Manhattan’s residential market showed increases across the board in December, receiving 462 market-rate sales, a 23% jump from November. Transaction volume peaked at $847 million, increasing a significant 50% from a month ago. The average sale price also increased from $1,496,405 to $1,833,634, also up 23%. The average square footage capped at 1,300, increasing 8% from November; and, the average price per square foot also saw an increase of 6% at $1,209.
| |
Dec 2008 |
NOv 2009 |
Dec 2009 |
1 year
change |
1 month
change |
| Total Sales |
372 |
377 |
462 |
+24% |
+23% |
| Volume |
$606 mil |
$564 mil |
$847 mil |
+40% |
+50% |
| Avg Price |
$1,629,966 |
$1,496,405 |
$1,833,634 |
+12% |
+23% |
| Avg sf |
1,204 sf |
1,206 sf |
1,300 sf |
+8% |
+8% |
| Avg $/sf |
$1,255 |
$1,140 |
$1,209 |
-4% |
+6% |
The final quarter of 2009 for Manhattan's residential market fared greater than the sales climate the industry endured most of the year. According to a report prepared by Prudential Douglas Elliman and Miller Samuel, Manhattan surpassed the 10-year quarterly average of total transactions sold at 2,473, with the average slightly lower at 2,297. A report released by The Corcoran Group and PropertyShark.com reported a larger total of units sold at 3,400. Though theories vary as to the recent rise in sales, such as an increase in bargain and sale transactions and greater interest in properties priced below $5 million, the year ended with much better numbers.
While overall activity nearly came to a standstill during the first half of the year with sales having dropped by 51% and prices by nearly 25%, activity increased significantly in the fourth quarter. Total sales were up 24% from 372 to 462 for the year-over-year period, and transaction volume jumped 40%, from $606 million to $847 million.
Nationwide data on current residential construction provided by the U.S. Census Bureau and the Department of Housing and Urban Development reported an increase in building permits between November and December 2009, while general construction was down and grim year-over-year.
New developments continue to struggle with an inventory slow down, fueled largely by new mortgage standards and lending requirements imposed by banks. According to chief executive Jonathan Miller, at leading appraisal firm Miller Samuel Inc., the inventory overflow is the highest seen in a decade.
Average apartment price in Dec 2009
Receiving the largest market share in December were properties south of 14th Street with 112 sales. Upper West Side received 107 sales; Upper East Side, 86; Midtown West, 78; Midtown East, 58; and, North of 96th Street finished with 21 sales. One-bedrooms finished with 158 market-rate sales; two-bedrooms, 150; three-bedrooms, 62; studios, 51; and, units with four bedrooms or more received 41 sales.