The Case-Shiller numbers indicated that things are getting worse and worse for the New York region real estate market, and now we have Q2 data for Manhattan specifically, and it’s ugly.
According to the 2Q 2009 Prudential Douglas Elliman Manhattan Market Overview, put together by appraiser Miller Samuel, suggests the median price of a Manhattan home, whether it’s a condo or a co-op, fell by 25.6% in the quarter, with volume off 50%.
Here are their highlights:
The Manhattan market, as measured by the median sales price of re-sale apartments, fell 25.6% as compared to the same period last year. The overall number of sales were 50.3% below the same period last year as a result of the tightening of credit, rising unemployment and a recessionary economy. There was an uptick in the number of sales late in the quarter due to both seasonality and a release of some pent-up demand from the limited sales activity at the beginning of the year. More sellers adjusted to the market price correction of the fall as evidenced by the decline in listing discount to 7.8% from 12.4% in the prior quarter. Buyers took advantage of mortgage rates at historic lows and price declines were less pronounced at the lower end of the market where credit terms are less restrictive. Market share of new development unit sales fell to 27% of all sales, their lowest level in 18 months and tend to lag market conditions by more than a year. As a result, the influence of new development sales activity in skewing the overall market data was less pronounced in the current quarter than in the prior several years.
Key Trend Metrics
-Re-sale median sales price fell 25.6% to $725,000 from $975,000 in the prior year quarter.
-New development median sales price fell 6.7% to $1,069,162 from $1,145,531 in the prior year quarter.
-Market share by unit for new development sales fell to 27% from 35% in the same period last year.
-Number of sales declined 50.3% to 1,532 from 3,081 sales from the prior year quarter.
-Listing inventory expanded 8.7% to 9,378 units from 8,626 units at this time last year, but fell 10.2% from 10,445 units in the prior quarter.
-Days on market was 162 days, up from 135 days this time last year.
-Listing discount was 7.8%, up from 3.6% in the same period last year but down from 12.4% in the prior quarter.
And here’s the full report:
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