® Manhattan Condo Market Report February 2015 by the numbers +0.7% Surge in February pending sales StreetEasy Condo Price Index (Month-over- pushes condo inventory to Month) record low +0.6% s freezing temperatures and ice pounded of condo units in Midtown increased by 10.5 StreetEasy Condo the New York region in February, the percent. Price Forecast (Month- Manhattan condo market continued a over-Month) A 4-month decline in total units available during Condo prices in the Downtown submarket the peak of winter’s chill. Total inventory continue to be the highest at 12.1 percent declined 2.4 percent from January and ended above the Manhattan-wide level. According to -2.4% the month 5.4 percent below last year’s level. the StreetEasy Condo Price Forecast, condo Inventory (Month-over- It has been a steady downward slide for prices are expected to grow by 3.9 percent in Month) Manhattan condo inventory since the market 2015 – signifcantly less than the 2014 growth experienced its peak level in June 2009. Since rate (7.1 percent) and the robust growth rate of then, the number of units available on the 2013 (16.6 percent). market has fallen by 56.1 percent to the lowest +27.5% level recorded by StreetEasy. It is typical to Pending sales activity defed the cold weather see seasonal boosts to inventory during the Pending Sales Volume in February. Monthly sales volume surged busy spring months, but none of these annual (Month-over-Month) 27.5 percent over the course of the month, boosts have resulted in a long-term increase. rebounding from the market freeze in January, typically the slowest month of the year. Condos February condo prices grew by 7.8 percent that went into contract sold at a brisk pace, from last year, according to the StreetEasy taking a median time of 62 days to sell. This was 62 days Condo Price Index (SECPI). Buoyed by ever- a reduction of 20 days from January, the largest Median Time on Market shrinking supply, condo prices closed the one-month reduction in 12 months. month 12.6 percent above previous peak prices set in September 2007. February was the 27th February was an early ‘spring cleaning’ for consecutive month of monthly price growth, the condo market. With a healthy increase in pointing to the strength of the market amid pending sales activity and a signifcant decline $1,212,000 constrained supply and resilient demand for in time on market, inventory fell to a record low Manhattan real estate. level (3,175 units). Historically, the spring boost Median Sales Price in inventory begins in earnest in March. Condos in the Midtown submarket showed the greatest monthly price growth in February (1.9 percent), more than doubling the Manhattan growth rate and closing the month StreetEasy is pleased to present the Manhattan Condo $1,439 11 percent higher than last year. Midtown Market Report, a monthly analysis of New York City’s Median Price per Square also outperformed the rest of the borough in largest and most comprehensive database of condo Foot listings and sales. To see more analysis on New York City inventory growth. Whereas all other submarkets real estate trends from StreetEasy, visit StreetSmarts at: saw inventory declines in February, the number streeteasy.com/blog/research/ or join the Twitter conversation using #StreetSmarts Manhattan Condo Market Report February 2015 StreetEasy Condo Price Index Condo price appreciation continues 27-month rally in February, led by strong growth in Midtown markets February Manhattan condo prices rose 0.7 percent from January and West, showed the greatest price growth in February, more than doubling closed the month 7.8 percent above last year’s level, according to the Manhattan monthly growth rate. Price appreciation in the Upper the StreetEasy Condo Price Index (SECPI). February marked the 27th West Side and Upper East Side submarkets underperformed the rest of consecutive month of Manhattan condo price appreciation, the second Manhattan in February. longest rally on record. Condo prices were buoyed by ever-shrinking inventory and resilient demand for Manhattan real estate. Condo prices will grow by 0.6 percent from their February level in March, according to the StreetEasy Condo Price Forecast. Yearly growth in 2015 The Downtown submarket, which includes neighborhoods such as is expected to slow to 3.9 percent, down from 7.1 percent growth seen Soho, Tribeca and Flatiron, continued to be Manhattan’s strongest in 2014. market in February. The Midtown submarket, which includes neighborhoods such as Midtown, Central Park South, and Midtown +0.7% (242) +0.6% (244) StreetEasy Condo Price Index StreetEasy Condo Price Forecast February 2015 (Month-over-Month) March 2015 (Month-over-Month) 300 Midtown 263 February 2015 Condo price appreciation was 250 the strongest in the Midtown submarket, growing 1.9 percent from January. 215 Previous market peak 200 September 2007 150 242 Current level 177 February 2015 Previous market trough November 2009 100 StreetEasy Condo Price Index Value Condo Price StreetEasy Indexed to January 2000 50 Manhattan Downtown Midtown Upper West Side Upper East Side 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 ® #StreetSmarts 2 Manhattan Condo Market Report February 2015 Sales & Inventory 1 month-over- year-over- Inventory February 2015 January 2015 month February 2014 year Total Condos Available 3,175 3,253 -2.4% 3,357 -5.4% Bottom Price Tier 2 19.0% 19.7% 22.5% Middle Price Tier 28.7% 28.8% 28.9% Top Price Tier 52.3% 51.5% 48.6% Median Asking Price $2,100,000 $2,020,000 4.0% $1,800,000 16.7% Median Asking Price per sq. f. $1,778 $1,763 0.8% $1,583 12.3% Recorded Sales3 Total Sales 454 384 18.1% 393 15.4% Median Sales Price $1,211,717 $1,484,099 -18.4% $1,330,000 -8.9% Pending Sales Total Pending Sales 371 291 27.5% 326 13.8% Median Days on Market 62 82 -24.4% 54 15.9% 1 Inventory, recorded sales, and pending sales data is for condos only. 2 Price tier shares are based on total number of condo units available during February 2015. Bottom tier is comprised of units priced up to $971,000; middle tier are units priced between $971,000 and $1.96 million; top tier is units priced above $1.96 million. 3 Sales data is based on condo transactions recorded by the New York City Department of Finance as of March 16, 2015 and adjusted using a multiplier. This may not represent all February 2015 sales transactions. Near-perfect convergence: as Median Time on Market, by Unit Type total inventory declines, total time on market for condos and co-ops is now almost equivalent. Median time on market for condos reached 162 days The median time on market for Manhattan 180 in October 2008, almost condos fell to 62 days in February and to 60 triple the median time in days for co-op units. Historically, condos February 2015 160 Median time on market have taken more time to enter contract for all Manhattan homes than co-ops. As inventory continues to 140 fell to 63 days in February dwindle, that diference has been all but from 81 days in January. erased. Since February 2014, the median 120 time on market for both have been within fve days of each other. 100 80 Median Days on Market 60 How is time on market measured? 40 The number of days from the original listing 20 All Homes Condos Co-ops on StreetEasy to when it enters contract. Afer a buyer enters contract on a unit, it is pulled from the market and is no longer 2009 2010 2011 2012 2013 2014 2015 available to other buyers - creating a logical end point to “days on market.” ® #StreetSmarts 3 Manhattan Condo Market Report February 2015 Neighborhood Summary Recorded Sales Data Listings Data Pending Sales Data Median Total YoY Median YoY Total YoY Median Listing YoY Pending YoY Days on YoY Sales 1 Change Sales Price Change Inventory 1 Change Price Change Sales1 Change Market Change All Downtown 122 -14.7% $1,425,275 -3.0% 1,210 -11.4% $2,817,500 34.5% 156 25.8% 63 3.3% Battery Park City 6 - - - 103 14.4% $2,200,000 83.3% 29 163.6% 3 -93.3% Chelsea 23 15.0% $1,356,000 -44.7% 162 -10.5% $2,997,500 24.9% 20 -4.8% 62 92.2% Chinatown 1 - - - 6 - - - 2 - - - Civic Center 0 - - - 0 - - - 0 - - - East Village 3 - - - 44 -27.9% $1,772,500 14.4% 10 66.7% 51 87.0% Financial District 27 -20.6% $1,220,881 -5.0% 275 -2.5% $1,643,000 32.8% 33 22.2% 99 -3.9% Flatiron 15 66.7% $1,400,000 7.7% 128 -22.9% $2,962,500 7.2% 17 88.9% 66 -29.0% Gramercy Park 7 - - - 56 -24.3% $1,920,000 8.0% 5 - - - Greenwich Village 6 - - - 86 7.5% $7,050,000 50.4% 11 -35.3% 55 -38.9% Little Italy 0 - - - 6 - - - 0 - - - Lower East Side 0 - - - 18 -18.2% $2,025,000 50.0% 0 - - - Nolita 0 - - - 19 90.0% $9,500,000 460.5% 3 - - - Soho 9 - - - 99 -30.8% $4,595,000 64.7% 6 - - - Tribeca 17 - $2,545,625 -24.8% 165 -10.8% $5,950,000 48.9% 18 50.0% 102 20.7% West Village 8 - - - 43 -21.8% $3,595,000 30.7% 2 - - - All Midtown 92 19.5% $1,084,581 -5.7% 820 10.5% $1,825,000 10.6% 81 3.8% 77 67.4% Central Park South 1 - - - 46 9.5% $3,550,000 7.6% 2 - - - Kips Bay 1 - - - 16 -52.9% $1,237,500 59.7% 2 - - - Midtown 13 -7.1% $1,850,000 22.2% 199 19.9% $2,750,000 0.9% 17 112.5% 129 67.5% Midtown South 5 - - - 45 21.6% $1,950,000 2.9% 2 - - - Midtown West 19 26.7% $1,303,360 31.3% 229 29.4% $1,399,000 21.7% 24 20.0% 103 247.5% Murray Hill 5 - - - 69 -17.9% $1,295,000 17.7% 10 -47.4% 43 -11.5% Roosevelt Island 1 - - - 3 - - - 0 - - - Sutton Place 2 - - - 31 -18.4% $1,850,000 21.6% 2 - - - Turtle Bay 7 - - - 125 -9.4% $2,210,000 -7.6% 16 14.3% 31 -6.1% All Upper East Side 39 -31.6% $1,510,000 -18.7% 498 -3.1% $2,650,000