New York, NY, October 3, 2008 – PropertyShark.com, in collaboration with the Corcoran Group, today announce the release of the Third Quarter Corcoran Report covering Manhattan residential real estate sales, with sales data audited and supplemented by PropertyShark.com.
In the third quarter of 2008, residential sales activity in Manhattan slowed to five-year lows and fell 34% from the same quarter of 2007. However, when properties sold, they did so at median prices 10% higher than the third quarter of 2007. Median price per square foot was up by 6% to $1180/ft.
“The Manhattan market retains its traditional position as the blue chip market that holds its value even in the toughest economic times” stated Matthew Haines, Founder of PropertyShark.com.
Taking out new development sales, the median sale price of Manhattan resale during the third quarter of 2008 remained flat at $850,000 compared to the same quarter last year, with median price per square foot up 6% to $1,152.
Even with higher median prices, the inventory of Manhattan for sale listings reached eight year highs, surpassing 10,000 listings this month.
“Sellers need to be realistic and strategic as the market shifts” stated Pamela Liebman, CEO of the Corcoran Group. “For the buyers who are serious, times like this can represent an incredible opportunity.”
The Corcoran Report seeks to inform homeowners about the relative value of their property while also educating potential buyers about what they might spend for different property types. It segments the Manhattan market into regions (downtown, midtown west, midtown east, upper west side, Upper East Side, and uptown) by property type (coop, condo, and townhouse) and by whether it is a new development or a resale.”
Third quarter Manhattan sales by neighborhood:
- Upper East Side – Median sale price was down 5% for co-ops and down 4% for condos. Median price per square foot fell 4% for co-ops ($946) and rose 6% for condos ($1475)
- Upper West Side – Median sale price was up 16% for co-ops and down 1% for condos. Median price per square foot rose 9% for co-ops ($1042) and rose 16% for condos ($1600)
- Midtown West – Median sale price was down 10% for co-ops and up 11% for condos. Median price per square foot rose 9% for co-ops ($841) and rose 12% for condos ($1433)
- Midtown East – Median sale price was down 10% for co-ops and up 3% for condos. Median price per square foot was flat for co-ops ($821) and up 2% for condos ($1200)
- Downtown – Median sale price was up 2% for co-ops and down 10% for condos. Median price per square foot was up 7% for co-ops ($1054) and up 4% for condos ($1242)
- Uptown – Median sale price was up 6% for co-ops and down 12% for condos. Median price per square foot was down 15% for co-ops ($536) and flat for condos ($662)
An interactive map with all third quarter sales from the report can be found at: http://www.propertyshark.com/mason/Maps/?map=nyc2&basemap=quarterlysales
“Market signals are mixed” stated Haines. “Core Manhattan prices remain strong, but Harlem and uptown Manhattan are showing weakness. Weakening in the fringe areas is traditionally a leading indicator to trouble in the core. On the other hand, within four weeks a great deal of uncertainty will probably dissipate after the president is elected and congress has hopefully settled on a course of action with respect to a bailout.”
Press may request a copy of the report by contacting Brian Scully at 718.408.4985 or visiting PropertyShark BlogCenter
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“The Corcoran Group, a leading residential real estate brokerage company in New York City, operates 47 offices with 2,500 sales associates serving Manhattan, Brooklyn, the Hamptons, the North Fork, Shelter Island, Delray Beach and Palm Beach, Fla. The Corcoran Group, www.corcoran.com, is part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation, operates Realogy’s company-owned real estate brokerage offices.