I know this is a bit late for most and I apologize for not posting this january 3rd when I initially recieved it, but better late than never. And for for those few who missed those 4th Quarter numbers, here are the highlights from Prudential Douglas Elliman’s 4th quarter residential real estate market report:
* The average sales price increased 3.2% to $1,224,840 over the prior year quarter average of $1,187,404 (5% below the prior quarter of $1,288,748).
* The average price per square foot fell 0.4% to $998 over the prior year quarter result of $1,002 (5% below the prior quarter result of $1,050).
* The median sales price increased 5.1% to $799,000 over the prior year quarter median of $760,000 (5.5% below prior quarter median of $845.147).
Studios showed the most gain in market share this quarter; the downtown and uptown markets posted gains in average price per square foot. "It says a lot for New York City that it has held its own in a time when markets across the country have seen drops," says Dottie Herman, President and CEO of Prudential Douglas Elliman, the company that distributes the report. "I anticipate a 2007 with a strong, healthy and balanced market in New York City."
* The average sales price of a co-op this quarter was $1,047,219, up 2.7% from last year at this time but down 3.8% from the prior quarter. Median sales price showed a similar pattern while average price per square foot fell from both the prior quarter and prior year quarter figures.
* Inventory levels for co-ops fell 10.7% to 3,054 units as compared to the prior year quarter total of 3,421 units. Co-op listings are comprised of nearly all re-sales, with limited new co-op development added to the housing stock.
* The average sales price of a condo this quarter was $1,486,057 this quarter, up 7.5% from last year at this time but down 1% from the prior quarter. Median sales price showed a similar pattern but more exaggerated while average price per square foot increased from the prior quarter and prior year quarter figures.
* Inventory levels for condos totaled 2,880 units, up 13.3% from the prior year quarter total of 2,543 units. The gain in inventory is primarily attributable to new development, but the general pace of growth appears to be easing.
Luxury Market (upper 10% of all co-op and condo sales)
* The luxury apartment market showed 3-6% price gains this year with an average sales price of $4,324,189 but was down 1-3% from the prior quarter. The other price indicators showed similar patterns. The average days on market fell by 10 days to 151 and the average listing discount was 3.6% down from the prior quarter average of 4%.
Loft Market (co-op and condo sales)
* The loft market saw a similar price pattern as the overall market. The average sales price was $1,847,508, up 11.9% over the same period last year but down 6.4% from the prior quarter.
Quite different from the NAR’s "national" housing numbers and just further indication that there is NO "NATIONAL" housing market.