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Laura Matiz

Blog

Manhattan Sales Report 1Q 2020 Highlights

6/21/2020

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Source: Compiled from the Elliman Reports 1st Quarter 2020 Highlights and Press Release
After a fast start to the quarter, the Coronavirus outbreak quickly slowed market conditions by early March.
New Year 2020 through mid-March, 2020
The first quarter of 2020 started with a 13.5% year over year jump in the number of sales to 2,407. Sales in eight of the ten price strata rose annually, with the most significant percentage gains seen from $4 million to $7 million. All three overall price trend indicators haven’t seen a year over year increase in three straight quarters as sellers slowly capitulated to softer market conditions. This adjustment resulted in a sharp rise in sales.

Final two weeks of March 2020
After two years of weakening sales, the first quarter of 2020 showed a jump in closings as sellers became more in sync with the current market. However, that pattern was not reflective of the recent change in market conditions that began in early March and has been measured in terms of days. The near-term outlook for the Manhattan housing sales market is predicated on how long the consumer thinks it will take for the pandemic footprint to decline and when “shelter in place” restrictions end statewide. If the outbreak is not prolonged, there is still potential for a release of pent- up demand, but this depends on the extent of damage done to the economy.
See full Elliman Report Q1-2020 Manhattan Sales
Categories: Douglas Elliman
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Manhattan Sales Report 3Q 2019 Highlights

10/23/2019

 
Compiled from the Elliman Reports 3rd Quarter 2019 Highlights and Press Release
The recent Mansion Tax deadline poached sales from this quarter back into the prior quarter.
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  • The number of sales decreased year over year by 14.2% to 2,562.
  • Conversely, the second-quarter number of sales jumped 12.5% year over year, prompting some market observers to interpret the formation of a recovery.
  • The second and third-quarter sales total for 2019 was compared to the same period in 2018, indicating a sales decline of 1.7%. This two-quarter comparison was made to control for the significant tax-related swing in quarterly sales. This decline was similar to the 1.9% year to date sales drop comprised of the first three quarters compared to the same prior-year period.
  • Median sales price decreased 8.2% to $1,025,000, and the average sales price dropped 14.1% to $1,656,395 respectively from the year-ago quarter, with the latter reaching its lowest level in six years.
  • Days on market, the average number of days to sell all apartments that closed during the quarter, was one day faster — falling to 91 days from the year-ago quarter.

Categories; Douglas Elliman

Manhattan Sales Report 1Q 2019 Highlights

4/30/2019

 
Compiled from the Elliman Reports 1st Quarter 2019 Highlights and Press Release
The first quarter of the Manhattan housing market was notable for its extremes.
  • The 2,121 sales that closed in the first quarter was 16.4% below the 2,537-average quarterly sales over the past twenty years.
  • Listing inventory rose year over year by 8.9% to 6,673 which sat midway between the record high of 10,445 in the first quarter of 2009 and the record low of 4,164 in the fourth quarter of 2013.
  • The months of supply expanded 11.9% year over year to a seven-year high of 9.4 months, the time to sell all listing inventory at the current rate of sales. For context, the record months of supply was set in the first quarter of 2009 at 26.2 months, the slowest market pace on record.
  • The record $238 million sale did not impact the median sales price although it skewed average and average price per square foot upward an additional 5.8% and 4.7% respectively. The only price segment below $5 million to see sales growth was from $1 million to $2 million.
  • Days on market, the average number of days to sell all apartments that closed during the quarter was eight days faster, falling to 99 days from the year-ago quarter.
See the full Elliman Reports: Manhattan sales report.
Categories: Douglas Elliman

Manhattan Sales Report 3Q 2018 Highlights

10/15/2018

 
Compiled from the Elliman Reports 3rd Quarter 2018 Highlights and Press Release
​The decline in sales has been the primary barometer of the change in the real estate market during 2018.
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  • The number of sales has declined year over year for the fourth straight quarter as the market underwent a reset of activity. There were 2,987 sales, down 11.3% from the year-ago quarter, the lowest of the last four declines but still 9.5% above the quarterly sales average for the decade.
  • There were 6,925 listings at the end of the quarter, up 13.2% from the same period last year. Since the financial crisis, listing inventory peaked in the first quarter of 2009 at 10,445 and bottomed in the fourth quarter of 2013 at 4,164.
  • Days on market, the average number of days to sell all apartments that closed during the quarter slid by 8.9% to 92 days as a possible sign that sellers were pricing more realistically.
  • Listing discount, the percentage difference between the list price at the time of sale and the sales price, slipped to 5.2% from 5.5% in the prior-year quarter.
  • The median sales price declined 4.5% to $1,117,000 from the prior-year quarter and the third highest median sales price on record. However, the resale median sales price, which represented 87.9% of the market was unchanged at $995,000, the highest median sales price on record.
See the full Elliman Reports: Manhattan sales report.

​Categories: Douglas Elliman

Manhattan Sales Report 2Q 2018 Highlights

7/9/2018

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Compiled from the Elliman Reports 2nd Quarter 2018 Highlights and Press Release
The market was characterized by a lower level of activity, more supply and modest resale price gains.
  • There were 2,629 sales, down 16.6% from the same period a year ago as well as the lowest second-quarter sales total in nine years, 3.6% below the 2,726 second quarter decade average.
  • Listing inventory rose 10.7% to 6,985 and the highest total since 2012.
    • New development inventory edged up 0.8% as developers held back units in shadow inventory.
    • Resale supply expanded 12.6% over the same period.
  • The absorption rate, the number of months to sell all inventory at the current rate of sales, slowed to 8 months from 6 months in the prior year quarter, the slowest second quarter spring market pace in seven years.
  • Despite the slower pace, market time and negotiability tightened from the prior year as sellers grew more in sync with market conditions.
  • Days on market, the average number of days to sell all apartments that closed during the quarter slid by five days to 103 days.
  • Listing discount, the percentage difference between the list price at the time of sale and the sales price, fell to 4.1% from 6.1% in the prior-year quarter. 
See the full Elliman Reports: Manhattan sales report.
​Categories: Douglas Elliman
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Manhattan Sales Report 4Q 2017 Highlights

1/21/2018

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Compiled from the Elliman Reports 4th Quarter 2017 Highlights and Press Release
Pace of fall market cooled as market participants awaited the housing-related terms of the new federal tax bill.
Q4 2017 Reports logo
Overview
  • First time in 7 quarters the average sales price fell below $2 million as legacy contract pipeline clears
  • Median sales price edged higher for third consecutive quarter, driven by re-sales
  • Sales activity for the Manhattan housing market was at the lowest fourth quarter total in six years
  • Pace of the fall market cooled as market participants awaited the housing-related terms of the new federal tax law
  • Buyers continued to hold firm, forcing sellers to meet them on price
  • Smaller apartments continued to see more bidding wars than larger apartments
  • 90% of sales at or above $5 million were “all cash"
  • New development inventory expanded annually for sixth consecutive month, but growth rate cooled

Numbers Summary
  • There were 2,514 sales to close in the final quarter of the year, down 12.3% from the prior-year quarter.
  • There were 5,451 listings at the end of the quarter, up 1.1% from the same period a year ago. As a result, the absorption rate, the number of months to sell all inventory at the current rate of sales, slowed as the pace expanded to 6.5 months from 5.6 months in the year-ago quarter.
  • Listing discount, the percentage difference between the list price at the date of sale and the sales price, was 5.4% up nominally from 5.3% in the prior year quarter.
  • Days on market, the average number of days to sell all apartments that closed during the quarter rose 3.2% to 97 days from 94 days in than the same period last year.
  • Median sales price edged 1% higher to $1,060,000 from the year-ago quarter. Average sales price declined 10.6% to $1,897,503 over the same period, the first time this price trend indicator was below the $2 million threshold in two years. 
See the full Elliman Reports: Manhattan sales report.

Categories: Douglas Elliman
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Manhattan Sales Report 3Q 2017 Highlights

10/29/2017

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Compiled from the Elliman Reports 3rd Quarter 2017 Highlights
​More sales, less inventory and record pricing in segments in the co-op and re-sale markets.
Picture
  • Median sales price increased 9.3% to $1,170,000 while average sales price slid 1.3% to $2,002,835 from the year ago record, respectively, over the same period. The difference in direction reflects the decline of the “legacy contract” pipeline, defined as contracts signed several years ago that closed when construction of the building was completed.
  • The overall number of sales increased 13% to 3,369 over the same period, the highest quarterly total in two years. The number of sales was 20% higher than the 2,732 quarterly average of the past decade.
  • With heavy sales volume overpowering supply, overall listing inventory was unable to keep up with demand. Re-sale inventory fell 4.1% and new development active inventory rose 6.9% for an overall decline of 2.4% to 6,115 apartments.
  • The absorption rate, the number of months to sell all inventory at the current rate of sales, was faster, falling to 5.4 months from 6.3 months in the year-ago quarter. The co-op market moved much more quickly than the condo market consistent with the lower pricing of co-ops than condos and the “softer at the top” housing narrative of the past several years.
  • Listing discount, the percentage difference between the list price at the date of sale and the sales price, more than doubled to 5.5% from 2.9% in the prior year quarter as sellers traveled farther to meet the buyer on price.
See the full Elliman Reports: Manhattan sales report.

Categories: Douglas Elliman
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Manhattan Sales Report 1Q 2017 Highlights

4/8/2017

 
Compiled from the Elliman Reports 1st Quarter 2017 Highlights
There was a release of pent-up demand in the resale market accumulated before the U.S. election last November. 
Picture
  • Resales showed a 7.7% jump to 2,429 from the same period last year outpacing the 4.2% gain in resale inventory to 4,859 listings. 
  • The median resale price was $950,000, unchanged from the year-ago quarter while the other price trend indicators increased. Average resale price expanded 3.2% to $1,586,247, and the average resale price per square foot rose 4.1% to $1,495 respectively over the same period. 
  • Closings of new development sales declined 25.4% to 463 from the year-ago period. They accounted for 16% of market-wide sales, down from a 21.6% share in the same period last year. 
  • Luxury listing inventory continued to decline as many overpriced listings expired from sellers who were long disconnected with market conditions. There were 1,295 luxury listings, down 4.1% from the prior year quarter. 
  • Listing discount, the percentage difference between the list price at the date of sale and the sales price, doubled to 4.2% from 2.1% in the prior year quarter as sellers worked harder to meet buyers on price. 

​See the full Elliman Reports: Manhattan sales report.

Categories: Douglas Elliman
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Laura Matiz

Licensed Associate Real Estate Broker
575 Madison Avenue
New York City, NY 10022
Email: lmatiz@elliman.com
Twitter: @lmatiz
Office: 212.891.7252
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