The 1999-2008 Manhattan Market Report that I author for Prudential Douglas Elliman was released today. (Perhaps releasing 3 10-year reports on the same day is why I have been light on posts for the past week.)
I have dubbed this report “The Phonebook” for its 60 pages of data excess. This report is downloaded more than all other quarterly studies we produce, combined.
Dottie Herman, the President/CEO of Prudential Douglas Elliman whose name adorns the report is a big believer in historical information as a companion to cutting edge data to provide a better perspective.
Approximately 94,000 co-op and condo sales transactions from more than 6,400 buildings over the last ten years were analyzed. Each of the 53 different market areas was analyzed with data tables and charts as well as a summary matrix with prior year and prior decade comparisons.
…Despite weakening market conditions in the second half of 2008, all three price indicators trended higher this year, each setting records. The average sales price for a Manhattan apartment was $1,591,823 this year, up 17.8% from the $1,351,621 average sales price record set in 2007. The increase was skewed by the surge in higher priced sales, especially from new development activity. This year also marks the twelfth consecutive annual increase in the metric over the previous year beginning with the $399,501 average sales price in 1996. Median sales price exceeded the $900,000 threshold for the first time, rising 11% to a record $955,000 from a record $860,000 in 2007. Median sales price has risen for 13 consecutive years beginning in 1995 when this metric was $207,500. Price per square foot was a record $1,251 per square foot, 11.7% higher than the record $1,120 per square foot in 2007 and the third consecutive year this metric has remained above the $1,000 per square foot threshold. Price per square foot has increased over the prior year for the past twelve years…
Download the 1999-2008 Manhattan Market Report
Tags: Dottie Herman