Streeteasy report 2011/q2

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Copyright © 2011 StreetEasy.com This work is licensed under a Creative Commons Attribution-ShareAlike 3.0 United States License.

Market Report

Manhattan Q2 2011

StreetEasy is pleased to present our Q2 2011 Quarterly Report on the Manhattan residential market. The bulk of the report is based on approximately 3,600 recorded sales for this quarter as well as over 1,000 broker sources, thereby allowing us to provide the most comprehensive view of today’s market. In order to provide more of a real-time view of the real estate market, we expanded our Market Snapshot section with a more granular look at contract data to show you what’s selling now and where.

We also invite you to check out our Manhattan Condo Market Index at http://streeteasy.com/nyc/market/condo_index to see how Manhattan condos have performed over the past 15 years on a monthly basis. We seek to continually improve this report and provide data that will be meaningful and useful to the reader. Please email [email protected] with any suggestions you might have.

Summary of findings in 2011Q2

Median closing prices for condo and coop resales increased from the prior year 2.5% and 6.8%, respectively, while new development median prices dropped 14.7% Volume of closings declined 12.3% from last year but increased 32.5% from last quarter. Inventory remained stable with a 2.7% decline from last year and a 2.0% increase from last quarter. Signed contracts declined 9.5% from the prior year but are up 14.2% from the prior quarter. Price cuts increased by 3.3% from last year and 13.0% from last quarter. Time on market remained stable at an average of 156 days, the same as a year ago.

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May 2011 April 2011 May 2010Manhattan Condo Index 1,858 1,832 1.4% 1,791 3.7%

Compared to Compared to

Median Closing Prices Q2 2011 Q1 2011 Q2 2010Overall $810,000 $782,016 3.6% $751,250 7.8%

Condo Resales $1,004,056 $999,000 0.5% $980,000 2.5%Co-op Resales $641,080 $620,000 3.4% $600,000 6.8%

New Developments $977,520 $1,170,987 -16.5% $1,145,531 -14.7%


Volume of Closings Q2 2011 Q1 2011 Q2 2010Overall Manhattan 3,596 2,713 32.5% 4,102 -12.3%

Condo Resales 941 759 23.2% 1,041 -9.6%Coop Resales 1,936 1,459 31.8% 2,153 -10.1%

New Developments 719 453 57.3% 861 -16.5%


Inventory Q2 2011 Q1 2011 Q2 2010Total Inventory 14,514 14,235 2.0% 14,913 -2.7%

Condos 6,689 6,740 -0.8% 7,333 -8.8%Coops 7,407 7,103 4.3% 7,144 3.7%

Townhouses 419 392 6.9% 436 -3.9%Avg New Listings per Week 395 383 3.1% 403 -2.0%


Contracts Q2 2011 Q1 2011 Q2 2010Total # of Contracts 2,637 2,309 14.2% 2,914 -9.5%

# of Broken Contracts 146 138 5.8% 277 -47.3%


Price Cuts Q2 2011 Q1 2011 Q2 2010Total # of Cuts 4,453 3,940 13.0% 4,312 3.3%

# of Condo Couts 1,732 1,597 8.5% 1,977 -12.4%# of Coop Cuts 2,721 2,343 16.1% 2,335 16.5%

Average Condo Cut -6.4% -6.6% -6.9%Average Coop Cut -6.3% -6.2% -6.4%

Manhattan Q2 2011

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Market Snapshot

Inventory

week starting onInventory 3/28/11 4/4/11 4/11/11 4/18/11 4/25/11 5/2/11 5/9/11 5/16/11 5/23/11 5/30/11 6/6/11 6/13/11 6/20/11 6/27/11

Available Listings 10,268 10,322 10,400 10,226 10,389 10,473 10,558 10,656 10,576 10,571 10,496 10,426 10,374 10,027

New Listings 489 494 444 265 468 438 440 422 316 360 326 321 350 95Absorbed Listings 489 430 467 358 413 395 366 442 380 412 444 417 450 176

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The pace of new listings (unique, with known addresses) increased compared to the previous quarter. In 2011Q1, an average of 383 new listings were added every week. This quarter, an average of 395 new listings were added every week, an increase of 3.1%. Additionally, an average of 420 listings have been absorbed every week, compared to last quarter’s average of 373 absorbed listings per week, an increase of 12.7%. The level of inventory this quarter was 2.0% higher than last quarter and 2.7% lower than last year.

*Absorbed listings refer to listings that have either entered into contract or have been taken off the market.

Manhattan Q2 2011

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Market Snapshot

Price Cuts

Condos Co-ops# of Price Decreases Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall 1,732 8.5% -12.4% 2,721 16.1% 16.5%

Downtown 502 16.5% -14.6% 510 13.8% 22.9%Midtown 419 5.5% -17.0% 630 19.8% 19.3%

Upper West Side 264 6.5% -6.0% 505 25.9% 17.4%Upper East Side 311 1.6% -6.3% 809 9.6% 7.0%

Upper Manhattan 224 9.8% -12.5% 267 16.1% 29.6%

Condos Co-opsAverage Price Decreases Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall -6.4% -3.5% -7.9% -6.3% 0.9% -2.1%

Downtown -6.2% -2.2% -13.0% -5.6% -6.4% -10.8%Midtown -5.6% -5.5% -8.6% -6.3% -2.7% -2.0%

Upper West Side -6.4% -2.8% 2.6% -6.0% -0.9% 1.7%Upper East Side -6.5% -2.8% -12.3% -6.6% 5.6% -1.0%

Upper Manhattan -7.6% -4.7% -3.6% -7.3% 12.1% 4.3%

% Change Since % Change Since


There were 4,453 listings (approximately 30.7% of all available listings) that had price cuts this quarter, compared to 3,930 listings with cuts last quarter. 61.1% of all price cuts were for co-op listings. There were 13.0% more listings with price cuts than last quarter and 3.3% more than last year. Condos had an average discount of 6.4%, compared to 6.6% last quarter. Co-ops had an average cut of 6.3%, compared to 6.2% from last quarter.

Manhattan Q2 2011

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Market Snapshot

Price Increases

Condos Co-ops# of Price Increases Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall 149 -36.1% -19.0% 70 -31.4% -33.3%

Downtown 76 31.0% 33.3% 14 -50.0% -17.6%Midtown 37 -67.8% -49.3% 12 -47.8% -61.3%

Upper West Side 17 -46.9% -34.6% 16 -11.1% -30.4%Upper East Side 10 -33.3% -41.2% 22 -21.4% -15.4%

Upper Manhattan 8 -20.0% -27.3% 6 20.0% -25.0%

Condos Co-opsAverage Price Increases Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall 4.4% -2.9% -21.6% 4.9% -4.5% -4.2%

Downtown 3.9% -29.7% -24.4% 5.3% -17.2% 9.5%Midtown 4.6% 14.3% -23.5% 6.2% 46.7% 24.3%

Upper West Side 5.0% 25.5% -4.1% 4.2% 5.2% -18.7%Upper East Side 5.8% 11.5% 1.9% 4.4% -13.5% -12.8%

Upper Manhattan 6.1% -0.7% -10.4% 5.6% -26.1% -18.4%



This quarter, there were 219 listings with price increases, about 33.8% fewer than last quarter (331) and 26.5% fewer than last year (298). This quarter, condo listings had 36.1% fewer increases compared to the prior quarter and 19.0% fewer than last year. Co-ops had 31.4% fewer listings with price increases than the previous quarter and 33.3% fewer than last year. Condo listings had an average price increase of 4.4% while co-op listings had an average price increase of 4.9% this quarter.

Manhattan Q2 2011

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Market Snapshot

In-Contracts

Contracts Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11

New Contracts 814 699 648 567 715 730 692 584 803 1,000 911 840 886De-listed 1,005 1,066 1,073 818 928 1,028 1,048 948 740 934 944 825 915

Absorption 15.8% 15.9% 16.1% 12.1% 13.9% 15.3% 16.3% 14.2% 14.1% 16.6% 15.9% 14.2% 15.7%

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This quarter, there were 2,637 listings that entered into contract, a 14.2 % increase compared to last quarter, but a 9.5% decline from last year. Additionally, there were a total of 146 broken contracts this quarter, 5.8% increase from last quarter, which had 138 broken contracts.

(Please note that broken contracts do not necessarily mean buyers have walked away from deposits. Listings previously in contract that are now available may be due to co-op board rejections, as well as developers allowing buyers out of their contracts.)

Manhattan Q2 2011

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Q2 2008

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Q1 2009

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The chart above illustrates the mix of in-contract listings by price. In the last three quarters, listings priced $3M and higher made up approximately 11.5% of all contracts in those quarters – similar to 2008 Q2 levels.

Below, contracts are broken out by bedroom type. In the previous three quarters, larger homes with a minimum of 3 bedrooms have increased in their share of contracts.

Manhattan Q2 2011

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Absorption by Neighborhood

Active Contract Delist Abs Active Contract Delist Abs Active Contract Delist Abs

In Manhattan 15,054 2,891 2,860 38% 14,330 2,394 2,614 35% 14,603 2,594 2,418 34%

In All Downtown 4,342 808 849 38% 4,007 743 693 36% 4,033 776 606 34%In Battery Park City 301 12 67 26% 329 32 65 29% 315 50 50 32%In Chelsea 711 145 121 37% 648 135 103 37% 667 149 90 36%

In West Chelsea 239 44 41 36% 224 53 31 38% 224 44 28 32%In Chinatown 24 5 4 38% 22 2 5 32% 24 6 4 42%In Civic Center 28 4 6 36% 24 3 1 17% 27 5 8 48%In East Village 210 47 41 42% 215 45 47 43% 207 47 37 41%In Financial District 703 54 180 33% 645 50 141 30% 637 63 90 24%

In Fulton/Seaport 61 12 19 51% 26 1 5 23% 25 3 4 28%In Flatiron 295 67 40 36% 328 68 62 40% 277 49 54 37%In Gramercy Park 263 60 38 37% 291 54 49 35% 317 57 56 36%In Greenwich Village 517 134 103 46% 469 124 79 43% 461 121 71 42%

In Noho 109 21 28 45% 80 31 12 54% 72 19 14 46%In Little Italy 11 1 2 27% 11 2 0 18% 17 3 3 35%In Lower East Side 254 48 39 34% 180 31 28 33% 210 25 42 32%In Nolita 32 10 5 47% 10 1 3 40% 13 3 1 31%In Soho 293 62 64 43% 237 45 46 38% 246 49 27 31%In Tribeca 417 88 84 41% 341 78 33 33% 346 83 37 35%In West Village 281 71 54 44% 256 73 31 41% 268 66 36 38%

In All Midtown 3,385 583 684 37% 3,208 440 612 33% 3,315 489 631 34%In Central Park South 123 11 24 28% 89 10 13 26% 104 8 22 29%In Midtown 600 112 132 41% 569 82 121 36% 533 86 91 33%In Midtown East 1,895 342 371 38% 1,800 246 344 33% 1,894 288 366 35%

In Kips Bay 315 53 73 40% 291 44 51 33% 308 51 54 34%In Murray Hill 584 113 114 39% 582 85 123 36% 592 94 120 36%In Sutton Place 424 83 70 36% 407 56 70 31% 443 62 80 32%In Turtle Bay 571 93 114 36% 519 61 100 31% 550 81 112 35%

In Beekman 138 22 29 37% 135 17 29 34% 140 11 28 28%In Midtown South 134 16 25 31% 148 19 31 34% 179 19 56 42%In Midtown West 633 102 132 37% 602 83 103 31% 605 88 96 30%

In Clinton 632 102 131 37% 600 83 101 31% 603 88 96 31%

In All Upper East Side 3,271 705 579 39% 3,100 549 543 35% 3,207 572 533 34%In Carnegie Hill 387 102 64 43% 359 88 59 41% 360 67 56 34%In Lenox Hill 975 197 170 38% 953 164 172 35% 969 182 149 34%In Upper East Side 1,112 209 186 36% 1,049 194 166 34% 1,090 191 176 34%In Yorkville 797 197 159 45% 739 103 146 34% 787 132 152 36%

In All Upper West Side 2,357 532 393 39% 2,308 459 367 36% 2,367 520 343 36%In Lincoln Square 917 203 161 40% 955 182 171 37% 938 182 151 36%In Manhattan Valley 120 24 28 43% 108 16 24 37% 107 22 20 39%In Upper West Side 1,316 304 202 38% 1,243 261 172 35% 1,319 316 172 37%

In All Upper Manhattan 1,611 253 341 37% 1,645 195 393 36% 1,615 232 302 33%In Central Harlem 672 125 133 38% 672 98 151 37% 636 99 122 35%In East Harlem 258 26 68 36% 259 32 46 30% 251 32 36 27%In Hamilton Heights 121 16 29 37% 118 6 39 38% 115 9 27 31%In Inwood 80 10 18 35% 97 9 25 35% 103 20 22 41%In Morningside Heights 120 24 18 35% 116 21 16 32% 138 29 29 42%In Washington Heights 343 51 73 36% 373 28 114 38% 360 43 64 30%

In Fort George 25 6 4 40% 27 5 3 30% 38 3 6 24%In Hudson Heights 161 27 29 35% 171 17 34 30% 177 25 21 26%

Q2 2011Q2 2010 Q1 2011

Active Number of listings available during that quarter Contract Number of listings that went into contract Delist Number of listings that were taken off the market Abs Absorption ratio of Contracts and Delisted listings to Active inventory

The table above illustrates which neighborhoods have excess inventory in relation to other neighborhoods in Manhattan. Overall, 34% of available listings were absorbed this quarter.

Manhattan Q2 2011

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StreetEasy Facts for Q2 2011

Most Closings # of Closings Median Price Average Price

Upper West Side 286 $872,127 $1,465,568Midtown East 267 $611,968 $832,035

Upper East Side 199 $990,000 $1,931,548Lenox Hill 169 $1,025,000 $1,690,283

Lincoln Square 165 $915,000 $1,950,048

# of Most Price Cuts # of CutsAverage

Discount

Midtown East 498 -6.23%Upper West Side 314 -5.96%

Lenox Hill 262 -7.07%Upper East Side 228 -6.63%

Yorkville 211 -5.75%

Proportion of Most Price Cuts% of All Listings

Average Discount

Sutton Place 27.4% -7.03%Lenox Hill 27.0% -7.07%Murry Hill 27.0% -5.98%Yorkville 26.8% -5.75%

Turtle Bay 26.4% -6.19%

Most Searched 'Hoods

1. West Village 1. The Sheffield at 322 West 57th Street2. Greenwich Village 2. The Collection at 20 Pine Street3. Gramercy Park 3. ONE48 at 148 East 24th Street4. Chelsea 4. 67 East 11th Street5. Flatiron 5. 305W16 at 305 W 16th Street

Most Searched Buildings

Most Expensive Closings Unit # Unit Type Final Price

141 Prince Street #PH Co-op $25,000,00015 Central Park West #27A Condo $24,500,000

640 Park Avenue #3RDF Co-op $20,500,00025 Columbus Circle #S62CE Condo $20,500,000

122 Greenwich Avenue #PH Condo $16,902,950

Biggest Price Cuts Unit #Most Recent

List PricePrice at Start of Q4 2009 % Cut

35 East 76th Street #615 $500,000 $1,100,000 54.5%100 Eleventh Avenue #7B $1,795,000 $2,665,000 32.6%

870 Riverside Drive #2E $309,000 $445,000 30.6%12 West 72nd Street #25B $1,295,000 $1,799,000 28.0%

221 West 148th Street #1B $550,000 $750,000 26.7%

Manhattan Q2 2011

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Overall Market

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Average Price Median Price Average DoMRecorded Prices Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall $1,407,655 2.1% 8.4% $810,000 3.6% 7.8% 156 1.8% 0.0%

Condo Resales $1,685,512 -0.2% 14.0% $1,004,056 0.5% 2.5% 145 -2.8% 5.1%Co-op Resales $1,138,944 11.0% 18.2% $641,080 3.4% 6.8% 133 3.3% 3.3%

New Developments $1,511,955 -23.0% -11.8% $977,520 -16.5% -14.7% 234 -6.4% -9.0%

New Devs Condos Co-opsNumber of Sales Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Number of Sales 719 57.3% -16.5% 941 23.2% -9.6% 1,936 31.8% -10.1%

Less than $500,000 98 42.0% -48.1% 122 24.5% -20.3% 645 20.1% -20.0%$500,000 - $1,000,000 262 94.1% 18.6% 351 21.5% -10.9% 735 34.4% -11.3%

$1,000,000 - $3,000,000 264 57.1% -20.0% 343 19.1% -11.6% 444 38.8% 3.0%$3,000,000 - $5,000,000 68 30.8% -10.5% 81 62.0% 8.0% 54 31.7% -11.5%

$5,000,000 - $10,000,000 25 -3.8% -24.2% 32 -3.0% 18.5% 42 110.0% 133.3%More than $10,000,000 2 -71.4% -83.3% 12 33.3% 100.0% 16 127.9% 45.5%

% Change Since % Change Since % Change Since


Overall average and median prices increased by 2.1% and 3.6%, respectively, since last quarter. Compared to the previous year, overall average price increased by 8.4% and median price increased by 7.8%. While condo resales average and median prices remained roughly the same since last quarter, co-op resales average and median prices increased by 11.0% and 3.4%, respectively. Average and median prices for new developments continued to fall from last quarter and from last year yet closings in new developments jumped by 57.3% since last year and made up 20.0% of all closings. 61.5% of closings were under $1M.The bulk of closings occurred among co-op resales (53.8%).

Manhattan Q2 2011

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Luxury Market

Average Price Median PriceRecorded Prices Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall $5,641,190 1.8% 5.9% $4,350,000 2.0% 8.2%

Downtown $5,014,807 -4.8% 5.8% $3,927,813 -9.2% 4.0%Midtown $5,328,216 -18.1% -13.8% $4,100,000 -2.4% -6.8%

Upper West Side $6,538,718 16.5% 11.1% $4,900,000 7.4% 14.0%Upper East Side $5,842,418 7.7% 7.1% $4,972,500 18.4% 19.1%

Upper Manhattan n/a n/a n/a n/a n/a n/a


Condos Co-opsNumber of Sales Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Number of Sales 219 25.1% -6.4% 128 68.4% 28.0%

Downtown 102 39.7% -8.1% 17 21.4% 54.5%Midtown 24 -11.1% 20.0% 8 100.0% 100.0%

Upper West Side 51 50.0% 13.3% 32 88.2% 28.0%Upper East Side 42 2.4% -27.6% 71 73.2% 20.3%

Upper Manhattan 0 n/a 0.0% 0 n/a n/a


The luxury market is defined as the top 10% of all condo and co-op sales, in terms of price. This quarter, the luxury market was comprised of sales above $2.9M, a 2.5% decline from last quarter’s 90th-percentile price ($2.975M). The number of sales above $2.9M dropped by 18.6% since last quarter and by 13.0% since last year. Downtown had the most luxury closings as it made up 33.8% of all luxury closings.

Manhattan Q2 2011

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Townhouses

Average Price Median PriceRecorded Prices Q2 2011 Q1 2011 Q2 2010 Q2 2011 Q1 2011 Q2 2010

Overall $4,626,854 26.0% 18.0% $4,200,000 217.0% 40.0%

Downtown $7,230,531 4.9% 123.9% $8,015,625 76.2% 146.6%Midtown $0 -100.0% -100.0% $0 -100.0% -100.0%

Upper West Side $4,435,500 -8.2% -20.3% $4,800,000 62.6% -7.2%Upper East Side $5,883,888 -21.9% -32.5% $5,100,000 -20.9% -11.7%

Upper Manhattan $844,975 0.4% -12.5% $945,000 14.5% -1.6%


SalesNumber of Sales Q2 2011 Q1 2011 Q2 2010

Number of Sales 53 -11.7% -27.4%

Downtown 19 35.7% 26.7%Midtown 0 -100.0% -100.0%

Upper West Side 7 75.0% -36.4%Upper East Side 12 33.3% -25.0%

Upper Manhattan 15 -48.3% -42.3%

% Change Since

Average sale price for townhouses increased by 26.0% since last quarter and by 18.0% since last year. The Upper East Side had the highest average and median prices while Upper Manhattan townhouses had prices under $1M. Out of the total townhouse closings, 35.9% were Downtown.

Manhattan Q2 2011

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Downtown Below 34th Street

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Overall $1,478,599 -4.9% 8.3% $835,361 -11.0% -4.5% 142 -9.0% -11.7%

Condo Resales $1,907,244 1.4% 17.6% $1,500,500 13.2% 22.0% 130 -11.4% -7.0%Co-op Resales $964,496 3.5% 23.1% $635,000 -4.5% 7.6% 122 6.7% 4.8%

New Developments $1,502,923 -35.3% -23.1% $930,366 -38.8% -36.8% 179 -31.4% -30.1%


Number of Sales 324 73.3% -11.2% 325 23.6% -8.5% 493 26.4% -13.7%

Less than $500,000 44 450.0% 120.0% 32 45.5% -34.7% 162 42.1% -27.0%$500,000 - $1,000,000 124 125.5% 36.3% 100 28.2% -4.8% 231 29.8% -5.7%

$1,000,000 - $3,000,000 115 42.0% -38.8% 132 1.5% -15.4% 86 -3.4% -13.1%$3,000,000 - $5,000,000 29 16.0% -39.6% 49 188.2% 22.5% 11 57.1% 175.0%

$5,000,000 - $10,000,000 10 -16.7% -37.5% 11 -21.4% 120.0% 1 0.0% n/aMore than $10,000,000 2 -60.0% 0.0% 1 -75.0% -50.0% 2 100.0% 100.0%



The median price in Downtown declined by 11.0% since last quarter and by 4.5% since last year. Average price slid by 4.9% since last quarter but rose 8.3% since last year. Condo resale median price jumped by 13.2% since last quarter and by 22.0% since last year. In contrast, the median price for co-op resales declined by 4.5% since last quarter but increased by 7.6% since last year. New development median price dropped by 38.8% since last quarter and by 36.8% since last year. Since last quarter, the volume of sales jumped for condo resales (23.6%), for co-ops (26.4%) and for new developments (73.3%). Average time on market decreased by 9.0% since last quarter.

Manhattan Q2 2011

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Midtown From 34th Street to 59th Street

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Overall $1,081,667 -1.6% 9.2% $780,000 14.4% 16.1% 176 6.8% 7.7%

Condo Resales $1,426,984 -5.6% 7.4% $876,000 5.3% 3.7% 159 -3.8% 5.1%Co-op Resales $743,154 4.9% 5.1% $512,000 -1.5% -0.6% 144 -4.6% 3.0%

New Developments $1,220,202 -11.7% 7.8% $1,008,067 -12.4% 6.3% 285 15.0% -14.5%


Number of Sales 154 67.4% 55.6% 234 6.8% -9.7% 316 5.0% -18.8%

Less than $500,000 4 0.0% -69.2% 33 3.1% 0.0% 138 -3.5% -21.6%$500,000 - $1,000,000 72 105.7% 63.6% 112 7.7% -10.4% 128 10.3% -13.5%

$1,000,000 - $3,000,000 74 60.9% 76.2% 69 7.8% -16.9% 43 10.3% -29.5%$3,000,000 - $5,000,000 3 -50.0% n/a 12 0.0% 33.3% 6 200.0% 100.0%

$5,000,000 - $10,000,000 1 0.0% n/a 6 20.0% 0.0% 1 0.0% 0.0%More than $10,000,000 0 n/a n/a 2 0.0% -33.3% 0 -100.0% n/a



The Midtown market climbed by 14.4% in median price since last quarter and by 16.1% since last year. Overall average sale prices decreased by 1.6% since last quarter but went up by 9.2% since last year. Condo resale median price increased 5.3% since last quarter and by 3.7% since a year ago. In contrast, co-op resale median price decreased by 1.5% since last quarter and by 0.6% from the year prior. New development median price in Midtown dropped by 12.4% since last quarter but rose by 6.3% since last year. Volume of sales for new developments went up by 55.6% since last year while condo and co-op resales went down 9.7% and 18.8%, respectively. Midtown properties spent 6.8% more days on the market than last quarter.

Manhattan Q2 2011

14


Upper East Side From 59th Street to 96th Street, from Fifth Avenue to the East River

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Overall $1,706,364 -2.6% -4.4% $927,500 -3.1% -5.8% 165 16.9% 3.5%

Condo Resales $1,558,760 -15.5% 1.5% $1,080,000 -3.4% 0.5% 163 15.9% 35.5%Co-op Resales $1,556,388 4.5% 6.4% $810,000 1.3% 6.1% 142 8.0% -1.0%

New Developments $2,374,223 -11.3% -10.3% $1,931,718 -9.6% -13.8% 323 62.3% -4.9%


Number of Sales 84 95.3% -22.9% 166 41.9% -4.0% 569 50.1% 4.8%

Less than $500,000 6 #DIV/0! -45.5% 25 78.6% 4.2% 144 27.4% 6.7%$500,000 - $1,000,000 9 50.0% 0.0% 48 29.7% -18.6% 191 69.0% -2.6%

$1,000,000 - $3,000,000 46 119.0% -19.3% 73 73.8% 4.3% 173 53.1% 9.5%$3,000,000 - $5,000,000 15 50.0% -37.5% 10 -33.3% -23.1% 22 -12.0% -31.3%

$5,000,000 - $10,000,000 8 33.3% 60.0% 10 25.0% 42.9% 29 141.7% 70.6%More than $10,000,000 0 n/a -100.0% 0 n/a n/a 10 148.8% 42.9%



Overall average and median prices in the Upper East Side declined by 2.6% and 3.1%, respectively, since last quarter and by 4.4% and 5.8%, respectively, since last year. Median price for condo resales decreased by 3.4% since last quarter but remained stable since last year. Co-op resale median price gained by 1.3% since last quarter and by 6.1% since the prior year. Time on market for condo resales increased by 15.9% while co-op resales increased by 8.0% since last quarter. New development closings made up only 10.3% of all UES closings this quarter, while co-op closings made up 69.5%.

Manhattan Q2 2011

15


Upper West Side From 59th Street to 110th Street, From CPW to the Hudson River

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Overall $1,624,227 10.9% 12.9% $887,500 4.6% 6.8% 129 0.5% 2.8%

Condo Resales $1,934,253 16.1% 26.8% $900,000 -5.5% -4.3% 128 -3.2% 0.5%Co-op Resales $1,296,202 16.9% 24.7% $779,500 12.1% 13.3% 121 6.1% 13.1%

New Developments $2,750,615 -27.3% -11.2% $2,703,245 2.6% 59.1% 189 -16.9% -14.8%


Number of Sales 58 38.1% -27.5% 187 34.5% -13.8% 439 50.9% -6.6%

Less than $500,000 6 500.0% -14.3% 21 5.0% -22.2% 112 28.7% -17.0%$500,000 - $1,000,000 7 16.7% -53.3% 76 33.3% -17.4% 168 43.6% -18.0%

$1,000,000 - $3,000,000 18 12.5% -51.4% 65 38.3% -13.3% 129 72.0% 20.6%$3,000,000 - $5,000,000 22 100.0% 633.3% 10 66.7% -23.1% 15 114.3% -28.6%

$5,000,000 - $10,000,000 5 -28.6% -58.3% 6 0.0% -33.3% 11 83.3% n/aMore than $10,000,000 0 -100.0% -100.0% 9 200.0% 800.0% 4 300.0% 33.3%



Overall median price for the Upper West Side increased by 4.6% since last quarter and by 6.8% of 0.6% since last year. Overall average price also increased by 10.9% since last quarter and by 12.9% since last year. Condo resales median price decreased by 5.5% since the last quarter and by 4.3% since the prior year. However, co-op resales median price increased by 12.1% since last quarter and by 13.3% since last year. The volume of closings increased by 44.9% since last quarter but decreased by 12.0% since last year. Condo and co-op closings declined by 13.8% and by 6.6%, respectively, since the prior year. Overall, UWS properties spent slightly more time on market compared to last year, an increase of 2.8% more days.

Manhattan Q2 2011

16


Upper Manhattan Above 96th Street in the East, above 110th Street in the West

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Overall $533,509 1.4% 13.3% $418,500 -2.7% 11.9% 218 7.2% 19.5%

Condo Resales $586,663 -17.0% -2.2% $502,250 -14.3% 10.4% 218 35.7% 21.4%Co-op Resales $411,242 -2.9% 5.8% $255,000 -26.1% -22.7% 147 -3.7% -3.7%

New Developments $618,154 -5.6% 13.8% $575,000 35.3% 49.4% 293 8.0% 43.0%


Number of Sales 96 3.2% -51.3% 23 -8.0% -28.1% 118 11.3% -34.1%

Less than $500,000 38 -32.1% -72.1% 10 11.1% -47.4% 89 15.6% -35.0%$500,000 - $1,000,000 48 50.0% -9.4% 12 0.0% 33.3% 17 -26.1% -51.4%

$1,000,000 - $3,000,000 10 150.0% 66.7% 1 -75.0% -75.0% 12 140.0% 100.0%$3,000,000 - $5,000,000 0 n/a -100.0% 0 n/a n/a 0 n/a -100.0%

$5,000,000 - $10,000,000 0 n/a n/a 0 n/a n/a 0 n/a n/aMore than $10,000,000 0 -100.0% -100.0% 0 n/a n/a 0 n/a n/a



Upper Manhattan’s average and median prices increased by 13.3% and 11.9%, respectively, since the prior year. Condo resale and co-op resale median prices dropped by 14.3% and by 26.1%, respectively, compared to last quarter. In contrast, new development median price jumped 35.3% since last quarter and by 49.4% since last year. The volume of closings decreased by 6.0% since last quarter and by 45.0% since the prior year. Condo resales spent 35.7% more time on market compared to last quarter. New developments made up 40.5% of the closings this quarter. 90.3% of all closings were priced under $1M.

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Streeteasy report 2011/q2

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