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Market Report

Manhattan Q1 2013 StreetEasy is pleased to present our 2013 Q1 Quarterly Report on the Manhattan residential market. The bulk of the report is based on approximately 2,900 estimated 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.

Summary of findings in 2013 Q1 Manhattan Condo Market Index for February 2013 rose by 0.2% since the previous month and by 4.8% since the prior year. Currently, the market is 8.6% below the 2008 peak. For details see: http://streeteasy.com/nyc/market/condo_index. Median closing prices for the Manhattan overall market declined by 2.5% compared to year ago. Condo resale price rose 3.8% from the prior year while co-op median price decreased by 5.6%. New development median price increased by 27.9%. Volume of closings increased 7.3% from last year but dropped by 22.9% from last quarter. Inventory is still 16.9% down from a year ago but since last quarter, inventory levels inched up 3.1%. Signed contracts are up by 15.0% from the prior year and by 18.4% from the prior quarter. Price cuts dropped by 41.3% from last year and by 10.7% from last quarter. In contrast, there were 26.8% more price increases than a year ago and 27.6% more than last quarter. Time on market decreased 11.9% from a year ago to 134 days. This is a 1.6% increase from last quarter.

Compared to Compared toFebruary 2013 January 2013 February 2012

Manhattan Condo Index 1,974 1,958 0.8% 1,883 4.8%Compared to Compared to

Median Closing Prices Q1 2013 Q4 2012 Q1 2012

Overall $765,000 $825,000 -7.3% $785,000 -2.5%Condo Resales $1,033,099 $999,000 3.4% $995,000 3.8%Co-op Resales $590,000 $644,500 -8.5% $625,000 -5.6%

New Developments $1,237,173 $1,210,950 2.2% $967,337 27.9%

Compared to Compared toVolume of Closings Q1 2013 Q4 2012 Q1 2012

Overall Manhattan 2,928 3,797 -22.9% 2,729 7.3%Condo Resales 878 1,321 -33.8% 800 9.8%Co-op Resales 1,680 2,088 -19.9% 1,465 14.7%

New Developments 370 357 3.4% 477 -22.4%

Compared to Compared toInventory Q1 2013 Q4 2012 Q1 2012

Total Inventory 11,533 11,182 3.1% 13,882 -16.9%Condos 5,255 5,165 1.7% 6,307 -16.7%Co-ops 5,923 5,621 5.4% 7,134 -17.0%

Townhouses 355 396 -10.4% 441 -19.5%Avg New Listings per Week 350 231 51.4% 355 -1.5%

Compared to Compared toContracts Q1 2013 Q4 2012 Q1 2012

Total # of Contracts 3,066 2,589 18.4% 2,666 15.0%# of Broken Contracts 178 138 29.0% 168 6.0%

Compared to Compared toPrice Changes Q1 2013 Q4 2012 Q1 2012

Total # of Cuts 2,212 2,478 -10.7% 3,770 -41.3%# of Condo Cuts 877 1,011 -13.3% 1,449 -39.5%# of Co-op Cuts 1,335 1,467 -9.0% 2,321 -42.5%

Total # of Increases 799 626 27.6% 630 26.8%# of Condo Increases 574 464 23.7% 476 20.6%# of Co-op Increases 225 162 38.9% 154 46.1%

Compared to Compared toDays on Market Q1 2013 Q4 2012 Q1 2012

Average Overall 134 132 1.6% 153 -11.9%

Condo Resales 128 123 4.0% 140 -8.5%Co-op Resales 117 123 -5.1% 139 -15.7%

Manhattan Q1 2013


Market Snapshot StreetEasy Condo Market Index (SECMI)

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The SECMI for February 2013 increased by 0.2% since the previous month and by 4.8% since the prior year, the largest annual gain since February 2011. This was the 18th consecutive month of appreciation and the index has risen 11.7% since hitting bottom in November 2011. The last time values rose to this level was in April 2007. Currently, the market is 8.6% below the market peak in Spring 2008.

Our index gives a feel for how the Manhattan Condo Real Estate market performed over the past 16 years. For each month since January 1995, we estimated 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 used a variation of the repeated sales regression analysis technique with assorted filtering. More details on our methodology and data can be found at http://streeteasy.com/nyc/market/condo_index.

February 2013 2004

April 2007 2010

Manhattan Q1 2013


Market Snapshot Inventory

week starting onInventory 12/31/12 1/7/13 1/14/13 1/21/13 1/28/13 2/4/13 2/11/13 2/18/13 2/25/13 3/4/13 3/11/13 3/18/13 3/25/13

Available Listings 7,247 7,380 7,456 7,543 7,648 7,674 7,656 7,612 7,667 7,679 7,670 7,677 7,509

New Listings 210 366 323 345 369 370 339 356 398 436 368 409 247Absorbed Listings 318 303 304 316 393 403 452 391 489 424 455 438 372

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The pace of new listings (unique with known addresses) averaged to be 350 new listings per week, a 1.5% decrease compared to the previous year, which had an average of 355 new listings. However, compared to last quarter, this is a 51.5% increase, which had an average of 231 new listings per week. Additionally, an average of 395 listings have been absorbed every week, a decrease of 2.9% compared to last quarter’s average of 384 absorbed listings per week. The level of inventory this quarter was 3.1% higher than last quarter but 16.9% lower than last year.

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

Manhattan Q1 2013


Market Snapshot Price Changes

Condos Co-ops# of Price Decreases Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall 877 -13.3% -39.5% 1,335 -9.0% -42.5%

Downtown 319 -2.4% -32.7% 220 -12.7% -41.5%Midtown 224 -8.9% -36.0% 320 -13.7% -42.2%

Upper West Side 141 -13.5% -40.0% 236 -9.9% -46.4%Upper East Side 124 -32.2% -51.0% 486 2.5% -36.6%

Upper Manhattan 60 -27.7% -53.1% 73 -32.4% -60.5%

Condos Co-opsAverage Price Decreases Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall -6.6% 5.6% 6.6% -6.0% 1.0% -3.5%

Downtown -6.9% 12.1% 9.3% -6.0% 8.4% 0.4%Midtown -5.4% -0.3% -4.8% -5.8% -4.6% -7.2%

Upper West Side -6.6% 2.3% 3.2% -5.6% 3.3% -6.3%Upper East Side -6.6% 6.7% 12.1% -6.3% 1.1% -2.3%

Upper Manhattan -8.0% 3.9% 20.9% -6.3% -2.6% -1.2%

% Change Since % Change Since


Condos Co-ops# of Price Increases Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall 574 23.7% 20.6% 225 38.9% 46.1%

Downtown 248 14.8% 18.1% 45 45.2% 32.4%Midtown 115 18.6% 10.6% 53 32.5% 23.3%

Upper West Side 88 39.7% 39.7% 33 -8.3% 26.9%Upper East Side 70 84.2% 105.9% 72 94.6% 100.0%

Upper Manhattan 48 6.7% -18.6% 22 22.2% 46.7%

Condos Co-opsAverage Price Increases Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall 5.0% 2.2% 5.0% 5.0% -4.3% -5.2%

Downtown 4.7% 5.4% 1.8% 4.3% -16.6% -2.2%Midtown 5.7% 3.1% 15.2% 5.1% -7.7% 5.3%

Upper West Side 4.2% -1.2% -1.2% 5.3% 25.7% 1.7%Upper East Side 5.0% -9.3% -13.2% 5.1% -5.5% -8.0%

Upper Manhattan 6.8% 5.4% 28.6% 4.9% -16.1% -34.0%



Price Cuts: Among condos and co-ops, there were 2,212 listings (approximately 19.2% of all available listings) that had price cuts this quarter, compared to 2,478 listings with cuts last quarter. There were 10.7% fewer listings with price cuts than last quarter and 43.3% fewer than last year. 60.4% of all price cuts were for co-op listings.

Price Increases: There were 799 listings that had price increases this quarter, compared to 626 listings with increases last quarter (an increase of 27.6%), and 630 listings with increases from last year (an increase of 26.8%).

Manhattan Q1 2013


Market Snapshot In-Contracts

Contracts Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13

New Contracts 627 853 1,186 1,080 1,276 1,085 988 908 779 843 884 862 827 1,084 1,155De-listed 771 825 759 673 758 816 812 867 679 668 773 780 652 625 642

Absorption 13.2% 15.4% 17.3% 15.7% 18.1% 17.7% 17.6% 18.5% 15.1% 15.5% 17.8% 19.4% 17.2% 19.4% 20.3%

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New$And$Broken$Contracts$

This quarter, there were 3,066 listings that entered into contract, an increase of 18.4% compared to last quarter, which had 2,589 contracts. Since a year ago, contract activity increased by 15.0% (up from 2,666 contracts). This quarter had a total of 178 broken contracts, a 6.0% increase since last year, which had 168 broken contracts.

This January, there were 827 signed contracts, an increase of 31.9% since the prior January. February had 1,084 new contracts, an increase of 27.1% since the prior year. However, March had 1,155 contracts, a decrease of 2.6% since last March.

(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 2013


Market Snapshot Contracted Listings

Overall Manhattan Q1 2013 Q4 2012 % Q1 2012 % Upper East Q1 2013 Q4 2012 % Q1 2012 %

Median Listing Price $900,000 $910,000 -1.1% $869,000 3.6% Median Listing Price $975,000 $999,000 -2.4% $999,000 -2.4%Contracts 3,066 2,589 18.4% 2,664 15.1% Contracts 753 644 16.9% 601 25.3%

Average DoM 132 141 -6.5% 167 -21.3% Average DoM 144 147 -1.9% 175 -17.6%Inventory 11,536 11,182 3.2% 13,882 -16.9% Inventory 2,698 2,628 2.7% 3,149 -14.3%

Downtown Q1 2013 Q4 2012 % Q1 2012 % Upper West Q1 2013 Q4 2012 % Q1 2012 %

Median Listing Price $1,170,000 $1,195,000 -2.1% $1,064,500 9.9% Median Listing Price $1,039,000 $950,000 9.4% $925,000 12.3%Contracts 907 719 26.1% 818 10.9% Contracts 573 477 20.1% 521 10.0%

Average DoM 122 122 0.0% 155 -21.6% Average DoM 106 122 -12.6% 137 -22.4%Inventory 3,323 3,086 7.7% 3,847 -13.6% Inventory 1,926 1,825 5.5% 2,359 -18.4%

Midtown Q1 2013 Q4 2012 % Q1 2012 % Upper Manhattan Q1 2013 Q4 2012 % Q1 2012 %

Median Listing Price $799,000 $865,000 -7.6% $698,500 14.4% Median Listing Price $422,500 $465,000 -9.1% $449,500 -6.0%Contracts 618 523 18.2% 512 20.7% Contracts 204 224 -8.9% 208 -1.9%

Average DoM 144 160 -10.1% 186 -22.9% Average DoM 167 186 -10.2% 226 -26.3%Inventory 2,651 2,575 3.0% 3,179 -16.6% Inventory 918 1,049 -12.5% 1,324 -30.7%

The Upper East major market had the greatest percentage increase in new contracts since last year with an increase of 25.3%. Upper Manhattan was the only major market to have fewer contracts signed compared to a year ago, a decrease of 1.9%. Additionally, Upper Manhattan’s inventory shrank the most compared to a year ago with a decrease of 30.7%, followed by the Upper West market, which decreased 18.4%. Contracted listings in the Upper West spent the shortest amount of time on the market with an average of 106 days.

(Please note that Median Listing Price and Average DoM data presented above are based on listings that went into contract.)

Manhattan Q1 2013


Market Snapshot Contracts by Number of Bedrooms

Contracts by Price

353!

986!

853!

336!

124!

312!

941!

820!

337!

166!

399!

1119!

982!

415!

151!

Studios( 1BRs( 2BRs( 3BRs( 4+BRs(

2012Q1! 2012Q4! 2013Q1!

627!

910! 872!

152!85!

29!

567!

844! 851!

190!98!

45!

626!

1065!1009!

222!

116!28!

<$500K& $500K'$1M& $1M'$3M& $3M'$5M& $5M'$10M& >$10M&

2012Q1! 2012Q4! 2013Q1!

Out of the 3,066 contracts this quarter, 36.5% were for 1BRs and 32.0% were for 2BRs. One bedrooms had the greatest number of contracts this quarter with 986 contracts. Since last quarter, the greatest percentage increases, however, were seen among studios and 3BRs, which saw increases of 28.0% and 23.3% respectively. Compared to the previous quarter, the only category to decline was units with >3BRs, with a decrease of 9.1%. Since last year, the greatest percentage increases were seen among 3BRs and >3BRs, which had increases of 23.6% and 21.7%, respectively.

There was a 37.5% decrease in the number of contracts above $10M since last quarter, and a 3.4% decrease since last year. In contrast, there was a 26.1% increase in new contracts in the $500K-$1M category.

Manhattan Q1 2013


StreetEasy Facts for Q3 2013

Deepest Cuts% of All Listings

Average Discount

Central Harlem 3.4% -9.0% Gramercy Park 10.6% -8.5%

Kips Bay 16.6% -7.6%Greenwich Village 12.3% -7.2%

Lenox Hill 14.8% -7.2%

Proportion of Most Price Cuts% of All Listings

Average Discount

Kips Bay 16.6% -7.6%Yorkville 16.4% -5.7%

Carnegie Hill 16.3% -5.5%Sutton Place 15.5% -5.4%

West Village 15.5% -6.6%

Most Searched 'Hoods

1. Greenwich Village 1. 160 East 22nd Street2. West Village 2. 56 Leonard Street3. Chelsea 3. 150 Charles Street4. Flatiron 4. The Sheffield at 322 West 57th Street5. Gramercy Park 5. The Alfred at 161 West 61st Street

Most Searched Buildings

Most Expensive Closings Unit # Unit Type Final Price Closing Date

106 East 71st Street House $22,850,000 2/8/2013733 Park Avenue #PH Co-op $21,000,000 1/30/2013

25 Columbus Circle #ST72B Condo $18,800,000 1/15/2013770 Park Avenue #1415A Co-op $17,750,000 3/5/2013

845 United Nations Plaza #90B Condo $16,000,000 3/4/2013

Biggest Price Cuts Unit #Most Recent

List PricePrice at Start of Q4 2011 % Cut

205 East 16th Street #1D $1,980,000 $2,800,000 29.3%51 Fifth Avenue #1B $925,000 $1,295,000 28.6%

44 East 12th Street #C $949,200 $1,306,200 27.3%860 Fifth Avenue #2L $1,995,000 $2,700,000 26.1%

57 West 58th Street #PHC $1,195,000 $1,595,000 25.1%

Manhattan Q1 2013


Overall Market

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New"Developments"

Average Price Median Price Average DoMRecorded Prices Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall $1,277,364 -19.8% -10.4% $765,000 -7.3% -2.5% 134 1.6% -11.9%

Condo Resales $1,658,829 -6.4% -0.1% $1,033,099 3.4% 3.8% 128 4.0% -8.5%Co-op Resales $912,490 -30.2% -15.2% $590,000 -8.5% -5.6% 117 -5.1% -15.7%

New Developments $1,783,014 -4.5% -8.8% $1,237,173 2.2% 27.9% 248 6.0% 9.9%

New Devs Condos Co-opsNumber of Sales Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Number of Sales 370 3.4% -22.4% 878 -33.8% 9.8% 1,680 -19.9% 14.7%

Less than $500,000 46 70.4% -22.0% 96 -49.5% -18.6% 652 -12.4% 18.5%$500,000 - $1,000,000 110 -17.3% -42.7% 323 -33.7% 12.9% 589 -20.0% 14.6%

$1,000,000 - $3,000,000 158 13.7% 7.5% 342 -28.0% 8.2% 370 -19.9% 18.6%$3,000,000 - $5,000,000 39 -9.3% -4.9% 79 -23.3% 61.2% 42 -51.7% -22.2%

$5,000,000 - $10,000,000 16 45.5% -46.7% 27 -59.7% -15.6% 23 -51.1% -20.7%More than $10,000,000 1 -83.3% -88.9% 11 -31.3% 57.1% 4 -85.3% -50.0%

% Change Since % Change Since % Change Since


Overall median price declined 7.3% since last quarter and by 2.5% since last year. Overall average price dropped by 19.8% since last quarter and by 10.4% since last year. Condo resales median price went up by 3.8% since last year and by 3.4% since last quarter. Co-op resales median price decreased by 8.5% since last quarter and by 5.6% since last year. Median price for new developments had an increase of 2.2% since last quarter and by 27.9% from last year. Volume of closings increased by 9.8% for condos and 14.7% for co-ops since last year. 62.0% of closings were under $1M. The bulk of closings occurred among co-op resales (57.4%).

Manhattan Q1 2013


Luxury Market

Average Price Median PriceRecorded Prices Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall $4,755,862 -21.5% -17.8% $3,805,000 -8.3% -9.5%

Downtown $4,223,766 -16.3% -13.5% $3,825,000 -3.8% 0.7%Midtown $4,817,055 -3.1% -11.8% $3,665,699 -6.0% -15.7%

Upper West Side $4,969,689 -27.3% -26.8% $3,500,000 -28.6% -18.6%Upper East Side $5,315,365 -24.2% -9.9% $4,033,000 -7.6% -4.8%

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


Condos Co-opsNumber of Sales Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Number of Sales 214 -21.9% 16.9% 91 -50.3% -10.8%

Downtown 94 -21.0% 38.2% 25 -21.9% 25.0%Midtown 34 -30.6% 41.7% 5 -50.0% -28.6%

Upper West Side 38 -33.3% -33.3% 22 -18.5% -4.3%Upper East Side 48 0.0% 41.2% 39 -65.8% -25.0%

Upper Manhattan 0 n/a n/a 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 $2.71M, which was a 15.3% decrease in price since last quarter and a 6.6% decrease since last year. The number of sales above $2.71M decreased by 33.3% since last quarter but went up by 7.0% since last year. Downtown had the most luxury closings as it made up 39.0% of all luxury closings (compared to 26.6% last quarter), followed by the Upper East, which made up 28.5% of luxury closings.

Manhattan Q1 2013


Townhouses

Average Price Median PriceRecorded Prices Q1 2013 Q4 2012 Q1 2012 Q1 2013 Q4 2012 Q1 2012

Overall $7,500,769 0.6% 24.2% $6,700,000 57.6% 9.8%

Downtown $8,125,000 19.1% 57.4% $8,125,000 13.9% 67.5%Midtown $6,950,000 254.6% n/a $6,950,000 256.4% n/a

Upper West Side $11,800,000 177.7% 172.2% $11,800,000 218.9% 292.4%Upper East Side $11,045,000 -3.5% 27.4% $6,875,000 -13.1% -16.2%

Upper Manhattan $1,821,250 87.6% 163.8% $1,800,000 116.0% 160.7%


SalesNumber of Sales Q1 2013 Q4 2012 Q1 2012

Number of Sales 21 -52.3% 16.7%

Downtown 2 -83.3% -50.0%Midtown 1 -66.7% n/a

Upper West Side 3 -25.0% -25.0%Upper East Side 7 -63.2% -12.5%

Upper Manhattan 8 33.3% 300.0%

% Change Since

Average sale price for townhouses increased 24.2% since last year and by 0.6% since last quarter. Median price increased by 9.8% since last year and by 57.6% since the prior quarter. Out of the total number of townhouse closings, Upper Manhattan had the greatest share of transactions with 38.1%.

Manhattan Q1 2013


Downtown Below 34th Street

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Overall $1,413,159 -9.9% -0.2% $910,000 5.1% 2.1% 119 -1.7% -13.3%

Condo Resales $1,939,996 -5.4% 19.3% $1,520,000 12.6% 26.7% 132 11.9% 1.1%Co-op Resales $917,262 -9.3% -3.0% $650,000 0.8% -7.6% 106 8.6% -9.6%

New Developments $1,623,999 -0.1% -17.7% $1,254,993 25.8% 24.7% 136 -30.7% -30.7%


Number of Sales 183 -4.2% 4.0% 299 -30.0% 13.7% 412 -20.6% 9.6%

Less than $500,000 19 171.4% 171.4% 22 -52.2% -29.0% 125 -25.1% 7.8%$500,000 - $1,000,000 51 -43.3% -37.0% 69 -46.9% -18.8% 182 -15.3% 15.2%

$1,000,000 - $3,000,000 88 18.9% 44.3% 154 -8.9% 29.4% 89 -23.3% 6.0%$3,000,000 - $5,000,000 21 75.0% 90.9% 39 -23.5% 62.5% 11 -26.7% -31.3%

$5,000,000 - $10,000,000 4 0.0% -73.3% 14 -48.1% 75.0% 5 25.0% 150.0%More than $10,000,000 0 -100.0% -100.0% 1 -80.0% 0.0% 0 -100.0% n/a



The median price in Downtown rose by 2.1% since last year and by 5.1% since last quarter. Average price decreased by 0.2% since last year and by 9.9% since last quarter. Condo resale median price went up by 26.7% since last year and by 12.6% since last quarter. The median price for co-op resales declined by 7.6% since last year but rose by 0.8% since last quarter. New development median price jumped by 24.7% since last year and by 25.8% since last quarter. Since a year ago, the volume of sales increased for condo resales (13.7%), for co-op resales (9.6%), and for new developments (4.0%). Overall, average time on market went down by 13.3% since last year and by 1.7% since last quarter.

Manhattan Q1 2013


Midtown From 34th Street to 59th Street

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100"

120"

140"

160"

180"

200"

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000


#"of"Sales"

Med

ian"Price"


Condo"Resales"

0"

20"

40"

60"

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100"

120"

140"

160"

180"

$0

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$200,000

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#"of"Sales"

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Co2op"Resales"

0"

10"

20"

30"

40"

50"

60"

70"

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,068,990 -8.4% -1.5% $712,500 -7.5% -1.4% 139 -1.0% -10.8%

Condo Resales $1,477,789 -3.2% 13.0% $963,760 -2.5% 4.5% 111 -14.1% -28.1%Co-op Resales $662,793 -14.9% -12.7% $482,500 -7.2% -6.3% 141 1.5% -1.5%

New Developments $1,839,010 9.6% 3.8% $1,580,587 23.4% 90.4% 396 11.0% 92.2%


Number of Sales 32 -25.6% -68.3% 250 -32.2% 3.3% 333 -14.0% 13.7%

Less than $500,000 1 -75.0% -88.9% 25 -50.0% -26.5% 165 -11.8% 20.4%$500,000 - $1,000,000 9 -40.0% -82.7% 119 -19.0% 17.8% 108 -19.4% 9.1%

$1,000,000 - $3,000,000 19 0.0% -36.7% 81 -39.1% -10.0% 56 1.8% 7.7%$3,000,000 - $5,000,000 3 -25.0% -25.0% 12 -55.6% 50.0% 4 -50.0% 33.3%

$5,000,000 - $10,000,000 0 n/a -100.0% 9 -30.8% -10.0% 0 -100.0% -100.0%More than $10,000,000 0 -100.0% -100.0% 4 33.3% n/a 0 n/a n/a



The Midtown market median price decreased by 1.4% since last year and by 7.5% since last quarter. Overall average sale prices decreased by 1.5% since last year and by 8.4% since last quarter. Condo resale median price rose 4.5% since last year but declined by 2.5% since the prior quarter. Co-op resale median price had a decrease of 6.3% since a year ago and by 7.2% since last quarter. With only 32 new development sales, median price jumped by 90.4% since last year and by 23.4% since last quarter. Volume of sales for new developments dropped by 68.3% since last year. In contrast, condo and co-op resales closings increased by 3.3% and 13.7%, respectively, since last year.

Manhattan Q1 2013


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"

20"

40"

60"

80"

100"

120"

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000


#"of"Sales"

Med

ian"Price"


Condo"Resales"

0"

50"

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150"

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350"

$0

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#"of"Sales"

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ian"Price"


Co2op"Resales"

0"

5"

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15"

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25"

30"

35"

40"

45"

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,518,148 -29.8% -16.2% $800,000 -11.4% -14.7% 149 9.8% -10.5%

Condo Resales $1,753,199 11.2% 11.5% $1,007,500 8.3% -2.7% 139 4.8% -5.7%Co-op Resales $1,237,023 -40.5% -25.9% $717,500 -10.3% -8.4% 124 -5.9% -19.2%

New Developments $1,988,624 -18.2% -14.0% $1,346,862 -42.5% -25.2% 433 106.0% 37.0%


Number of Sales 72 41.2% 30.9% 133 -40.6% 8.1% 445 -32.8% 19.6%

Less than $500,000 3 n/a 50.0% 13 -69.0% -7.1% 139 -21.5% 26.4%$500,000 - $1,000,000 25 150.0% 127.3% 46 -43.9% 0.0% 155 -29.2% 29.2%

$1,000,000 - $3,000,000 34 41.7% 25.9% 50 -32.4% -3.8% 115 -31.1% 19.8%$3,000,000 - $5,000,000 5 -64.3% -58.3% 19 11.8% 171.4% 17 -67.9% -22.7%

$5,000,000 - $10,000,000 5 400.0% 66.7% 1 -91.7% -66.7% 15 -53.1% -21.1%More than $10,000,000 0 -100.0% n/a 4 300.0% 100.0% 4 -80.1% -42.9%



Overall median price in the Upper East decreased by 14.7% since last year and by 11.4% since last quarter. Median price for condo resales decreased by 2.7% since last year but increased by 8.3% since last quarter. Co-op resale median price declined by 8.4% since last year and by 10.3% since the prior quarter. The median price for new developments decreased by 25.2% since last year and by 42.5% since last quarter. Since last year, there was an increase of 8.1% in the volume of closings for condos, a 19.6% increase for co-ops, and a 30.9% increase for new developments. New development closings made up only 11.1% of all UES closings this quarter, while co-op closings made up 68.5%.

Manhattan Q1 2013


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

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

0"

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40"

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#"of"Sales"

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ian"Price"


Condo"Resales"

0"

50"

100"

150"

200"

250"

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

$1,000,000


#"of"Sales"

Med

ian"Price"


Co2op"Resales"

0"

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15"

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$0

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$1,000,000

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$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,382,999 -18.2% -25.7% $800,000 -11.1% -6.0% 113 -8.0% -15.2%

Condo Resales $1,736,657 -17.5% -36.8% $995,500 -0.4% -14.4% 132 17.4% 13.9%Co-op Resales $972,889 -21.5% -10.3% $665,000 -11.3% 1.5% 90 -19.4% -29.5%

New Developments $4,012,618 9.0% 2.0% $3,350,246 10.5% 14.4% 270 -6.5% 20.6%


Number of Sales 27 -25.0% -53.4% 144 -42.4% 6.7% 361 -13.2% 12.5%

Less than $500,000 2 0.0% 100.0% 15 -51.6% 0.0% 106 -9.4% 9.3%$500,000 - $1,000,000 2 0.0% -60.0% 63 -33.0% 43.2% 132 -12.6% 5.6%

$1,000,000 - $3,000,000 6 -53.8% -76.0% 53 -44.8% 1.9% 111 -10.5% 40.5%$3,000,000 - $5,000,000 10 -16.7% -28.6% 8 14.3% -20.0% 9 -30.8% -30.8%

$5,000,000 - $10,000,000 6 0.0% -33.3% 3 -80.0% -72.7% 3 -62.5% -50.0%More than $10,000,000 1 0.0% -75.0% 2 -71.4% -50.0% 0 -100.0% -100.0%



Overall median price for the Upper West decreased by 6.0% since last year and by 11.1% since last quarter. Overall average price decreased by 25.7% since last year and by 18.2% since last quarter. Condo resales median price went down by 14.4% since the prior year and by 0.4% since the prior quarter. The median price of co-op resales increased by 1.5% since last year but decreased by 11.3% since last quarter. The median price for new developments went up 14.4% since last year and by 10.5% since last quarter. Condo resale closings increased by 6.7% and co-op resales increased by 12.5% since a year ago. In contrast, new development closings dropped by 53.4% in the same period. Upper West properties spent 15.2% fewer days on market than last year.

Manhattan Q1 2013


Upper Manhattan Above 97th Street in the East, above 110th Street in the West, above LaSalle Street from Morningside Drive to the Hudson River

0"

5"

10"

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$0

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#"of"Sales"

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ian"Price"


Condo"Resales"

0"

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#"of"Sales"

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ian"Price"


Co2op"Resales"

0"

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$0

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$800,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $477,166 -5.8% 7.1% $405,000 -8.0% 1.3% 185 2.3% -12.0%

Condo Resales $655,549 8.2% 23.8% $599,000 5.2% 33.4% 151 9.7% -7.3%Co-op Resales $290,560 -20.2% -1.8% $273,000 -9.8% -6.5% 146 -11.5% -20.6%

New Developments $652,925 -15.9% 11.1% $538,000 -10.2% -1.7% 337 14.0% 36.3%


Number of Sales 48 37.1% -44.2% 51 -10.5% 41.7% 129 9.3% 31.6%

Less than $500,000 21 61.5% -47.5% 20 0.0% -13.0% 118 21.6% 38.8%$500,000 - $1,000,000 20 42.9% -52.4% 26 -23.5% 160.0% 11 -38.9% -8.3%

$1,000,000 - $3,000,000 7 0.0% 75.0% 5 66.7% 66.7% 0 n/a -100.0%$3,000,000 - $5,000,000 0 -100.0% 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 n/a 0 n/a n/a 0 n/a n/a



Upper Manhattan’s overall median price had an increase of 1.3% since the prior year but decreased by 8% since last quarter. Condo resale median price increased by 33.4% while co-op median price declined by 6.5% since last year. New development median price went down by 1.7% since the prior year and by 10.2% since last quarter. The total volume of closings increased 5.1% since last year and by 4.6% since last quarter. Overall time on market declined by 12.0% since last year but went up by 2.3% since last quarter. New developments made up 21.1% of the closings this quarter. This quarter, 94.7% of all closings were priced under $1M, while last quarter 93.2% of closings were under $1M.

2013q1 manhattan report - streeteasydocs.streeteasy.com/market_reports/2013q1_report.pdf ·...

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