StreetEasy Market Report Q3 2011docs.streeteasy.com/market_reports/2011Q3_Report.pdfStreetEasy is...

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Market Report

Manhattan Q3 2011 StreetEasy is pleased to present our Q3 2011 Quarterly Report on the Manhattan residential market. The bulk of the report is based on approximately 3,800 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.

What’s New: For this report, and going forward, we have added Morningside Heights to the Upper West market, and we have included Fifth Avenue, between 97th to 110th Streets, known as Upper Carnegie Hill, to the Upper East market. All previous quarterly numbers have been updated to include these areas. We’ve also added a new page about our Condo Market Index.

Summary of findings in 2011Q3

Manhattan Condo Market Index for August 2011 dropped by 1.3% since the previous month and dropped by 1.2% since the prior year. Currently, the index is 15.4% below the 2008 peak. Median closing prices for condo and coop resales declined from the prior year 5.9% and 2.2%, respectively, while new development median price gained 9.3% Volume of closings increased 9.9% from last year and by 3.4% from last quarter. Inventory declined 3.0% from last year and 5.9% from last quarter. Signed contracts remained stable with a 0.1% decrease from the prior year but dropped 31.0% from the prior quarter. Price cuts decreased by 6.9% from last year and 16.8% from last quarter. Time on market remained stable at an average of 139 days, a 1% decrease from a year ago.

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Compared to Compared toAugust 2011 July 2011 August 2010

Manhattan Condo Index 1,855 1,879 -1.3% 1,878 -1.2%Compared to Compared to

Median Closing Prices Q3 2011 Q2 2011 Q3 2010

Overall $843,375 $815,000 3.5% $847,322 -0.5%Condo Resales $990,000 $1,009,096 -1.9% $1,052,500 -5.9%Co-op Resales $660,181 $645,650 2.3% $675,000 -2.2%

New Developments $1,150,000 $986,706 16.5% $1,051,684 9.3%

Compared to Compared toVolume of Closings Q3 2011 Q2 2011 Q3 2010

Overall Manhattan 3,756 3,634 3.4% 3,418 9.9%Condo Resales 1,062 1,000 5.4% 928 14.4%Coop Resales 2,082 1,854 11.5% 1,753 18.8%

New Developments 612 745 -18.4% 705 -13.2%

Compared to Compared toInventory Q3 2011 Q2 2011 Q3 2010

Total Inventory 14,091 14,972 -5.9% 14,527 -3.0%Condos 6,348 6,848 -7.3% 7,027 -9.7%Coops 7,154 7,520 -4.9% 6,894 3.8%

Townhouses 589 604 -2.5% 606 -2.8%Avg New Listings per Week 324 395 -18.0% 319 1.6%

Compared to Compared toContracts Q3 2011 Q2 2011 Q3 2010

Total # of Contracts 1,937 2,807 -31.0% 1,939 -0.1%# of Broken Contracts 195 143 36.4% 243 -19.8%

Compared to Compared toPrice Cuts Q3 2011 Q2 2011 Q3 2010

Total # of Cuts 3,700 4,445 -16.8% 3,974 -6.9%# of Condo Cuts 1,468 1,726 -14.9% 1,813 -19.0%# of Coop Cuts 2,232 2,719 -17.9% 2,161 3.3%

Average Condo Cut -6.3% -6.4% -7.0%Average Coop Cut -6.2% -6.4% -6.3%

Compared to Compared toDays on Market Q3 2011 Q2 2011 Q3 2010

Average Overall 139 153 -9.2% 140 -1.0%

Condo Resales 128 140 -8.5% 126 1.7%Coop Resales 123 133 -7.9% 121 1.2%

Manhattan Q3 2011


Market Snapshot Inventory

week starting onInventory 7/3/11 7/10/11 7/17/11 7/24/11 7/31/11 8/7/11 8/14/11 8/21/11 8/28/11 9/4/11 9/11/11 9/18/11 9/25/11

Available Listings 10,484 10,273 10,217 10,339 10,001 9,877 9,647 9,533 9,353 9,266 9,482 9,735 9,817

New Listings 227 289 357 507 235 283 273 258 195 225 481 492 390Absorbed Listings 527 436 415 604 445 510 406 412 347 372 341 343 310

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Lis$ng'Inventory'

Condos'

Co1ops'

The pace of new listings (unique, with known addresses) slowed down compared to the previous quarter. In 2011Q2, an average of 395 new listings were added every week. This quarter, an average of 324 new listings were added every week, a decrease of 18.0%. However, since Labor Day, an average of 430 listings have entered the market each week. Additionally, an average of 421 listings have been absorbed every week, almost the same compared to last quarter’s average of 420 absorbed listings per week. The level of inventory this quarter was 5.9% lower than last quarter and 3.0% lower than last year.

*Absorbed listings refer to listings that have either entered into contract or have been taken off the market.

Manhattan Q3 2011


Market Snapshot StreetEasy Condo Market Index

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StreetEasy)Condo)Market)Index)

Our StreetEasy Condo Market Index (SECMI) gives a feel for how the Manhattan condo real estate market performed over the past 15 years. For each month since January 1995, we were able to estimate a rate of return for the Manhattan market as a whole, and used January 2000 as the base period with a value of 1,000. We created this index using nearly 60,000 data points and a variation of the repeated sales regression analysis technique. For August 2011, the SECMI had a value of 1,855, a drop of 1.3% since the prior month and a drop of 1.2% since the prior year. Current index levels are equivalent to mid-2005, and are 15.4% below the March 2008 peak. For more details see http://streeteasy.com/nyc/market/condo_index

Manhattan Q3 2011


Market Snapshot Price Cuts

Condos Co-ops# of Price Decreases Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall 1,468 -14.9% -19.0% 2,232 -17.9% 3.3%

Downtown 429 -15.6% -20.6% 430 -13.3% -1.4%Midtown 386 -7.4% -17.0% 529 -16.2% 11.8%

Upper West Side 237 -8.5% -11.6% 433 -22.1% 8.0%Upper East Side 272 -16.6% -1.4% 658 -19.1% -5.5%

Upper Manhattan 132 -35.9% -47.4% 182 -18.4% 17.4%

Condos Co-opsAverage Price Decreases Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall -6.3% -0.5% -9.6% -6.2% -2.6% -1.8%

Downtown -6.4% 4.5% -9.0% -5.8% 2.9% -5.4%Midtown -5.7% -0.1% -11.8% -6.2% -2.7% -4.8%

Upper West Side -6.5% 2.3% -4.3% -5.7% -5.5% -1.4%Upper East Side -6.3% -3.1% -12.5% -6.5% -3.1% 0.4%

Upper Manhattan -7.3% -6.6% -6.7% -7.4% -3.9% 5.5%

% Change Since % Change Since


There were 3,700 listings (approximately 26.3% of all available listings) that had price cuts this quarter, compared to 4,445 listings with cuts last quarter. There were 16.8% fewer listings with price cuts than last quarter and 6.9% fewer than last year. 60.3% of all price cuts were for co-op listings. Condos had an average discount of 6.3%, compared to 6.4% last quarter. Co-ops had an average cut of 6.2%, compared to 6.3% from last quarter.

Manhattan Q3 2011


Market Snapshot Price Increases

Condos Co-ops# of Price Increases Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall 411 -12.2% -4.2% 136 -8.7% -9.3%

Downtown 170 -12.8% -2.9% 34 9.7% -5.6%Midtown 113 -13.7% -5.0% 32 0.0% -17.9%

Upper West Side 63 -7.4% 5.0% 29 -14.7% -14.7%Upper East Side 30 7.1% 15.4% 29 -31.0% 0.0%

Upper Manhattan 27 -27.0% -22.9% 12 20.0% 0.0%

Condos Co-opsAverage Price Increases Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall 4.5% 0.2% -10.6% 4.3% -5.8% -7.1%

Downtown 4.4% 4.6% -11.2% 4.3% 0.2% -3.1%Midtown 4.1% -8.0% -15.7% 4.6% -6.0% -6.0%

Upper West Side 4.3% 4.5% -11.6% 3.4% -16.7% -27.1%Upper East Side 5.7% -4.3% 0.8% 4.2% -10.4% 8.9%

Upper Manhattan 6.4% 5.9% 6.1% 5.8% 8.6% -2.9%



This quarter, there were 547 listings with price increases, about 11.4% fewer than last quarter (617) and 5.5% fewer than last year (579). This quarter, condo listings had 12.2% fewer increases compared to the prior quarter and 4.2% fewer than last year. Co-ops had 8.7% fewer listings with price increases than the previous quarter and 9.3% fewer than last year. Condo listings had an average price increase of 4.5% while co-op listings had an average price increase of 4.3% this quarter.

Manhattan Q3 2011


Market Snapshot In-Contracts

Contracts Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11

New Contracts 575 718 730 694 585 808 1,009 925 863 1,019 716 694 527De-listed 827 929 1,024 1,063 954 735 923 909 821 1,037 1,315 1,152 884

Absorption 12.0% 13.7% 15.0% 16.2% 14.1% 13.9% 16.3% 15.4% 14.0% 17.2% 17.7% 17.4% 12.9%

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Contracts De-listed

Contracts)&)De-listed)

This quarter, there were 1,937 listings that entered into contract, a 31.0 % drop compared to last quarter, which had 2,807 contracts. However, contract activity remained virtually the same since last year (1,939 contracts). There were a total of 195 broken contracts this quarter, a 36.4% increase from last quarter, which had 143 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 Q3 2011


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Contract(Mix:(Prices(

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Studio 1 bed 2 beds 3+ beds

Contract(Mix:(Bedrooms(

The chart above illustrates the mix of in-contract listings by price. This quarter, listings priced $1M and lower made up over 60% of all contracts – similar to 2010 Q3 levels.

Below, contracts are broken out by bedroom type. This quarter, studios and 2BRs increased in their share of contracts.

Manhattan Q3 2011


StreetEasy Facts for Q3 2011

Most Closings # of Closings Median Price Average Price

Upper West Side 384 $999,999 $1,753,414Lenox Hill 189 $1,245,000 $2,630,563

Lincoln Square 178 $924,516 $1,673,502Upper East Side 168 $965,000 $2,005,494

Chelsea 159 $1,120,075 $1,582,434

# of Most Price Cuts # of CutsAverage

Discount

Upper West Side 285 -5.92%Yorkville 178 -5.58%

Lenox Hill 178 -6.44%Upper East Side 161 -6.43%

Murray Hill 112 -5.46%

Proportion of Most Price Cuts% of All Listings

Average Discount

Yorkville 23.1% -5.58%Turtle Bay 20.3% -6.43%

Murray Hill 19.9% -5.46%Lenox Hill 19.7% -6.44%

West Village 19.7% -6.44%

Most Searched 'Hoods

1. West Village 1. 250 West Street2. Greenwich Village 2 ONE48 at 148 East 24th Street3. Chelsea 3 305 W16 at 305 W 16th Street4. Flatiron 4. The Sheffield at 322 West 57th Street5. Gramercy Park 5. The Aldyn at 60 Riverside Boulevard

Most Searched Buildings

Most Expensive Closings Unit # Unit Type Final Price

16 East 69th Street House $48,000,0004 East 75th Street House $36,500,000

80 Columbus Circle #PH76B Condo $30,550,00050 Central Park South #29 Condo $30,000,000

1020 Fifth Avenue #13 Co-op $26,750,000

Biggest Price Cuts Unit #Most Recent

List PricePrice at Start of Q3 2011 % Cut

80 John Street #2C $1,150,000 $1,595,000 27.9%100 Eleventh Avenue #4A $2,850,000 $3,950,000 27.8%

845 United Nations Plaza #PH90B $24,900,000 $34,500,000 27.8%63 West 107th Street #1 $399,000 $550,000 27.5%351 Riverside Drive House $15,000,000 $20,000,000 25.0%

Manhattan Q3 2011


Overall Market

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Average Price Median Price Average DoMRecorded Prices Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall $1,474,227 6.2% 5.1% $843,375 3.5% -0.5% 139 -9.2% -1.0%

Condo Resales $1,631,937 2.0% -0.5% $990,000 -1.9% -5.9% 128 -8.5% 1.7%Co-op Resales $1,111,799 -1.0% 3.4% $660,181 2.3% -2.2% 123 -7.9% 1.2%

New Developments $1,844,064 0.3% 14.2% $1,150,000 16.5% 9.3% 218 -1.3% 0.0%

New Devs Condos Co-opsNumber of Sales Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Number of Sales 612 -18.4% -13.2% 1,062 5.4% 14.4% 2,082 11.5% 18.8%

Less than $500,000 54 -50.0% -47.6% 129 -2.3% 17.3% 666 5.2% 17.5%$500,000 - $1,000,000 217 -21.7% -10.0% 412 11.1% 19.1% 778 9.4% 16.1%

$1,000,000 - $3,000,000 222 -21.0% -16.9% 388 -0.8% 5.4% 507 21.9% 19.9%$3,000,000 - $5,000,000 76 35.7% 28.8% 81 -1.2% 15.7% 86 41.0% 30.3%

$5,000,000 - $10,000,000 40 53.8% 33.3% 41 57.7% 41.4% 37 2.8% 54.2%More than $10,000,000 3 0.0% -40.0% 11 22.2% 0.0% 8 -47.0% 0.0%

% Change Since % Change Since % Change Since


Overall average and median prices increased by 6.2% and 3.5%, respectively, since last quarter. Compared to the previous year, overall average price increased by 5.1% but median price remained the same with a 0.5% drop. Condo resales median price declined by 1.9% since last quarter and by 5.9% since last year. Co-op resales median price increased by 2.3% since last quarter but declined 2.2% since last year. Median price for new developments gained 16.5% from last quarter and 9.3% from last year yet closings in new developments dropped by 13.2% since last year and made up 16.3% of all closings. 60.0% of closings were under $1M.The bulk of closings occurred among co-op resales (55.4%).

Manhattan Q3 2011


Luxury Market

Average Price Median PriceRecorded Prices Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall $5,552,851 -1.4% 0.3% $4,465,000 1.5% 3.0%

Downtown $5,070,284 1.1% 6.3% $4,200,000 5.0% 2.4%Midtown $6,663,741 15.5% 2.1% $4,525,000 -0.5% 4.8%

Upper West Side $5,382,685 -12.8% -13.9% $4,668,343 0.6% 0.6%Upper East Side $6,021,245 3.3% 7.6% $4,450,000 -6.2% -0.1%

Upper Manhattan n/a n/a n/a n/a n/a n/a


Condos Co-opsNumber of Sales Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Number of Sales 234 30.7% 31.5% 123 13.9% 30.9%

Downtown 97 16.9% 19.8% 17 70.0% -22.7%Midtown 11 -47.6% -56.0% 9 0.0% 80.0%

Upper West Side 82 100.0% 86.4% 33 43.5% 65.0%Upper East Side 44 33.3% 63.0% 64 -3.0% 36.2%

Upper Manhattan 0 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 above $3.1M, a 6.9% increase from last quarter’s 90th-percentile price ($2.9M). The number of sales above $3.1M increased by 25.3% since last quarter and by 31.3% since last year. Downtown had the most luxury closings as it made up 31.9% of all luxury closings, followed by the Upper East Side which made up 30.2% of luxury closings.

Manhattan Q3 2011


Townhouses

Average Price Median PriceRecorded Prices Q3 2011 Q2 2011 Q3 2010 Q3 2011 Q2 2011 Q3 2010

Overall $5,716,960 25.3% 21.0% $3,729,000 -9.0% 24.3%

Downtown $4,687,363 -27.5% -9.1% $3,850,000 -38.9% 10.0%Midtown $4,600,000 100.0% 33.8% $4,600,000 100.0% 33.3%

Upper West Side $5,213,333 17.9% -22.9% $4,675,000 0.2% -1.8%Upper East Side $13,583,894 85.5% 47.5% $9,140,625 75.6% 45.1%

Upper Manhattan $1,095,252 22.5% 13.8% $925,000 -2.6% 1.7%


SalesNumber of Sales Q3 2011 Q2 2011 Q3 2010

Number of Sales 81 24.6% 24.6%

Downtown 36 89.5% 140.0%Midtown 1 0.0% -83.3%

Upper West Side 10 42.9% 66.7%Upper East Side 14 -12.5% -12.5%

Upper Manhattan 20 -4.8% -9.1%

% Change Since

Average sale price for townhouses increased by 25.3% since last quarter and by 21.0% since last year. Median price declined by 9.0% since last quarter but gained 24.3% since the prior year. The Upper East Side had the highest average and median prices while Upper Manhattan townhouses had median price under $1M. Out of the total townhouse closings, 44.4% were Downtown.

Manhattan Q3 2011


Downtown Below 34th Street

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Overall $1,531,114 6.7% 0.9% $942,000 10.8% -5.7% 126 -8.2% -4.8%

Condo Resales $1,914,617 8.4% 10.1% $1,343,750 -4.0% -4.0% 118 -9.7% 7.7%Co-op Resales $1,039,266 10.8% 8.3% $716,927 11.8% 6.9% 110 -7.6% 0.6%

New Developments $1,688,926 14.1% -14.0% $1,165,896 24.3% -10.7% 179 7.6% -12.7%


Number of Sales 247 -25.6% -9.2% 354 -2.2% 15.7% 588 24.6% 32.4%

Less than $500,000 9 -81.3% -35.7% 33 3.1% 10.0% 137 -6.8% 5.4%$500,000 - $1,000,000 93 -29.0% 38.8% 117 6.4% 39.3% 263 18.5% 36.3%

$1,000,000 - $3,000,000 110 -6.0% -20.9% 140 -15.2% -8.5% 166 80.4% 59.6%$3,000,000 - $5,000,000 28 27.3% -15.2% 42 -10.6% 31.3% 17 112.5% 13.3%

$5,000,000 - $10,000,000 6 -50.0% -62.5% 18 125.0% 63.6% 4 300.0% 100.0%More than $10,000,000 1 -50.0% -66.7% 4 300.0% n/a 1 -50.0% n/a



The median price in Downtown gained by 10.8% since last quarter but declined by 5.7% since last year. Average price also gained by 6.7% since last quarter but rose 0.9% since last year. Condo resale median price declined by 4.0% since last quarter and by 4.0% since last year. In contrast, the median price for co-op resales gained 11.8% since last quarter and by 6.9% since last year. New development median price jumped by 24.3% since last quarter but slid 10.7% since last year. Since last quarter, the volume of sales declined for condo resales (2.2%), and for new developments (25.6%), while co-op closing increased by 24.6%. Average time on market decreased by 8.2% since last quarter.

Manhattan Q3 2011


Midtown From 34th Street to 59th Street

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Overall $1,014,460 -7.8% -11.5% $724,500 -5.3% -3.4% 144 -15.3% -11.3%

Condo Resales $1,265,898 -8.9% -16.8% $852,000 -3.0% -3.2% 141 -8.2% 1.5%Co-op Resales $718,867 -6.7% -5.6% $550,000 6.3% -2.7% 125 -13.6% -10.1%

New Developments $1,340,184 -54.3% -0.3% $1,040,000 -3.8% 7.5% 238 -10.8% -16.9%


Number of Sales 89 -45.1% -29.9% 291 13.7% 19.8% 357 11.6% 12.6%

Less than $500,000 0 -100.0% -100.0% 42 2.4% 16.7% 148 1.4% 11.3%$500,000 - $1,000,000 44 -38.9% -27.9% 140 20.7% 30.8% 147 14.0% 12.2%

$1,000,000 - $3,000,000 43 -45.6% -24.6% 99 25.3% 30.3% 53 51.4% 10.4%$3,000,000 - $5,000,000 1 -66.7% -50.0% 5 -58.3% -70.6% 5 -37.5% 66.7%

$5,000,000 - $10,000,000 1 -50.0% n/a 3 -40.0% 0.0% 4 100.0% 100.0%More than $10,000,000 0 -100.0% -100.0% 2 -33.3% -60.0% 0 -100.0% n/a



The Midtown market decreased by 5.3% in median price since last quarter and by 3.4% since last year. Overall average sale prices decreased by 7.8% since last quarter and by 11.5% since last year. Condo resale median price decreased 3.0% since last quarter and by 3.2% since a year ago. Co-op resale median price increased by 6.3% since last quarter but declined by 2.7% from the year prior. New development median price in Midtown decreased by 3.8% since last quarter but rose by 7.5% since last year. Volume of sales for new developments dropped by 45.1% since last quarter while condo and co-op resales went up 13.7% and 11.6%, respectively. Midtown properties spent 15.3% fewer days on the market than last quarter.

Manhattan Q3 2011


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

From 97th Street to 110th Street, along Fifth Avenue

0"

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#"of"Sales"

Med

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Condo"Resales"

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Co2op"Resales"

0"

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New"Developments"


Overall $1,999,312 14.4% 19.8% $980,000 -1.5% 2.6% 155 -3.9% 16.2%

Condo Resales $1,675,781 11.8% 11.2% $995,000 -7.2% -1.8% 131 -17.6% -18.0%Co-op Resales $1,605,070 1.4% 15.0% $845,000 0.7% -5.1% 141 -1.9% 18.8%

New Developments $2,909,184 23.3% 32.2% $2,240,150 15.9% 33.3% 346 13.8% 109.3%


Number of Sales 57 -24.0% -29.6% 167 -8.2% 8.4% 509 -6.3% 2.0%

Less than $500,000 1 -75.0% -80.0% 18 -30.8% 5.9% 141 4.4% 6.8%$500,000 - $1,000,000 6 -25.0% -75.0% 62 6.9% 3.3% 157 -14.2% -5.4%

$1,000,000 - $3,000,000 28 -34.9% -20.0% 59 -26.3% -7.8% 147 -8.1% -3.9%$3,000,000 - $5,000,000 16 33.3% 100.0% 15 25.0% 114.3% 46 39.4% 35.3%

$5,000,000 - $10,000,000 5 -28.6% -44.4% 9 50.0% 80.0% 11 -56.0% -21.4%More than $10,000,000 1 n/a n/a 4 n/a 100.0% 7 -13.4% 75.0%



Overall median price in the Upper East Side declined by 1.5% since last quarter but rose 2.6% since last year. Median price for condo resales decreased by 7.2% since last quarter and by 1.8% since last year. Co-op resale median price gained by 0.7% since last quarter but declined by 5.1% since the prior year. Volume of condo closings rose 8.4% and co-op closings increased by 2.0% since last year. In contrast new development closings declined 29.6% since last year. Time on market for condo resales decreased by 17.6% while co-op resales decreased by 1.9% since last quarter. New development closings made up only 7.8% of all UES closings this quarter, while co-op closings made up 69.4%.

Manhattan Q3 2011


Upper West From 59th Street to 110th Street, from Central Park West to the Hudson River

From 110th Street to La Salle Street, from Morningside Drive to the Hudson River

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Condo"Resales"

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$0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000

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#"of"Sales"

Med

ian"Price"


Co2op"Resales"

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ian"Price"


New"Developments"


Overall $1,646,892 8.0% 2.7% $927,303 3.1% -0.8% 120 -2.8% -3.9%

Condo Resales $1,773,248 -2.0% -5.4% $1,100,000 17.6% 3.8% 124 6.0% 13.5%Co-op Resales $1,173,459 -3.9% -5.6% $715,000 -8.3% -10.6% 110 -9.2% -2.5%

New Developments $2,941,593 27.1% 17.6% $2,769,640 25.1% 37.2% 165 10.8% -46.6%


Number of Sales 120 62.2% 87.5% 216 18.0% 10.8% 506 17.7% 29.1%

Less than $500,000 4 -20.0% -50.0% 20 -4.8% 33.3% 136 27.1% 54.5%$500,000 - $1,000,000 24 60.0% 300.0% 77 2.7% -4.9% 196 14.6% 20.2%

$1,000,000 - $3,000,000 34 13.3% 13.3% 89 34.8% 23.6% 139 7.8% 17.8%$3,000,000 - $5,000,000 30 66.7% 100.0% 18 80.0% 38.5% 17 54.5% 21.4%

$5,000,000 - $10,000,000 27 440.0% 440.0% 11 57.1% 10.0% 18 125.0% 200.0%More than $10,000,000 1 n/a n/a 1 -80.0% -75.0% 0 -100.0% -100.0%



Overall median price for the Upper West increased by 3.1% since last quarter but declined by only 0.8% since last year. Overall average price also increased by 8.0% since last quarter and by 2.7% since last year. Condo resales median price increased by 17.6% since the last quarter and by 3.8% since the prior year. However, co-op resales median price decreased by 8.3% since last quarter and by 10.6% since last year. The volume of closings increased by 62.2% since last quarter and by 87.5% since last year. Condo and co-op closings also increased by 10.8% and by 29.1%, respectively, since the prior year. Overall, UWS properties spent slightly less time on market compared to last year, a decrease of 3.9% fewer days.

Manhattan Q3 2011


Upper Manhattan Above 97th Street from the East River to Fifth Avenue

Above 110th Street from Fifth Avenue to Morningside Drive Above LaSalle Street from Morningside Drive to the Hudson River

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New"Developments"


Overall $508,049 6.9% -6.4% $425,880 5.2% -8.4% 197 -19.4% 17.0%

Condo Resales $549,548 6.1% -28.8% $537,000 22.2% -2.8% 144 -26.3% 35.8%Co-op Resales $321,737 34.3% -6.1% $300,000 29.3% -8.4% 146 -8.7% -14.0%

New Developments $627,790 2.4% 6.1% $540,000 -6.1% -5.0% 268 -14.9% 47.9%


Number of Sales 94 -11.3% -40.1% 31 63.2% 6.9% 119 15.5% 20.2%

Less than $500,000 40 -9.1% -42.0% 15 50.0% 25.0% 103 6.2% 25.6%$500,000 - $1,000,000 46 -6.1% -43.2% 15 66.7% 15.4% 15 150.0% -11.8%

$1,000,000 - $3,000,000 8 -33.3% 33.3% 1 n/a -66.7% 1 n/a n/a$3,000,000 - $5,000,000 0 n/a -100.0% 0 n/a -100.0% 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 n/a 0 n/a n/a 0 n/a n/a



Upper Manhattan’s average and median prices decreased by 6.4% and 8.4%, respectively, since the prior year. Condo resale and co-op resale median prices dropped by 2.8% and by 8.4%, respectively, compared to last year. New development median price declined by 6.1% since last quarter and by 5.0% since last year. The volume of closings decreased by 1.2% since last quarter and by 20.0% since the prior year. Overall time on market decreased by 19.4% since last quarter but increased by 17% since last year. New developments made up 38.5% of the closings this quarter. 95.9% of all closings were priced under $1M.

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