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Market Report

Manhattan Q3 2012 StreetEasy is pleased to present our 2012 Q3 Quarterly Report on the Manhattan residential market. The bulk of the report is based on approximately 3,900 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 2012 Q3

Manhattan Condo Market Index for August 2012 increased by 0.8% since the previous month and by 5.3% since the prior year. Currently, the market is 9.0% below the market peak in 2008. For details see: http://streeteasy.com/nyc/market/condo_index. Median closing prices for condo resales gained 10.1% since the prior year while co-op median price declined 2.0%. New development median price had an increase of 8.0% since a year ago. Volume of closings jumped 16.6% from last year and by 10.0% from last quarter. Inventory decreased 11.7% from last year and by 10.9% from last quarter. Signed contracts is up 35.6% since last year but down 22.6% from last quarter’s peak selling season. Price cuts decreased by 22.6% from last year and by 19.3% from last quarter. Time on market went down 9.0% compared to last year and by 13.3% compared to last quarter.

Compared to Compared toAugust 2012 July 2012 August 2011

Manhattan Condo Index 1,996 1,980 0.8% 1,896 5.3%

Compared to Compared toMedian Closing Prices Q3 2012 Q2 2012 Q3 2011

Overall $850,000 $850,000 0.0% $840,000 1.2%

Condo Resales $1,100,000 $1,187,500 -7.4% $999,000 10.1%Co-op Resales $645,000 $645,000 0.0% $658,000 -2.0%

New Developments $1,210,073 $1,011,977 19.6% $1,120,075 8.0%

Compared to Compared toVolume of Closings Q3 2012 Q2 2012 Q3 2011

Overall Manhattan 3,942 * 3,585 10.0% 3,381 16.6%*Condo Resales 1,159 * 1,124 2.7% 984 17.8%Co-op Resales 2,276 * 1,871 21.2% 1,771 28.5%

New Developments 507 * 572 -11.7% 621 -18.4%

* Estimated to account for delay in the recording of sales with NYC Dept. of Finance

Compared to Compared toInventory Q3 2012 Q2 2012 Q3 2011

Total Inventory 12,599 14,142 -10.9% 14,263 -11.7%

Condos 5,829 6,440 -9.5% 6,535 -10.8%Co-ops 6,350 7,266 -12.6% 7,265 -10.8%

Townhouses 420 436 -3.7% 463 -9.3%

Avg New Listings per Week 288 376 -23.5% 324 -11.2%

Compared to Compared toContracts Q3 2012 Q2 2012 Q3 2011

Total # of Contracts 2,657 3,433 -22.6% 1,960 35.6%# of Broken Contracts 183 186 -1.6% 160 14.4%

Compared to Compared toPrice Cuts Q3 2012 Q2 2012 Q3 2011

Total # of Cuts 2,915 3,610 -19.3% 3,767 -22.6%

# of Condo Cuts 1,217 1,378 -11.7% 1,488 -18.2%# of Co-op Cuts 1,698 2,232 -23.9% 2,279 -25.5%

Average Condo Cut -6.1% -6.1% -6.3%Average Co-op Cut -6.0% -6.1% -6.2%

Compared to Compared toDays on Market Q3 2012 Q2 2012 Q3 2011

Average Overall 128 148 -13.3% 141 -9.0%

Condo Resales 114 129 -11.4% 132 -13.8%Coop Resales 117 135 -12.1% 125 -6.2%

http://streeteasy.com/nyc/sales

http://streeteasy.com/nyc/market/condo_index

Manhattan Q3 2012


Market Snapshot StreetEasy Condo Market Index (SECMI)

The SECMI for August 2012 increased by 0.8% since the previous month and by 5.3% since the prior year. Currently, the market is 9.0% below the market peak in 2008. The SECMI has seen nine consecutive months of steady growth since December 2011 in terms of monthly price change (%) as well as six consecutive months of annual (Year over Year) price (%) gains since March 2012.

Our index gives a feel for how the Manhattan Condo Real Estate market performed over the past 15 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.

August 2012 1996

March 2007 1984





Manhattan Q3 2012


Market Snapshot Inventory

week starting onInventory 6/25/12 7/2/12 7/9/12 7/16/12 7/23/12 7/30/12 8/6/12 8/13/12 8/20/12 8/27/12 9/3/12 9/10/12 9/17/12 9/24/12

Available Listings 9,424 9,166 9,199 9,058 8,910 8,805 8,584 8,448 8,362 8,257 8,399 8,571 8,555 8,604

New Listings 292 212 327 289 258 259 236 231 247 194 421 420 309 331Absorbed Listings 493 343 472 449 406 489 396 365 370 409 345 380 332 362

0

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10/2/11 11/2/11 12/2/11 1/2/12 2/2/12 3/2/12 4/2/12 5/2/12 6/2/12 7/2/12 8/2/12 9/2/12

Lis$ng'Inventory'

Condos'

Co1ops'

The pace of new listings (unique with known addresses) averaged to be 288 new listings per week, an 11.2% decrease compared to the previous year, which had an average of 324 new listings and a decrease of 23.5% since last quarter, which had an average of 376 new listings per week. Additionally, an average of 401 listings have been absorbed every week, a decrease of 11.7% compared to last quarter’s average of 454 absorbed listings per week. The level of inventory this quarter was 10.9% lower than last quarter and 11.7% lower than last year.

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


Manhattan Q3 2012


Market Snapshot Price Changes

Condos Co-ops# of Price Decreases Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall 1,217 -11.7% -18.2% 1,698 -23.9% -25.5%

Downtown 420 -4.3% -2.6% 253 -28.7% -42.1%Midtown 292 -11.2% -25.5% 416 -23.1% -23.2%

Upper West Side 193 -13.1% -19.6% 291 -33.7% -33.7%Upper East Side 199 -18.4% -28.7% 586 -20.5% -11.5%

Upper Manhattan 104 -23.0% -23.0% 152 -3.8% -23.6%

Condos Co-opsAverage Price Decreases Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall -6.1% 0.1% -3.7% -6.0% -1.0% -2.3%

Downtown -6.0% -3.2% -5.5% -5.7% -5.5% -2.1%Midtown -5.6% -0.5% -1.3% -6.1% 0.3% -2.0%

Upper West Side -6.1% 4.4% -6.4% -5.9% -0.3% 2.9%Upper East Side -6.0% -0.5% -4.9% -6.2% -0.5% -3.0%

Upper Manhattan -7.0% 6.7% -2.0% -6.1% -2.1% -14.6%

% Change Since % Change Since


Condos Co-ops# of Price Increases Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall 171 -22.3% 58.3% 116 0.0% 46.8%

Downtown 87 11.5% 117.5% 28 -9.7% 12.0%Midtown 41 -33.9% 7.9% 34 78.9% 100.0%

Upper West Side 16 -23.8% 60.0% 22 37.5% 46.7%Upper East Side 16 -48.4% -11.1% 25 -32.4% 92.3%

Upper Manhattan 11 -60.7% 450.0% 7 -46.2% -22.2%

Condos Co-opsAverage Price Increases Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall 6.5% 11.4% 6.3% 7.3% 23.0% -6.9%

Downtown 7.6% 11.6% 28.5% 8.0% 58.5% -6.8%Midtown 5.5% 30.9% 2.7% 7.8% -3.8% -3.5%

Upper West Side 6.6% 60.0% 33.6% 6.4% 37.8% 34.6%Upper East Side 5.2% -15.5% -45.0% 6.5% 13.0% -16.1%

Upper Manhattan 4.1% -49.2% 58.8% 7.2% 5.8% -29.8%



Price Cuts: Among condos and co-ops, there were 2,915 listings (approximately 23.1% of all available listings) that had price cuts this quarter, compared to 3,610 listings with cuts last quarter. There were 19.3% fewer listings with price cuts than last quarter and 22.6% fewer than last year. 58.3% of all price cuts were for co-op listings.

Price Increases: There were 287 listings that had price increases this quarter, compared to 336 listings with increases last quarter (a decrease of 14.6%), and 187 listings with increases from last year (an increase of 53.5%).


Manhattan Q3 2012


Market Snapshot In-Contracts

Contracts Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12

New Contracts 543 660 791 671 628 852 1,189 1,078 1,274 1,081 986 900 771Broken Contracts 71 54 31 30 69 43 56 58 64 64 57 66 60

This quarter, there were 2,657 listings that entered into contract, a decrease of 22.6% compared to last quarter, which had 3,433 contracts. Since a year ago, contract activity increased by 35.6% (up from 1,960 contracts). This quarter had a total of 183 broken contracts, a 14.4 increase since last year, which had 160 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 2012


Market Snapshot Contracted Listings

Overall Manhattan Q3 2012 Q2 2012 % Q3 2011 % Upper East Q3 2012 Q2 2012 % Q3 2011 %

Median Listing Price $815,000 $895,000 -8.9% $819,000 -0.5% Median Listing Price $875,000 $998,000 -12.3% $912,000 -4.1%Contracts 2,657 3,431 -22.6% 1,959 35.6% Contracts 603 727 -17.1% 428 40.9%

Average DoM 145.6 146 0.0% 163 -10.7% Average DoM 157 165 -4.7% 179 -12.5%Inventory 12,598 14,142 -10.9% 14,263 -11.7% Inventory 2,844 3,163 -10.1% 3,131 -9.2%

Downtown Q3 2012 Q2 2012 % Q3 2011 % Upper West Q3 2012 Q2 2012 % Q3 2011 %

Median Listing Price $932,500 $1,057,500 -11.8% $915,000 1.9% Median Listing Price $899,000 $900,000 -0.1% $895,000 0.4%Contracts 787 1,088 -27.7% 620 26.9% Contracts 487 677 -28.1% 373 30.6%

Average DoM 132.3 132 0.5% 147 -10.0% Average DoM 128 127 1.1% 151 -14.9%Inventory 3,605 4,051 -11.0% 4,009 -10.1% Inventory 2,035 2,378 -14.4% 2,346 -13.3%

Midtown Q3 2012 Q2 2012 % Q3 2011 % Upper Manhattan Q3 2012 Q2 2012 % Q3 2011 %

Median Listing Price $749,000 $780,000 -4.0% $725,000 3.3% Median Listing Price $424,995 $509,500 -16.6% $450,000 -5.6%Contracts 544 686 -20.7% 399 36.3% Contracts 234 248 -5.6% 137 70.8%

Average DoM 150.5 153 -1.4% 165 -8.5% Average DoM 186 181 3.1% 221 -15.8%Inventory 2,888 3,205 -9.9% 3,230 -10.6% Inventory 1,206 1,322 -8.8% 1,518 -20.6%

The Upper Manhattan major market had the greatest percentage increase in new contracts since last year with an increase of 70.8%. Additionally, Upper Manhattan’s inventory has continued to dramatically shrink compared to a year ago with a decrease of 20.6%, while other major markets had their inventory diminish by much smaller percentages. Contracted listings in the Downtown market spent the shortest amount of time on the market with an average of 147 days.

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


Manhattan Q3 2012


Market Snapshot Contracts by Number of Bedrooms

Contracts by Price

328!

725!631!

212!

62!

426!

1307!

1079!

439!

169!

411!

1,012!

799!

325!

110!

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

2011Q3! 2012Q2! 2012Q3!

474!

710!608!

105! 59! 16!

724!

1233!1118!

213!106!

35!

700!

889!823!

148!69! 28!

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

2011Q3! 2012Q2! 2012Q3!

Out of the 2,657 contracts this quarter, 38.3% were for 1BRs and 31.5% were for 2BRs. One bedrooms had the most number of contracts this quarter with 1,012 contracts. The greatest percentage increases, however, were seen in the larger home categories; 4+BRs had a 77.4% increase and 3BRs had a 53.3% increase compared to a year ago. Compared to the previous quarter, studios had the smallest percent decrease, 3.5%, with 411 contracts.

There was a 75.0% increase in the number of contracts above $10M since a year ago. Additionally, there was a 47.7% increase in the number of contracts below $500K.


Manhattan Q3 2012


StreetEasy Facts

Most Closings # of Closings Median Price Average Price

Upper West Side 351 $940,000 $1,594,255Midtown East 347 $650,000 $903,655

Lincoln Square 237 $960,000 $1,666,539Upper East Side 199 $1,004,131 $1,830,490

Lenox Hill 165 $1,030,828 $1,950,924

# of Most Price Cuts # of CutsAverage

Discount

Midtown East 269 -5.95%Lenox Hill 146 -5.98%

Upper East Side 140 -5.87%Yorkville 131 -5.48%

Upper West Side 120 -5.43%

Proportion of Most Price Cuts% of All Listings

Average Discount

Morningside Heights 20.0% -5.67%Washington Heights 18.6% -6.55%

Yorkville 18.4% -5.48%Murray Hill 18.3% -5.91%Lenox Hill 17.5% -5.98%

Most Searched 'Hoods

1. West Village 1. The Rushmore at 80 Riverside Boulevard2. Greenwich Village 2. The Printing House at 421 Hudson Street3. Chelsea 3. The Sheffield at 322 West 57th Streett4. Gramercy Park 4. The Aldyn at 60 Riverside Boulevard5. Flatiron 5. 35 West 15th Street

Most Searched Buildings

Most Expensive Closings Unit # Unit Type Final Price

26 East 73rd Street Townhouse $21,000,00032 East 64th Street #10W Co-op $21,000,000

101 West 67th Street #PH3BC Condo $20,750,000 988 Fifth Avenue #9 Condo $19,500,000 795 Fifth Avenue #20-21 Co-op $19,400,000

Biggest Price Cuts Unit #Most Recent

List PricePrice at Start

of Quarter % Cut

505 West 143 Street #52 $129,000 $179,000 27.9%123 West 93rd Street #8D $950,000 $1,275,000 25.5%

419 Broome Street #PH $19,500,000 $25,500,000 23.5%530 East 84th Street #4P $305,000 $395,000 22.8%211 Madison Avenue #30AB $5,800,000 $7,400,000 21.6%


http://streeteasy.com/nyc/building/the-rushmore

http://streeteasy.com/nyc/building/the-printing-house

http://streeteasy.com/nyc/building/the-sheffield

http://streeteasy.com/nyc/building/the-aldyn

http://streeteasy.com/nyc/building/35-west-15-street-new_york

http://streeteasy.com/nyc/closing/2062722/outsider?token=448dd980fb4b5b8b

http://streeteasy.com/nyc/closing/2062168/outsider?token=8f9d7b229524b87d

http://streeteasy.com/nyc/closing/2057249/outsider?token=b32cadade4e42df2

http://streeteasy.com/nyc/closing/2058758

http://streeteasy.com/nyc/closing/2056191/outsider?token=608aa0972c47bc41

http://streeteasy.com/nyc/sale/691929-coop-123-west-93rd-street-upper-west-side-new-york

http://streeteasy.com/nyc/sale/687411-condo-419-broome-street-soho-new-york

http://streeteasy.com/nyc/sale/741738-coop-530-east-84th-street-yorkville-new-york

http://streeteasy.com/nyc/sale/647374-condo-211-madison-avenue-murray-hill-new-york

http://streeteasy.com/nyc/sale/636507-coop-505-west-143-street-hamilton-heights-new-york

Manhattan Q3 2012


Overall Market

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Sep 2010 Mar Sep 2011 Mar Sep 2012

#"of"Sales"

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Condo"Resales"

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New"Developments"

Average Price Median Price Average DoMRecorded Prices Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall $1,396,257 -6.7% -3.1% $850,000 0.0% 1.2% 128 -13.3% -9.0%

Condo Resales $1,676,314 -6.4% 2.6% $1,100,000 -7.4% 10.1% 114 -11.4% -13.8%Co-op Resales $1,063,184 -5.3% -5.1% $645,000 0.0% -2.0% 117 -12.1% -6.2%

New Developments $1,853,667 6.0% 5.8% $1,210,073 19.6% 8.0% 225 -9.6% 8.1%

New Devs Condos Co-opsNumber of Sales Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Number of Sales 507 -11.7% -18.4% 1,159 2.7% 17.8% 2,276 21.2% 28.5%

Less than $500,000 37 -59.8% -42.2% 118 -6.3% -7.1% 791 15.8% 32.1%$500,000 - $1,000,000 170 -11.9% -24.4% 412 7.6% 10.5% 812 18.9% 23.2%

$1,000,000 - $3,000,000 223 9.9% -3.5% 481 1.1% 25.3% 560 28.1% 33.0%$3,000,000 - $5,000,000 48 -20.0% -29.4% 102 13.3% 52.2% 74 34.5% 12.1%

$5,000,000 - $10,000,000 26 13.0% -18.8% 34 -30.6% 13.3% 27 22.7% -6.9%More than $10,000,000 3 -40.0% -25.0% 12 0.0% 9.1% 12 -14.7% 20.0%

% Change Since % Change Since % Change Since


Overall median price remained the same since last quarter and had just a 1.2% increase since last year. Overall average price declined by 3.1% since last year and by 6.7% since last quarter. Condo resales median price had the highest gains with an increase of 10.1% since last year. Co-op resales median price decreased by 2.0% since last year but remained the same since last quarter. Median price for new developments had an increase of 8.0% since last year and 19.6% from last quarter. Volume of closings jumped 17.8% for condos and 28.5% for co-ops since last year. 59.4% of closings were under $1M. The bulk of closings occurred among co-op resales (57.7%).


Manhattan Q3 2012


Luxury Market

Average Price Median PriceRecorded Prices Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall $5,082,797 -14.4% -6.4% $4,000,000 -1.8% -1.2%

Downtown $4,547,128 -4.4% -4.7% $3,818,437 -1.3% -3.5%Midtown $5,345,409 -25.8% -5.2% $3,725,000 -10.8% -9.1%

Upper West Side $5,082,866 -13.7% -1.0% $4,100,000 -3.9% 2.4%Upper East Side $5,808,848 -19.1% -9.5% $4,350,000 -2.2% -1.1%

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


Condos Co-opsNumber of Sales Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Number of Sales 244 0.4% 11.4% 122 15.1% 8.0%

Downtown 114 -8.1% 34.1% 24 26.3% 20.0%Midtown 30 20.0% 87.5% 13 116.7% 160.0%

Upper West Side 61 41.9% -20.8% 30 30.4% -3.2%Upper East Side 39 -22.0% -4.9% 55 -3.5% -3.5%

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 $2.85M, which has remained the same since last quarter. The number of sales above $2.85M increased by 5.5% since last quarter and by 10.2% since last year. Downtown had the most luxury closings as it made up 37.7% of all luxury closings (compared to 41.7% last quarter), followed by the Upper East Side, which made up 25.6% of luxury closings.


Manhattan Q3 2012


Townhouses

Average Price Median PriceRecorded Prices Q3 2012 Q2 2012 Q3 2011 Q3 2012 Q2 2012 Q3 2011

Overall $5,507,996 -20.9% -28.9% $5,100,000 20.0% 17.2%

Downtown $6,857,742 -37.1% 35.4% $6,000,000 -38.5% 31.1%Midtown $4,033,520 98.1% -12.3% $3,225,000 141.8% -29.9%

Upper West Side $6,945,006 38.0% 14.7% $6,700,000 81.1% 14.5%Upper East Side $9,089,166 -30.9% -43.5% $6,962,500 -25.1% -25.3%

Upper Manhattan $972,500 -27.8% -30.0% $702,500 -24.1% -24.1%


SalesNumber of Sales Q3 2012 Q2 2012 Q3 2011

Number of Sales 37 -9.8% 23.3%

Downtown 9 -10.0% 50.0%Midtown 6 500.0% 500.0%

Upper West Side 8 33.3% 100.0%Upper East Side 6 -33.3% -40.0%

Upper Manhattan 8 14.3% -11.1%

% Change Since

Average sale price for townhouses decreased 28.9% since last year and by 20.9% since last quarter. Median price increased by 17.2% since last year and by 20.0% since the prior quarter. Out of the total number of townhouse closings, the Downtown market had the greatest share of transactions with 24.3%.


Manhattan Q3 2012


Downtown Below 34th Street

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Co2op"Resales"

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$1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,524,788 -5.6% 6.9% $976,247 1.1% 7.3% 117 -16.9% -7.2%

Condo Resales $1,866,799 -5.6% 1.4% $1,374,060 -1.9% 3.7% 102 -18.1% -17.1%Co-op Resales $966,811 2.5% -3.3% $640,000 -5.2% -8.6% 96 -18.9% -13.3%

New Developments $1,955,708 -1.3% 20.0% $1,211,717 0.8% 6.7% 200 -11.8% 19.2%


Number of Sales 288 15.2% 17.6% 386 -4.7% 16.3% 576 16.6% 15.7%

Less than $500,000 8 -60.0% -38.5% 27 -12.9% -18.2% 185 12.1% 43.4%$500,000 - $1,000,000 104 42.5% 4.0% 108 -6.1% -1.8% 240 15.9% 7.6%

$1,000,000 - $3,000,000 129 18.3% 24.0% 197 5.3% 42.8% 131 19.1% -1.5%$3,000,000 - $5,000,000 30 -9.1% 36.4% 41 -10.9% 13.9% 17 13.3% 6.3%

$5,000,000 - $10,000,000 15 7.1% 114.3% 11 -54.2% -15.4% 3 50.0% 50.0%More than $10,000,000 2 0.0% 100.0% 2 -33.3% -50.0% 0 n/a -100.0%



The median price in Downtown rose by 7.3% since last year and by 1.1% since last quarter. Average price increased by 6.9% since last year but decreased by 5.6% since last quarter. Condo resale median price went up by 3.7% since last year but declined by 1.9% since last quarter. The median price for co-op resales decreased by 8.6% since last year and by 5.2% since last quarter. New development median price rose by 6.7% since last year and by 0.8% since last quarter. Since a year ago, the volume of sales increased for condo resales (16.3%), for co-op resales (15.7%), and for new developments (17.6%). Overall, average time on market went down by 7.2% since last year and by 16.9% since last quarter.


Manhattan Q3 2012


Midtown From 34th Street to 59th Street

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$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000


#"of"Sales"

Med

ian"Price"


Condo"Resales"

0"

20"

40"

60"

80"

100"

120"

140"

160"

180"

200"

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000


#"of"Sales"

Med

ian"Price"


Co2op"Resales"

0"

10"

20"

30"

40"

50"

60"

70"

$0 $200,000 $400,000 $600,000 $800,000

$1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000 $2,000,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,126,446 -5.6% 10.1% $752,500 -2.1% 2.7% 138 -17.2% -8.4%

Condo Resales $1,380,778 -16.2% 5.4% $912,500 -17.0% 0.3% 116 -17.1% -22.2%Co-op Resales $812,648 13.0% 16.1% $572,000 9.1% 5.3% 137 -15.2% 6.0%

New Developments $1,660,389 20.8% 25.1% $1,369,546 24.5% 22.8% 361 8.4% 48.0%


Number of Sales 50 -25.4% -44.4% 314 9.8% 21.7% 438 39.5% 43.1%

Less than $500,000 1 -50.0% n/a 33 13.8% -2.9% 204 38.8% 46.8%$500,000 - $1,000,000 17 -41.4% -57.5% 132 20.0% 10.0% 145 16.0% 19.8%

$1,000,000 - $3,000,000 28 -12.5% -41.7% 124 -3.1% 31.9% 75 87.5% 82.9%$3,000,000 - $5,000,000 3 0.0% 200.0% 15 15.4% 114.3% 11 120.0% 266.7%

$5,000,000 - $10,000,000 1 0.0% 0.0% 6 50.0% 100.0% 2 0.0% 0.0%More than $10,000,000 0 n/a n/a 4 100.0% 100.0% 1 n/a n/a



The Midtown market median price increased by 2.7% since last year but declined 2.1% since last quarter. Overall average sale prices increased by 10.1% since last year but decreased by 5.6% since last quarter. Condo resale median price was stable with a 0.3% increase since last year but dropped by 17.0% since the prior quarter. Co-op resale median price had an increase of 5.3% since a year ago and an increase of 9.1% since last quarter. New development median price jumped by 22.8% since last year and by 24.5% since last quarter. Volume of sales for new developments dropped by 44.4% since last year. In contrast, condo and co-op resales closings increased by 21.7% and 43.1%, respectively, since last year.


Manhattan Q3 2012


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"

10"

20"

30"

40"

50"

60"

70"

80"

90"

$0 $200,000 $400,000 $600,000 $800,000

$1,000,000 $1,200,000 $1,400,000 $1,600,000 $1,800,000


#"of"Sales"

Med

ian"Price"


Condo"Resales"

0"

50"

100"

150"

200"

250"

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000


#"of"Sales"

Med

ian"Price"


Co2op"Resales"

0"

5"

10"

15"

20"

25"

30"

35"

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,630,079 -18.3% -17.9% $975,000 2.1% 1.6% 146 -2.8% -2.8%

Condo Resales $1,848,948 3.5% 6.2% $1,130,000 2.7% 8.5% 141 -2.9% 10.4%Co-op Resales $1,428,551 -17.1% -14.5% $850,000 5.3% 2.4% 131 -3.1% -5.6%

New Developments $2,041,472 -30.3% -27.3% $1,600,000 -0.1% -21.6% 319 21.6% 4.8%


Number of Sales 54 -32.5% -1.8% 157 -9.8% -11.8% 575 11.4% 30.1%

Less than $500,000 0 n/a n/a 14 -26.3% -36.4% 156 0.0% 20.0%$500,000 - $1,000,000 6 -76.9% 20.0% 53 -17.2% -19.7% 178 16.3% 26.2%

$1,000,000 - $3,000,000 37 8.8% 32.1% 63 -3.1% -10.0% 191 17.9% 57.9%$3,000,000 - $5,000,000 10 -16.7% -37.5% 18 -10.0% 63.6% 26 13.0% -21.2%

$5,000,000 - $10,000,000 1 -80.0% -80.0% 8 14.3% 14.3% 13 -7.1% 0.0%More than $10,000,000 0 -100.0% -100.0% 1 -66.7% -66.7% 11 -0.4% 37.5%



Overall median price in the Upper East Side rose by 1.6% since last year and by 2.1% since last quarter. Median price for condo resales increased by 8.5% since last year and by 2.7% since last quarter. Co-op resale median price also rose 2.4% since last year and by 5.3% since the prior quarter. The median price for new developments dropped 21.6% since last year and declined slightly by 0.1% since last quarter. Since last year, there was a decrease of 11.8% in the volume of closings for condos but a 30.1% increase for co-ops. New development closings went down by 1.8% since last year and by 32.5% since the prior quarter. New development closings made up only 6.9% of all UES closings this quarter, while co-op closings made up 73.2%.


Manhattan Q3 2012


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"

10"

20"

30"

40"

50"

60"

70"

80"

90"

100"

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000


#"of"Sales"

Med

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


#"of"Sales"

Med

ian"Price"


Co2op"Resales"

0"

5"

10"

15"

20"

25"

30"

35"

40"

45"

50"

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $1,557,791 4.1% -5.1% $932,500 2.6% -1.6% 113 -8.5% -9.0%

Condo Resales $1,958,441 -1.1% 13.5% $1,290,000 -2.3% 22.7% 113 0.0% -13.8%Co-op Resales $1,155,426 4.5% -2.4% $772,500 6.6% 3.0% 103 -12.0% -9.8%

New Developments $3,187,452 23.4% 4.9% $2,744,183 26.2% -1.2% 245 6.1% 55.6%


Number of Sales 42 -6.7% -62.2% 237 14.5% 20.9% 544 24.8% 30.5%

Less than $500,000 1 -66.7% -66.7% 11 -45.0% -62.1% 142 13.6% 27.9%$500,000 - $1,000,000 13 160.0% -40.9% 90 40.6% 34.3% 212 23.3% 33.3%

$1,000,000 - $3,000,000 14 -36.4% -62.2% 94 0.0% 16.0% 161 33.1% 30.9%$3,000,000 - $5,000,000 5 -58.3% -82.8% 28 154.5% 115.4% 20 66.7% 42.9%

$5,000,000 - $10,000,000 8 166.7% -57.9% 9 -35.7% 28.6% 9 125.0% -25.0%More than $10,000,000 1 n/a -50.0% 5 25.0% 150.0% 0 -100.0% -100.0%



Overall median price for the Upper West had a decrease of 1.6% since last year and a 2.6% increase since last quarter. Overall average price decreased by 5.1% since last year but rose 4.1% since last quarter. Condo resales median price went up by 22.7% since the prior year but declined by 2.3% since the prior quarter. The median price for new developments went down 1.2% since last year and by 26.2% since last quarter. The median price of co-op resales increased by 3.0% since last year and by 3.0% since last quarter. Condo resale closings increased by 20.9% and co-op resales increased by 30.5% since a year ago. In contrast, new development closings dropped by 62.2%. Upper West properties spent 9.0% less time on market than last year.


Manhattan Q3 2012


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"

15"

20"

25"

30"

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000


#"of"Sales"

Med

ian"Price"


Condo"Resales"

0"

10"

20"

30"

40"

50"

60"

$0

$50,000

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000


#"of"Sales"

Med

ian"Price"


Co2op"Resales"

0"

10"

20"

30"

40"

50"

60"

70"

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000


#"of"Sales"

Med

ian"Price"


New"Developments"


Overall $512,935 10.5% -4.4% $450,000 7.7% 0.3% 148 -19.4% -27.1%

Condo Resales $565,024 7.2% 0.7% $495,000 -9.2% -9.5% 134 18.6% -17.3%Co-op Resales $366,447 0.2% 1.2% $325,000 1.6% -1.4% 140 -17.4% -12.3%

New Developments $681,385 41.9% 6.1% $590,000 25.8% 9.3% 168 -31.0% -33.1%


Number of Sales 72 -41.9% -38.5% 61 10.9% 238.9% 141 20.5% 31.8%

Less than $500,000 27 -59.7% -43.8% 31 19.2% 287.5% 104 15.6% 15.6%$500,000 - $1,000,000 30 -43.4% -45.5% 27 -6.9% 200.0% 37 48.0% 146.7%

$1,000,000 - $3,000,000 15 275.0% 7.1% 3 n/a 200.0% 0 -100.0% -100.0%$3,000,000 - $5,000,000 0 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 n/a 0 n/a n/a 0 n/a n/a



Upper Manhattan’s overall median price had just a 0.3% increase since the prior year. Condo resale median price decreased by 9.5%, as did co-op resale median price by 1.4% since last year. New development median price increased by 9.3% since the prior year and by 25.8% since last quarter. The volume of closings in all of Upper Manhattan went up by 10.5% since last year but went down by 9.0% since the prior quarter. Overall time on market dropped by 27.1% since last year and by 19.4% since last quarter. New developments made up 26.3% of the closings this quarter. 93.4% of all closings were priced under $1M while last quarter, 98.6% of closings were under $1M.


market report - streeteasydocs.streeteasy.com/market_reports/2012q3_report.pdf · streeteasy is...

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