Manhattan real estate prices still rising in Q4

2006 was better than last year, says Douglas Elliman CEO

Thursday, January 04, 2007

By Glenn Roberts Jr.
Inman News

Manhattan, N.Y.

Manhattan residential real estate prices climbed overall in the fourth quarter compared to the same quarter last year, several major brokerage companies reported this week. Halstead Property, Brown Harris Stevens, The Corcoran Group and Prudential Douglas Elliman released reports detailing condo and co-op sales and pricing activity for the fourth quarter.

The sales data used by some companies was in some cases skewed higher in the fourth quarter when compared to fourth-quarter 2005 because of a new source of public data on co-op sales that became available earlier this year.

Miller Samuel Inc., a residential appraisal company that prepared the quarterly report for Prudential Douglas Elliman, reported that the average sales price for Manhattan co-op and condos in the fourth quarter grew 3.2 percent compared to fourth-quarter 2005 and the median sale price was up 5.1 percent.

Meanwhile, the average price per square foot declined 0.4 percent, days on market from the last list date increased 9.1 percent and the listing inventory shrank 0.5 percent when compared to the same quarter last year. The report is based on data from 2,441 sales in the fourth quarter.

The average sale price of co-ops grew 2.7 percent in the fourth quarter compared to fourth-quarter 2005 and the median sale price was flat. The average price per square foot fell 4 percent and days on market increased 6 percent compared to fourth-quarter 2005, Miller Samuel also reported.

The average sale price of Manhattan condos rose 7.5 percent; the median sale price was up 14.4 percent; the average price per square foot was up 6.5 percent; sales grew 36.1 percent; and days on market increased 14.9 percent compared to fourth-quarter 2005, according to the report.

The average sale price of Manhattan condos increased 52.3 percent among three-bedroom condos but dropped 26.6 percent among condos with four or more bedrooms in the fourth quarter compared to the same quarter last year -- there were price increases between 4.2 percent and 7.2 percent for condos with fewer bedrooms.

The average sale price of lofts rose 11.9 percent while the median sale price dropped 5.4 percent in the fourth quarter compared to fourth-quarter 2005, according to the report. The average price per square foot grew 15.8 percent and the days on market from last list date rose 19.8 percent for lofts compared to the same quarter last year.

The price per square foot paid for co-ops and condos flew up 19.7 percent in the fourth quarter compared to fourth-quarter 2005 in Manhattan's Uptown area, while climbing 4.2 percent in the downtown area, and falling 3.1 percent in the east area and 1.1 percent in the west area of Manhattan.

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