and 22.1%, respectively since last quarter. However, new development average and median prices dropped by 16.1% and 26.7%, respectively since last quarter. Since last quarter, the volume of sales has increased for condo resales by 23% and by 165.2% since the prior year. While the number of co-op sales dropped 20.7% since last quarter, they jumped 119.7% since last year. New development closings still remain down.

Manhattan Q1 2010


Midtown From 34th Street to 59th Street

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Overall $1,007,369 0.5% -8.7% $670,000 0.8% -6.9% 141 -7.8% 3.6%

Condo Resales $1,152,899 -5.5% 1.4% $800,000 -1.2% -5.3% 137 -3.9% 5.4%Co-op Resales $740,520 -1.3% 18.3% $520,000 -1.0% 5.7% 127 -4.2% -2.2%

New Developments $1,928,978 65.9% 12.2% $1,350,000 54.0% 4.0% 244 -7.9% 49.4%


Number of Sales 50 -39.8% -19.4% 218 -15.5% 127.1% 326 -0.6% 150.8%

Less than $500,000 0 -100.0% -100.0% 39 -11.4% 160.0% 160 6.7% 131.9%$500,000 - $1,000,000 16 -56.8% 0.0% 108 -14.3% 134.8% 120 -6.3% 155.3%

$1,000,000 - $3,000,000 30 -14.3% -6.3% 60 -18.9% 106.9% 36 -18.2% 157.1%$3,000,000 - $5,000,000 2 0.0% -60.0% 3 -50.0% -40.0% 8 300.0% 700.0%

$5,000,000 - $10,000,000 1 n/a -50.0% 6 -14.3% 500.0% 2 -33.3% n/aMore than $10,000,000 1 n/a 0.0% 2 100.0% n/a 0 -100.0% n/a



The Midtown market saw a nominal increase of 0.8% in median price to $670K since last quarter but a 6.9% drop since last year. Overall average sale price also increased by 0.5% to $1.007M since last quarter but decreased by 8.7%% since last year. Both condo resale and co-op resale median prices decreased by 1.2% and 1.0%, respectively since last quarter. The most significant price gains were made in new developments where average and median prices jumped 65.9% and 54%, respectively, since last quarter. However, volume of sales for new developments has continued to decline, by 39.8% since last quarter, and by 19.4% since last year. Midtown properties are spending 7.8% less time on the market than last quarter but 3.6% more than last year.

Manhattan Q1 2010


Upper East Side From 59th Street to 96th Street, from Fifth Avenue to the East River

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Overall $1,763,596 11.1% -17.2% $950,000 11.8% -19.9% 142 -4.7% -0.5%

Condo Resales $1,858,623 28.5% -1.4% $1,130,000 27.0% 0.7% 144 -8.0% -2.4%Co-op Resales $1,494,526 11.0% 6.9% $792,500 4.3% 6.3% 127 -1.6% 12.3%

New Developments $2,234,759 -13.0% -28.5% $1,545,143 -17.1% -35.2% 252 -4.8% 5.6%


Number of Sales 62 -25.3% -53.7% 171 4.3% 159.1% 500 -1.4% 177.8%

Less than $500,000 6 100.0% 500.0% 16 -27.3% 60.0% 129 -10.4% 138.9%$500,000 - $1,000,000 12 -36.8% -42.9% 57 -21.9% 171.4% 163 -9.4% 167.2%

$1,000,000 - $3,000,000 31 -6.1% -44.6% 72 30.9% 188.0% 148 0.7% 202.0%$3,000,000 - $5,000,000 8 -55.6% -78.4% 13 44.4% 116.7% 29 45.0% 163.6%

$5,000,000 - $10,000,000 4 -55.6% -77.8% 12 200.0% 200.0% 26 136.4% 550.0%More than $10,000,000 1 0.0% -50.0% 1 -50.0% n/a 5 -1.6% 150.0%



Overall average and median prices both increased by 11.1% and 11.8%, respectively, since last quarter. However, compared to a year ago, they are both down 17.2% and 19.9%, respectively. Condo resales had the biggest price gains this quarter as average price went up by 28.5% and median price went up by 27.0%. Co-op resale average and median prices made more modest gains, about 11.0% and 4.3%, respectively. New development prices continued to fall from both last quarter and the prior year quarter. New development median price fell 17.1% since last quarter and by 35.2% since last year. Overall time on market fell 4.2% since last quarter. New development closings made up only 8.5% of all UES closings this quarter, while co-op closings made up 68.2%.

Manhattan Q1 2010


Upper West Side From 59th Street to 110th Street, From CPW to the Hudson River

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Overall $1,517,236 10.1% 9.8% $900,000 3.9% 13.8% 120 -9.5% -1.7%

Condo Resales $1,789,233 5.9% 2.0% $987,500 9.7% 20.7% 126 8.4% 2.9%Co-op Resales $1,056,022 15.5% 6.5% $737,500 5.4% 11.7% 105 -10.2% -10.7%

New Developments $2,425,974 13.1% 34.4% $1,911,842 4.8% 47.8% 200 -13.4% 52.4%


Number of Sales 49 -59.8% 22.5% 231 -11.2% 148.4% 342 -16.8% 147.8%

Less than $500,000 0 -100.0% -100.0% 24 -11.1% 0.0% 84 -26.3% 127.0%$500,000 - $1,000,000 8 -65.2% -20.0% 93 -30.1% 200.0% 146 -22.8% 143.3%

$1,000,000 - $3,000,000 28 -60.0% 47.4% 88 7.3% 252.0% 95 -4.0% 179.4%$3,000,000 - $5,000,000 8 -50.0% 100.0% 13 225.0% 225.0% 9 12.5% 80.0%

$5,000,000 - $10,000,000 5 -28.6% 150.0% 8 14.3% 14.3% 8 166.7% 300.0%More than $10,000,000 0 n/a n/a 5 -28.6% 150.0% 0 n/a n/a



Overall average price for the Upper West Side increased by 10.1% since last quarter and by 9.8% since last year. Overall median price also increased by 3.9% since last quarter and by 13.8% since last year. New development average price continued to increase since last quarter and the prior year – by 13.1% and 34.4% respectively. Similarly, new development median price increased by 4.8% since last quarter and by 47.8% since last year. The volume of new development closings dropped by 59.8% since last quarter but increased by 22.5% since last year. Condo and co-op closings increased by 148.4% and 147.8%, respectively, since the prior year. Overall, UWS properties spent less time on market compared to last quarter, a drop of 9.5%.

Manhattan Q1 2010


Upper Manhattan Above 96th Street in the East, above 110th Street in the West

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Overall $474,793 -8.8% -25.0% $416,000 -6.7% -3.3% 171 14.6% 0.0%

Condo Resales $540,397 -12.1% 1.8% $582,000 13.0% 25.6% 184 27.1% -6.1%Co-op Resales $407,487 1.5% 3.8% $351,000 -4.5% 0.2% 137 18.1% -2.0%

New Developments $541,160 -6.2% -37.3% $420,000 -6.4% -12.8% 218 14.8% 16.0%


Number of Sales 59 -21.3% 22.9% 29 16.0% 190.0% 103 -10.4% 58.5%

Less than $500,000 37 -15.9% 32.1% 13 8.3% 116.7% 72 -13.3% 56.5%$500,000 - $1,000,000 17 -26.1% 21.4% 16 45.5% 300.0% 29 -6.5% 70.6%

$1,000,000 - $3,000,000 4 -42.9% -20.0% 0 -100.0% n/a 2 100.0% 0.0%$3,000,000 - $5,000,000 1 n/a n/a 0 n/a n/a 0 n/a n/a

$5,000,000 - $10,000,000 0 n/a n/a 0 n/a n/a 0 n/a n/aMore than $10,000,000 0 n/a -100.0% 0 n/a n/a 0 n/a n/a



Upper Manhattan’s average and median prices have continued to drop - by 8.8% and 6.7%, respectively, since last quarter, and by 25.0% and 3.3%, respectively since last year. Average condo resale price dropped by 12.1% since last quarter but gained 1.8% since last year. Average co-op resale price gained 1.5% since last quarter and by 3.8% since last year. New development average and median prices have also continued to fall – by 6.2% and 6.4%, respectively, since last quarter and by 37.4% and 12.8%, respectively, since last year. The volume of closings for condo resales increased by 16% since last quarter and by 190% since the prior year. New developments made up 30.9% of the closings this quarter, 91.5% of which were priced under $1M.

Documents

StreetEasy Market Report Q1 2010docs.streeteasy.com/market_reports/2010Q1_Report.pdfStreetEasy is pleased to present our Q1 2010 Quarterly Report on the Manhattan residential market