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BONDREPORT QTR 2 2017 WELCOME TO THE 17TH EDITION OF THE BOND REPORT

Many of the trends apparent in the second quarter of 2017 were a continuation of the first quarter. After a comparatively slow start in the beginning of the quarter, both inventory and the number of contracts signed nearly doubled since the start of the year, despite an overall, slower-paced market. Business came to life in Quarter 2, 2017.

These factors are making for a stable market where the increase of both supply and demand means well-priced listings are moving quickly and get the greatest response. Overpriced properties, in contrast, are sitting on the market with a weak buyer response.

Unlike the frenzied market of the past where buyers had to make an offer on the spot, they now have some flexibility in taking their time and comparing their options.

Sellers should not be discouraged. Because the slower pace can be attributed to buyers with options as opposed to a lack of qualified buyers, properties are still in demand as long as they reflect real pricing and not aspirational hype.

The luxury and resale markets continue to function as two separate markets particularly when it comes to pace. The luxury market, the highest-priced new development units, in particular, are spending more time on the market compared to lower-priced resale units.

As the market continues to change and the buyer-seller dynamics shift, it is important to work with a firm that understands your specific needs and can inform you on the important factors that may affect your real estate transactions. A qualified BOND agent is here for you.

We look forward to assisting you.

Noah Freedman, Partner,

BOND Real Estate

All source material for the BOND Report is provided by Urban Digs, Online Residential (OLR), and BOND New York’s proprietary listings database. This material is believed to be accurate, however is subject to errors and omissions.

© 2017 BOND New York. All material presented herein is intended for information purposes only. While information is believed to be correct, it is represented subject to errors, omissions, changes, or withdrawals without notice. All property information, including but not limited to, square footage and number of bedrooms, is approximate. Exact measurements should be verified by your own attorney, architect, engineer, or zoning expert. BOND New York is a broker that supports Equal Housing Opportunity.

BONDNEWYORK.COM BOND REPORT QTR 2 2017

MARKET OVERVIEW Market Trends June 2016 - June 2017 Pending Sales +11.9% and Active Listings +8.7% While the BOND Report presents a traditional historical snapshot of the market, we first present two charts 5500 indicating pending sales (all listings in 5000 contract) versus active listings (available 4500 listings), for both year-over-year and within Quarter 2, 2017. This data compares sales 4000 volume amidst real-time inventory trends 3500 and offers the best indication of where the 3000 market is going. 2500

2000 Marketwide, pending sales were up 11.9% JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN from this time last year and remained steady throughout the quarter, showing the greatest activity at the end of the quarter Pending Sales: +11.9% Active Listings: +8.7% with 3,326 contracts signed. Pending sales were up 40.6% since the start of the year, showing a steady increase from their lowest levels at the end of January at 2,209. Market Trends Within Quarter 2 2017 Inventory continued to increase, up 8.7% Pending Sales +1.8% and Active Listings +11.7% to 5,706 homes at the end of this quarter, 60006000 compared to 5,083 at the end of Quarter 2, 2016. There was a steady increase of 55005500 inventory throughout Quarter 2, 2017, 50005000 where inventory was already up 11.7%. 4500 The biggest increase was seen since the start 4500 of the year, where marketwide inventory 40004000 was up 42.2%. Inventory remained flat 35003500 throughout June, showing almost no change. 30003000 25002500 Days on market increased since this 2000 APR MAY JUN time last year. The market is stable and 2000 healthy, but buyers have more choices Pending Sales: +1.8% Active Listings: +11.7% than in previous years and are taking their time. This slower pace can be expected to continue into Quarter 3, 2017 as we enter the typically slower sales season.

MONTHLY CONTRACT ACTIVITY

9.8% FROM LAST MONTH

1.3% FROM LAST YEAR Source: UrbanDigs.com BONDNEWYORK.COM Percentages Are Rounded. BONDREPORT QTR 2 2017

QTR 2 2017 % CHG (QTR) QTR 1 2017 % CHG (YR) QTR 2 2016 Properties Sold 2,997 +10.88% 2,703 +16.84% 2,565 Pending Sales 3,326 +19.51% 2,783 +11.87% 2,973 Avg Price $2,135,427 +1.31% $2,107,898 +2.40% $2,085,330 Median Price $1,190,000 +8.18% $1,100,000 -5.18% $1,255,000 Avg Price per Sq Ft $1,585 +1.45% $1,562 +3.47% $1,532

LOOKING BACK Days on Market June 2016 - June 2017

The average home price remained above 75 the $2,000,000 mark for the fifth straight 70

quarter at $2,135,427, up just slightly from 65

this time last year. The median price for 60 Quarter 2, 2017 showed a slight decrease 55 year-over-year of 5.18% at $1,190,000, but an increase of 8.18% quarter-over-quarter. 50 45 The impact of legacy contracts on average JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN price data remained a factor in Quarter 2, 2017 data.

The number of pending sales was up 19.51% quarter-over-quarter, which is Days on Market Within Quarter 2 2017 expected for this time of year. Pending sales were up 11.87% year-over-year. 78

The number of days a property spent on 77.5 the market increased 54% since this time last year, also reflecting a significantly 77 slower-paced market despite the increase in contracts signed. The end of June saw 76.5 properties averaging at 77 days on the market compared to 50 in June 2016. The 76 middle of the quarter showed the fewest days on the market, remaining stable 75.5 through most of April and all of May into APR MAY JUN the beginning of June at 76 days. The 75 slower paced market can be attributed to the amount of increased inventory in the resale market that is providing buyers with more choices and the ability to take their time in purchasing.

Source: UrbanDigs.com Percentages Are Rounded. BONDREPORT QTR 2 2017 BOND HEAT INDEX CHANGE IN PENDING SALES WITHIN 2ND QUARTER 2017

INWOOD/WASHINGTON HEIGHTS HAMILTON HEIGHTS +12.1% +18.8%

EAST MORNINGSIDE HEIGHTS/HARLEM +14.3% +16.8% UPPER +18.1%

UPPER +41.5% MIDTOWN EAST/CENTER -1.8%

MURRAY HILL +30.2% +62.5% KIPS BAY +33.3% CHELSEA GRAMERCY/FLATIRON +25.4% +11.3%

WEST VILLAGE +26.7% +47.3% EAST VILLAGE SOHO +16.2% +13.1% +900.0% +6.7% -13.3% BATTERY FINANCIAL DISTRICT/CIVIC CENTER +73.7% +27.5%

For a more in-depth analysis of your neighborhood, contact your BOND agent today.

BONDNEWYORK.COM BONDREPORT QTR 2 2017

A CLOSER LOOK Nolita, , and Midtown South showed the largest increases in percentage change with respect to pending sales within Quarter 2, 2017. The active-to-pending ratio for Nolita was 2.20, the active-to-pending ratio for Battery Park City was 2.42 and the active-to-pending ratio for Midtown South was 2.05.

The Lower East Side and Midtown East were the only two neighborhoods in to show a decrease in the number of pending sales within Quarter 2, 2017. Lower East Side properties spent an average of 96 days on the market in Quarter 2, 2017 and Midtown East spent an average of 128 days.

LARGEST INCREASE LARGEST DECREASE

MIDTOWN SOUTH MIDTOWN EAST/CENTER Days on Market...... 106 Days on Market...... 128 Pending Sales ...... 65 Pending Sales ...... 109 Active Listings...... 133 Active Listings...... 409 Active-To-Pending Ratio..2.05 Active-To-Pending Ratio..3.75

NOLITA LOWER EAST SIDE Days on Market...... 51 Days on Market...... 96 Pending Sales ...... 10 Pending Sales ...... 78 Active Listings...... 22 Active Listings...... 109 Active-To-Pending Ratio..2.20 Active-To-Pending Ratio..1.40

BATTERY PARK CITY Days on Market...... 36 Pending Sales ...... 33 Active Listings...... 80 Active-To-Pending Ratio..2.42

BONDNEWYORK.COM BONDREPORT QTR 2 2017 MARKET SNAPSHOT

CLOSED SALES CLOSED SALES BY SIZE BY SIZE YEAR-OVER-YEAR QUARTER-OVER-QUARTER

50% 40% 40% 30% 30%

20% 20% QTR 1 2017 10% QTR 2 2016 10% QTR 2 2017 0% QTR 2 2017 0% STUDIOS 1 BEDS 2 BEDS 3+ BEDS STUDIOS 1 BEDS 2 BEDS 3+ BEDS

CLOSED SALES CLOSED SALES BY PROPERTY TYPE BY PROPERTY TYPE YEAR-OVER-YEAR QUARTER-OVER-QUARTER

QUARTER 2 2017 QUARTER 2 2016 QUARTER 2 2017 QUARTER 1 2017 53% 53% 53% 51% 47% 47% 47% 49%

CO-OP CONDO CO-OP CONDO CO-OP CONDO CO-OP CONDO

Source: UrbanDigs.com Percentages Are Rounded.

BONDNEWYORK.COM BONDREPORT QTR 2 2017 MARKET SNAPSHOT

CLOSED SALES BY VOLATILITY INDEX PRICE CATEGORY YEAR TO DATE 36% 34% 32% 27% 26% 26% 1.70 13% 12% 11% 11% 11% 10% 9% 9% 9% 8% 8% 8%

QTR 2 2017 QTR 1 2017 QTR 2 2016

$0 - $500K $500K - $1M $1M - $2M $2M - $3M $3M - $5M $5M+ 36% 35% 31% 26% MONTHLY CONTRACT24% 24% MONTHLY NEW SUPPLY BY SIZE 14%

BY SIZE SHARE13%

ACTIVITY 12% 11% 10% 10% 10% 9% 9% 8% 8% 7% STUDIOS 1 BEDS

35% QTR 1 2017 QTR 4 2016 QTR 1 2016 11% 30% 36% 25% 20%

15% 33% 10% 5% 2 BEDS 20% 0% STUDIOS 1 BEDS 2 BEDS 3+ BEDS 3+ BEDS

Source: UrbanDigs.com Percentages Are Rounded.

BONDNEWYORK.COM BONDREPORT QTR 2 2017 CONDO MARKET MATRIX QTR 2 2017 % CHG (QTR) QTR 1 2017 % CHG (YR) QTR 2 2016 Avg Price $3,025,182 -0.76% $3,048,318 +9.92% $2,752,062 Median Price $1,838,539 +8.15% $1,700,000 +20.56% $1,525,000 Avg Price per Sq Ft $1,828 +0.92% $1,811 +7.98% $1,693 Studio (median) $719,800 +9.89% $655,000 +9.06% $660,000 1 Bedroom (median) $1,150,000 +4.55% $1,100,000 +15.12% $999,000 2 Bedroom (median) $2,095,000 -6.89% $2,250,000 +4.75% $1,999,999 3+ Bedroom (median) $5,350,000 +24.42% $4,300,000 +6.14% $5,040,337

Condo June 2016 - June 2017 Pending Sales +8.4% and Active Listings +8.9% CONDO SALES

For the fourth quarter in a row, the average condo price remained over the $3,000,000

mark at $3,025,182. The median price for

Quarter 2, 2017 was $1,838,539, up 8.15% quarter-over-quarter and up just over EP OT O E E R PR 20% year-over-year. The largest increase in median price was for 3+ bedrooms, up Pending Sales: +8.4% Active Listings: +8.9% 24.42% quarter-over-quarter and up 6.14% year-over-year. Two bedrooms saw the only median price decrease of 6.89% quarter- Condo Within Quarter 2 2017 over-quarter. The impact of legacy contracts Pending Sales +17.0% and Active Listings +11.9% on the condo market data remained at play for Quarter 2, 2017. 2800 Pending sales were up 8.4% since this time 2300 last year and up 17.0% since the start of Quarter 2, 2017. The number of active listings was up 8.9% since this time last year 1800 and up 11.9% since the start of Quarter 2, 2017. Monthly contract supply was up 1300 19.4% from last month and up 2.2% since this time last year. 800 APR MAY JUN

Pending Sales:+17.0% Active Listings: +11.9%

MONTHLY CONTRACT ACTIVITY Closed Condo Sales By Size Quarter-Over-Quarter 19.4% FROM LAST MONTH

50% 2.2% FROM LAST YEAR 40%

30%

Oct 20%

10% QTR 1 2017 QTR 2 2017 Source: UrbanDigs.com 0% Percentages Are Rounded. Studios 1 Beds 2 Beds 3+ Beds BONDREPORT QTR 2 2017 CO-OP MARKET MATRIX QTR 2 2017 % CHG (QTR) QTR 1 2017 % CHG (YR) QTR 2 2016 Avg Price $1,356,732 +12.11% $1,210,225 +2.75% $1,320,447 Median Price $790,000 +2.60% $770,000 +2.46% $771,000 Avg Price per Sq Ft $1,150 +6.52% $1,079 +1.92% $1,128 Studio (median) $440,000 -2.22% $450,000 +1.15% $435,000 1 Bedroom (median) $720,000 +3.23% $697,500 +1.41% $710,000 2 Bedroom (median) $1,325,000 +1.92% $1,300,000 +6.00% $1,250,000 3+ Bedroom (median) $2,650,000 +11.29% $2,381,250 -5.69% $2,810,000

Co-op June 2016 - June 2017 Pending Sales +20.4% and Active Listings +14.7%

CO-OP SALES The average price for Quarter 2, 2017 was $1,356,732, an increase of 12.11% quarter-over-quarter. The median price was $790,000, a slight increase quarter-over- quarter of 2.60% and 2.46% year-over-year. 3+ bedrooms showed the largest increase EP OT O E E R PR in median price quarter-over-quarter at $2,650,000, up 11.29%, but was down Pending Sales: +20.4% Active Listings: +14.7% year-over-year by 5.69%. Co-op Within Quarter 2 2017 Co-op pending sales were up 20.4% Pending Sales +31.1% and Active Listings +18.4% compared to this time last year and were 2600 up 31.1% within Quarter 2, 2017. Supply was also up compared to this time last year 2400 at 14.7% and showed an 18.4% increase 2200 within Quarter 2, 2017. Supply was at the lowest levels at the start of the quarter with 2000 1,975 co-op listings available and reached 1800 the highest levels at the end of June at 2,346 1600 before beginning to taper off. 1400

1200 APR MAY JUN

Pending Sales: +31.1% Active Listings: +18.4% MONTHLY CONTRACT ACTIVITY Closed Co-op Sales By Size Quarter-Over-Quarter 3.3% FROM LAST MONTH

50%

3.9% FROM LAST YEAR 40%

30%

20% Oct 10% QTR 1 2017 QTR 2 2017 0% Source: UrbanDigs.com Studios 1 Beds 2 Beds 3+ Beds Percentages Are Rounded. BONDREPORT QTR 21 2017 LUXURY MARKET: A VIEW FROM THE TOP The luxury market is defined as the top 10% of all co-op and condo transactions. The entry threshold for Quarter 2, 2017 was $4,683,740. Both the average price and median price were down slightly quarter-over-quarter and year-over-year at $8,912,366 and $6,669,537, respectively. The average price per square foot showed a decrease of 5.96% at $2,902.

LUXURY MARKET MATRIX QTR 2 2017 % CHG (QTR) QTR 1 2017 % CHG (YR) QTR 2 2016 Avg Price $8,912,366 -3.64% $9,248,930 -2.05% $9,099,284 Median Price $6,669,537 -6.43% $7,127,750 -3.18% $6,888,602 Avg Price per Sq Ft $2,902 -5.96% $3,085 +1.95% $2,846

5-10 10+ MILLION MILLION PENDING / ACTIVE PENDING / ACTIVE

CONDO CONDO Pending Sales: +27.1% From Last Year Pending Sales: +27.1% From Last Year Active Listings: +8.4% From Last Year Active Listings: +8.4% From Last Year

CO-OP CO-OP Pending Sales: +34.1% From Last Year Pending Sales: +34.1% From Last Year Active Listings: +25.5% From Last Year Active Listings: +25.5% From Last Year

500 300 250 400 200 300 150 200 100 100 50 0 0 Pending Sales Active Listings Pending Sales Active Listings

Condo Co-op Condo Co-op

Source: UrbanDigs.com Percentages Are Rounded. BONDNEWYORK.COM BONDREPORT QTR 2 2017 TOWNHOUSE SALES The townhouse market is a unique market with the smallest inventory and buyer pool of any submarket. Therefore, the number of transactions in this submarket is fewer than any other submarket, and the data provided reflects this. The average price for Quarter 2, 2017 was $8,365,702. The median price for Quarter 2, 2017 was $7,000,000. The price per square foot for Quarter 2,2017 was $1,778.

TOWNHOUSE MARKET MATRIX QTR 2 2017 % CHG (QTR) QTR 1 2017 % CHG (YR) QTR 2 2016 Avg Price $8,365,702 +23.74% $6,760,905 +31.34% $6,369,718 Median Price $7,000,000 +37.25% $5,100,000 +62.79% $4,300,000 Avg Price per Sq Ft $1,778 +33.19% $1,335 +38.56% $1,283

ACTIVE LISTINGS PENDING SALES DAYS ON MARKET 42.8% Year To Date 52.2% Year To Date 10.1% Year To Date 2.3% From Last Month 20.7% From Last Month 25.4% From Last Month 7.4% From Last Year 16.7% From Last Year 28.3% From Last Year

ACTIVE TOWNHOUSE LISTINGS

UPPER WEST SIDE: : 7.7% Year To Date 22.2% Year To Date 4.0% From Last Month 8.3% From Last Month 22.6% From Last Month 4.8% From Last Month

WEST VILLAGE: EAST VILLAGE: 63.6% Year To Date 0.0% Year To Date 14.3% From Last Month 0.0% From Last Month 100.0% From Last Month 37.5% From Last Month

GREENWICH VILLAGE: 55.6% Year To Date 17.6% From Last Month 27.3% From Last Month

Source: UrbanDigs.com BONDNEWYORK.COM Percentages Are Rounded. 4 OFFICE LOCATIONS

CORPORATE HEADQUARTERS 1776 , 19TH FLOOR NEW YORK, NY 10019 PHONE: 212-582-2009

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CHELSEA 64 W 21ST STREET NEW YORK, NY 10010 PHONE: 212.645.8800

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