Manhattan Market Snapshot: 3/6-4/3/2009

The following data represents Prudential Douglas Elliman CONTRACTS SIGNED for all of New york City for the weeks ending 3-6-2009 through 4-3-2009:

Average Sales Price: 1,029,091
Median Sales Price: $666,250

%Discount from Last Asking Price: 9.70%
%Discount From Original Asking Price: 19%

Range of Sales: $160,000-$10,100,000

• <$500,000 31%
• $500K – $1MM 34% (65% Sold Below $1MM)
• $1MM – 2MM 22%
• $2MM – $3MM 8%
• $3MM – $5MM 4%
• >$5MM 1%

Transactions Sold ABOVE Asking Price: 2%
Transactions Sold AT Asking Price: 7% (9% Sold @ Ask or Above Ask)
Tans actions Sold BELOW Asking Price: 91%

Ownership:

• Cooperatives 59%
• Condominiums 40%
• Townhouses 1%

Regional Breakdown:

• East Side 28%
• West Side 23%
• Downtown 24%
• Midtown 10%
• Brooklyn 14%
• Harlem 1%
• Queens 0%
• Bronx 0%

Total Days on Market to Contract Signed:

• Average 173
• Median 137

Total Days on Market to C/S Since Last Ask Price:

• Average 81
• Median 55

Active Listings in Manhattan Market Qty:  up .005%

So here are the trends:

• Median sales price has decreased to $666,000 from $785,000
• Average sales price decreased to $1,029,000 from $1,086,000
• Discount from Last Asking Price stable at 9.7% from 9.5
• Discount from Original Asking Price slight increase to 19% from 17%
• Transactions sold at ask or above stable at 9%
• Majority of transactions, 65%, are under $1Million
• Median number of days on market to C/S since last ask stable at 55 days from 53 days

Transaction Trend:  The number of transactions on a monthly basis has been increasing since November. March’s transactions are up 24% over February’s transactions.

These numbers are exclusively those of Prudential Douglas Elliman but definitely serve to shed some light on what is going on in the current Manhattan real estate market.