4Q Manhattan Market Report: Prices Steady but Sales Slow

By Jordan • January 13th, 2012

2011 came in like a lion and went out like a lamb, with the most active 1Q since 2008 and the slowest 4Q since 2005.

2,011 sales closed in 4Q 2011 (how appropriate!), down 35.3% from last quarter and 12.4% from last year.
The average sales price remained fairly stable at $1,445,484, down 1.3% from last quarter and 2.5% from last year.
The median sales price dropped 6.2% from last quarter to $855,000–up $10K from a year ago.
Listings average 130 days on the market, up from 119 last quarter and 125 last year.
With only 7,221 active listings, inventory continues to drop, down 0.2% from a year ago and 6.5% from last quarter.
The listing discount has improved since last year, down from 8% to 4.9%, but is up a half a percent from last quarter.
Average price per square foot dropped 1.2% from last quarter to $1,117, but is up 5.6% from last year.

Co-ops sales declined along with price indicators, but listing inventory inched up.

Number of sales dropped a whopping 24.4% from last quarter, from 1,317 to 996. This is a 16% drop from last year.
The average co-op sales price dropped 7.7% from last quarter and 7.3% from last year to $1,113,522.
The median sales price was down 9.7% from last quarter to $636,407, almost $50K lower than last year.
At 117 days on the market co-ops were slightly higher than the overall market’s 130 days, but still up 13.6% from last quarter. This is only a one-day shift from the same time last year, though.
The listing discount is down a percentage point from last year to 4.8%, but up from 3Q’s 2.6%
The price per square foot increased a nominal $8 from last year, but was down $55 from last quarter.

Condo sales and market share has expanded year over year, while inventory and discount declined.

The number of sales was down 43.3% from last quarter to 1,015–but the rest of the news is pretty stable.
Average sales price was up 7.1% from last quarter to $1,771,232 and down a nominal 0.7% from last year.
The median sales price, $1,165,000 is 11% higher than last quarter and 16.7% higher than last year.
Listing discount dropped from 10.4% last year to just 4.9% this year.
Listing inventory is down 4.4% from last quarter and 4.6% from last year to 3,382.

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