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Kwnyc newsletter 2015_q1_4 (1)

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KWNYC Q1 Manhattan Market Report

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Kwnyc newsletter 2015_q1_4 (1)

  1. 1. 1ST QUARTER 2015 Commentary provided by Edward Kalisvaart Information provided by Urban Digs and Virtual Results
  2. 2. 1 1ST QUARTER 2015 OVERVIEW When we look at the Manhattan market as a whole, the numbers show a slight increase in price of around 2% year- over-year indicating that demand still outpaces supply in this “sellers-market”. Days on market has been steady quarter- over-quarter and year-over-year. When we take a closer look per size the market shows a slight price increase in the studios and 1 bedrooms and a slight price decline in the 2 bedroom and up segment. This is true for both the condominium and co-op markets. The condominium market shows a slight pull back in price and increase in days on market, both quarter-over-quarter and year-over-year while the co-op market shows a continued slow and steady uptrend, throughout all size ranges. In conjunction with this we see an increased amount of transactions in the condominium and co-op markets in Q1 2015. Average price differential between the two types continued to narrow. Per neighborhood the Midtown studios and 1 bedrooms continue to be the delivering the highest return on investment.
  3. 3. 1ST QUARTER 2015 Market Wide Q1 2015 % Change Q4 2014 % Change YOY Q1 2014 Average Sales Price $1,772,260 2.3% $ 1,732,708 1.7% $1,742,653 Average Price per SF $1,352 ‐2.7% $1,390 1.8% $1,329 Median Sales Price $990,000 ‐1.7% $1,006,940 2.9% $962,500 Median Price per SF $1,224 ‐4% $1,274 2.7% $1,191 Median Days on Market 56 0.0% 56 ‐1.8% 57 Median Sales Discount ‐4.9% -5.2% Median Sales Premium 2.8% 2.6% Market Wide Q1 2015 % Change Q4 2014 % Change YOY Q1 2014 Average Sales Price $2,116,847 ‐1.0% $2,137,590 ‐4.2% $2,209,515 Average Price per SF $1,553 ‐0.7% $1,563 1.8% $1,526 Median Sales Price $1,361,250 ‐6.1% $1,450,000 ‐2.1% $1,390,000 Median Price per SF $1,434 ‐0.8% $1,446 5.3% $1,362 Median Days on Market 61 8.9% 56 15.1% 53 Median Sales Discount ‐4.7% -5.1% Median Sales Premium 1.8% 1.8% Market Wide Q1 2015 % Change Q4 2014 % Change YOY Q1 2014 Average Sales Price $1,254,118 4.2% $1,203,930 2.9% $1,219,278 Average Price per SF $1,041 0.3% $1,038 12.1% $929 Median Sales Price $737,500 2.1% $722,580 1.2% $728,483 Median Price per SF $907 0.4% $904 7.2% $846 Median Days on Market 61 8.9% 56 15.1% 53 Median Sales Discount ‐5.0% ‐5.2% Median Sales Premium 3.7% 3.7% MANHATTAN CONDOS MANHATTAN CO-OPS 2 MANHATTAN MARKET-WIDE *Market-wide sales figures refer to all condo, co-op, & cond-op sales
  4. 4. 3 1ST QUARTER 2015 Percentage of Sales by Price Range Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 32.8%15.2%13.5%20.1%14.4% 3.8% 3.9% 4.2% 4.3% 4.1% 27.2%18.1%15.2%21.8%13.8% 31.7%15.1%14.1%20.3%14.6% 29.7%16.2%13.3%21.3%15.2% 31.6%16.9%12.5%20.6%14.3% 0-500K 500-1M 1M-2M 2M-3M 3M-5M 5+ Percentage of Condo Sales by Price Range Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 30.4%18.9%15.6%23.2%10.5% 1.0% 1.0% 1.3% 1.3% 1.2% 27.2%21.6%17.8%22.6%10.2% 33.6%18.0%16.3%20.4%10.2% 35.0%17.5%13.9%21.6%10.2% 33.2%22.1%13.1%20.1%10.6% Q1 2015 Q4 2014 Q3 2014 Q2 2014 Q1 2014 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 20.8%13.4%13.3%21.7%22.7 %8.3% 15.9%14.9%13.9%23.7%22.7% 20.4%11.8%12.9%22.7%23.1% 17.3%14.8%13.2%22.2%23.3% 21.3%10.0%13.7%23.7%22.3% 9.0% 9.0% 9.1% 9.2% Percentage of COOP Sales by Price Range
  5. 5. 4 NEIGHBORHOOD BREAKDOWN Below is a snapshot of the market broken down by major Manhattan neighborhood from 1st quarter 2014 to 1st quarter 2015. For more information or electronic copies of this report please visit kwnyc.com/reports. Email questions or comments to reports@kwnyc.com. CentralPark Downtown Median Studio Median 1 BR Median 2 BR Median 3+ BR Q1 2014 $622,500$ $937,503 $1,714,000 $3,545,000 Q2 2014 $582,747 $925,000 $1,750,000 $4,125,000 Q3 2014 $610,000 $927,500 $1,950,000 $3,887,500 Q4 2014 $587,500 $977,500 $1,827,500 $4,000,000 Q1 2015 $620,000 $975,000 $1,831,000 $5,345,813 Midtown Median Studio Median 1 BR Median 2 BR Median 3+ BR Q1 2014 $429,000 $770,000 $1,692,500 $3,275,000 Q2 2014 $455,000 $780,000 $1,627,191 $3,911,500 Q3 2014 $425,000 $800,000 $1,710,000 $3,450,000 Q4 2014 $416,050 $867,500 $1,900,000 $3,586,779 Q1 2015 $525,000 $906,243 $1,695,000 $3,458,343 Upper East Side Median Studio Median 1 BR Median 2 BR Median 3+ BR Q1 2014 $385,000 $660,541 $1,426,500 $3,670,000 Q2 2014 $356,982 $665,000 $1,500,000 $3,217,500 Q3 2014 $405,000 $635,000 $1,447,500 $3,217,500 Q4 2014 $385,000 $670,563 $1,547,500 $4,175,000 Q1 2015 $381,000 $660,000 $1,399,500 $3,806,787 Upper West Side Median Studio Median 1 BR Median 2 BR Median 3+ BR Q1 2014 $425,597 $785,562 $1,504,626 $3,100,000 Q2 2014 $439,000 $794,750 $1,500,000 $3,224,500 Q3 2014 $449,000 $779,000 $1,532,500 $3,276,700 Q4 2014 $459,500 $777,000 $1,536,001 $3,115,331 Q1 2015 $450,000 $790,000 $1,575,000 $3,000,000 Upper Manhattan Median Studio Median 1 BR Median 2 BR Median 3+ BR Q1 2014 $218,000 $398,883 $559,928 $850,000 Q2 2014 $375,000 $400,000 $632,500 $763,688 Q3 2014 $299,130 $400,000 $580,247 $800,000 Q4 2014 $247,000 $430,000 $590,585 $890,000 Q1 2015 $298,500 $379,500 $615,000 $1,038,615 1ST QUARTER 2015

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