Midtown West Murray Hill Roosevelt Island Soho/Nolita Sutton Area
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Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Roosevelt Island SoHo/Nolita Sutton Area TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran Report Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village Hamilton Heights Manhattan Morningside Heights Harlem Inwood Chinatown Lower East Side Midtown East Midtown West Murray Hill Nolita Roosevelt Island SoHo Sutton TriBeCa Upper East Side Upper West Side Washington Heights West Village The Corcoran Report 4th Quarter 2013 Battery Park City Beekman Carnegie Hill Central Park South Chelsea Flatiron Clinton East Harlem East Village Financial District Gramercy Greenwich Village A comprehensive analysis of the residential Hamilton Heights Manhattan real estate market in Manhattan. Morningside Heights Harlem Inwood Chinatown Lower The Corcoran Report Page 2 4th Quarter 2013 Welcome to the Corcoran Report, our quarterly examination of Manhattan’s residential real estate market. This report uses market-wide data based on transactions that closed in the Fourth Quarter 2013 (October 1 through December 31) and compares them to closings that took place last quarter and during the same quarter last year. Closings typically occur eight-to-twelve weeks after a contract is signed. For that reason, the sales activity discussed trails actual market conditions. The Manhattan market remained very strong during the Fourth Quarter 2013. Closed sales increased 11% year-over-year, exceeding 4,000 transaction sides for the third consecutive quarter. Additionally, signed contracts were up 10% versus the same quarter last year. Fourth Quarter 2013 was the seventh consecutive quarter with double-digit year-over-year gains in signed contracts. The sustained release of pent-up demand continued to drive this quarter’s sales performance. Fourth Quarter 2013 sales performance is even more remarkable considering the current low inventory level. This was the eleventh quarter of year-over-year listing decline. Condo inventory declined 3% and co-op inventory declined by 8% compared to Fourth Quarter 2012. Inventory is currently 54% lower than its peak of 12,336 listings in the First Quarter of 2009. Average price per square foot and median price increased market-wide since Fourth Quarter 2012. Market-wide price per square foot averaged $1,197, reaching a five-year high and approaching the Second Quarter 2008 all-time high of $1,261. The average price per foot for resale condos continued its year- long ascent by reaching $1,382, a 7% increase from Fourth Quarter 2012. The median price increased 7% year-over-year for resale condos and remained level for resale co-ops. In both resale condos and co-ops, year-over-year median price growth was greater for smaller units than larger units. New development had a robust 32% increase in median price and a 19% increase in average price per foot. New developments launched after the downturn that are designed and priced at a higher standard are now beginning closings, driving these dramatic price gains. The luxury new development market median price rose an incredible 72% year-over-year to $7.85 million. The average price per foot for luxury new development increased 34% year-over-year from $1,989 to $2,661. New development represented only 12% of closings but these sales were skewed towards the higher price categories. If you have any questions regarding your specific needs, Corcoran agents are here to help you navigate the current market with expert knowledge and exceptional service. For a digital copy of this report and more information on the New York real estate market please visit our website at www.corcoran.com/nyc/Advice. Sincerely, Pamela Liebman Chief Executive Officer The following members of the The Corcoran Group made significant contributions to this report: Rebecca Disbrow I Douglas LaMere I Kathleen Mejia I Ryan Schleis I Joshua Sachs I Brie Train The following members of the PropertyShark team made significant contributions to this report: Matthew Haines I Lavinia Husar I Bodor Kalman I Robert Raiz I Mihai Palermo The Corcoran Report Page 3 4th Quarter 2013 View all our current market reports at www.corcoran.com/nyc/Advice Market Trends Pent-up demand and limited inventory continued to drive price increases with year- Uptown over-year gains in price per square foot in all Resale condo average price but one submarket. Page 4 per square foot had the largest year-over-year increase in the city. Price per square foot for resale condo and new West Side developments grew by 18% and 8%, respectively, from a year Year-over-year resale condo median ago. Median co-op prices rose price increased 14%. Despite having 6% year-over-year. Page 16 the most expensive co-op resale this quarter, the median co-op price declined by 7%. There are a limited number of new developments available in the submarket. Page 12 East Side High-end new development sales produced a 43% Midtown year-over-year median price increase. Resale condo median Median price for both resale co- price grew 3% from last year. ops and condos was higher than Few co-op sales over $10MM both last quarter and last year. All drove median co-op prices bedroom categories had double- down. Page 11 digit annual median price gains. Average price per square foot rose by 10% from Fourth Quarter 2012. Page 13 Downtown New developments saw a 47% increase in median price compared to Fourth Quarter 2012. Downtown had the highest median price for resale Financial District condos in the city. An 8% and Battery Park City annual gain was seen in co-op median sale price. Page 14 New development and resale condos both saw double-digit year-over-year gains in median price and average price per square foot. One to three+ bedrooms resale condos in Financial District and Battery Park City had the largest annual gains in the city. Page 15 Average price per square foot (SF): Above $2,500 SF $2,000 - $2,500 SF Interactive map online at Number of sales $1,500 - $2,000 SF per building: $1,250 - $1,500 SF PropertyShark.com’s map of $1,000 - $1,250 SF Manhattan plots sales in the Above 20 Units $750 - $1,000 SF Second Quarter according to 10 to 20 Units $500 - $750 SF the number of sales and their 3 to 9 Units Below $500 SF propertyshark.com/maps respective prices per square foot. 1 to 2 Units No SF Available Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker located at 660 Madison Ave, NY, NY 10065. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. The Corcoran Report 4th Quarter 2013 * Current quarter sales figures are estimated based on the number of sales as of report preparation plus the typical number of sales reported after publication. publication. after reported sales of number typical the plus preparation report of as sales of number the on based estimated are figures sales quarter Current * 2013. Quarter Third 11% versus Quarter gain 2012. Fourth versus This is quarter the consecutive signed with gains. seventh Contracts dropped double-digit year-over-year close as many as three after years signing. signed contracts With during Quarter 3,127 Fourth 2013, this quarter had a 10% year over year eight to often twelve with weeks in later, the the However, return following of quarter. a new development pre-sale market, contracts may close will contracts these of Most quarter. the during contract in as reported listings of number the from derived are figures signed Contract Signed -Contracts Sales average. quarterly thefive-year above this however from is Quarter last Fourth typical 2013 quarter, market seasonality. was the third quarter consecutive of sales activity There closed were 4,113 sales during Quarter Fourth 2013, 11% higher than the number of sales in Quarter Fourth 2012. Sales dipped -Closings Sales Wide Market Manhattan Number Numberof Contracts of Contracts Signed Signed Number Numberof Closed of Sale Closeds Sales 1, 1, 2, 2, 3, 3, 4, 4, 5, 5, 1, 2, 1, 2, 3, 3, 4, 4, 5, 5, 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1Q08 1Q08 2Q08 2Q08 2Q08 2Q08 3Q08 3Q08 3Q08 3Q08 4Q08 4Q08 4Q08 4Q08 1Q09 1Q09 1Q09 1Q09 2Q09 2Q09 2Q09 2Q09 3Q09 3Q09 3Q09 3Q09 4Q09 4Q09 4Q09 4Q09 1Q10 1Q10 1Q10 1Q10 2Q10 2Q10 1 1 2Q10 2Q10 3Q10 3Q10 3Q10 3Q10 4Q10 4Q10 4Q10 4Q10 1Q11 1Q11 1Q11 1Q11 2Q11 2Q11 Cond Cond 2Q11 2Q11 3Q11 3Q11 o Co o Co 3Q11 3Q11 4Q11 4Q11 ntra ntra 4Q11 4Q11 ct ct 1Q12 1Q12 sC sC 1Q12 1Q12 2Q12 2Q12 2Q12 2Q12 o- o- Closed Sales Closed Sales op op 3Q12 3Q12 Contra Contra 3Q12 3Q12 4Q12 4Q12 4Q12 4Q12 ct ct 1Q13 1Q13 s s 1Q13 1Q13 2Q13 2Q13 2Q13 2Q13 Averag Averag Averag Averag 3Q13 3Q13 3Q13 3Q13 Page 4 Page e e e 4Q13* 4Q13* 4Q13* 4Q13* e 3Q13 19%37% 25% 9% 7% 4% 2Q13 21%37% 23% 10% 6% 3% Quarter 3Q12 24%37% 23% 9% 5% 3% The Corcoran Report Page 5 4th Quarter0% 2013 20% 40% 60% 80% 100% Percent of Sales Manhattan Market Wide Sales by Price Category Compared to Third Quarter 2013, the under $500k category grew this quarter to 22% market share, slightly below last year’s market share of 23%.