Manhattan Annual Report 2003-2014 Manhattan Apartments, 2003-2014
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MANHATTAN ANNUAL REPORT 2003-2014 Manhattan Apartments, 2003-2014 We are pleased to present the most comprehensive annual report available on the Manhattan apartment market over the past twelve years. Over 174,000 verified sales are included, a number of which were recorded after our quarterly market reports were released. We have also provided a summary of relevant economic indicators, including data on employment, Wall Street, building permits and interest rates. halstead.com WEB# 12444690 Highlights of the report include: • Manhattan apartment sales declined 7% in 2014, due to low inventory and escalating prices. • The average apartment price climbed 17% from 2013, to a record $1,692,288. • A large number of high-end new development closings, especially at One57, played a large part in the magnitude of this increase. • Closings over $20 million more than tripled in 2014, to a record level of 58. The prior record had been set in 2008. • The median apartment price of $920,000 was an 8% improvement from the prior year. • Records were also set for the average cooperative and condominium average price in 2014. • Co-ops accounted for 57% of all apartment sales last year, unchanged from 2013. • Downtown between 34th and 14th Street and Upper Manhattan were the only two areas in our report to see more sales than the prior year. • While the average price more than doubled in the Midtown West area, this was due to One57 sales. The Midtown West median price of $1,090,000 was 21% higher than 2013. halstead.com WEB# 12357067 Cover Property: halstead.com WEB# 12519750 AVERAGE NYC EMPLOYMENT (thousands) Source: NYS Department of Labor AVERAGE NYC UNEMPLOYMENT RATE Source: NYS Department of LaborLabor 9.5% 4,200 10% 9.3% 9.4% 9.1% 4,102.2 8.8% 4,100 9% 8.3% 3,981.5 4,000 8% Economic 7.1% 7.2% 3,885.5 3,900 7% 3,798.5 3,793.9 5.8% 3,743.7 5.6% 3,800 3,711.5 6% Indicators 3,666.4 3,693.3 5.0% 5.0% 3,700 3,602.3 5% 3,549.0 3,600 4% 3,530.7 3,500 3% 3,400 2% 3,300 1% 3,200 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 AVERAGE NYC SECURITIES INDUSTRY EMPLOYMENT (thousands) WALL STREET BONUSES (billions) Source: NYS Comptroller Source: NYS Department of Labor 195 40 188.3 190 187.7 $34.3 35 $33.0 185 180.8 $28.5 30 $27.6 180 $25.6 25 $22.8 $23.2 175 $22.5 171.6 171.6 168.8 170 168.8 167.8 20 $18.6 $18.5 165.8 $17.6 165.7 165.5 $15.8 165 161.7 15 160 10 155 5 150 145 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 MANHATTAN BUILDING PERMITS (number of units) Source: Census Bureau AVERAGE 30-YEAR CONFORMING MORTGAGE RATE Source: Freddie Mac 12,000 7% 6.41% 6.34% 6.03% 5.83% 5.84% 5.87% 6% 10,000 9,520 9,700 8,493 8,790 5.04% 5% 4.69% 4.45% 8,000 4.17% 3.98% 4% 3.