- Posted at 5:01, January 03, 2014
- By QuidnuncRE Staff
In addition to the Elliman Report on housing prices linked on QuidnuncRE overnight, there’s more reports on the 2013 fourth-quarter real estate picture today.
Halstead Property says that there was a 2% decline from the year-ago figure for the average fourth-quarter price of a Manhattan apartment, to $1,553,599--"solely attributable to the rush of high-end closings in 2012’s fourth quarter, due to pending tax-law changes.”
The median price of $841,278 was 1% lower than in the fourth quarter of 2012, according to the Halstead survey. The average co-op sales price is $1,120,930, 18% lower than the 2012 fourth quarter, while the median $665,000 price was 1% lower than a year ago.
Halstead has many more figures in its eight-page report, HERE. Its data is based on 2,664 recorded Manhattan apartment sales, 16% more than were reported during last year’s comparable period," the firm notes.
Warburg Realty also released its president’s report on 2013 on Dec. 31, HERE, which is filled with with excitement on competitive bidding, and sales results and prospects for Brooklyn, Harlem, and Long Island City.
The Corcoran Group’s new 2013 fourth quarter report focuses on figures that emphasize strong sales in the face of low inventory, similar to Elliman.
The residential brokerage said its number of fourth-quarter closed sales increased 11% from the year earlier period, "exceeding 4,000 transaction sides" for the third consecutive quarter. Signed contracts were up 10% over fourth quarter 2012, and 2013's final quarter was the eighth consecutive quarter with double-digit year-over-year gains in signed contracts.
"The sustained release of pent-up demand continued to drive this quarter’s sales performance,” the report notes, while also emphasizing the lack of available apartments. "This was the twelfth quarter of year-over-year listing decline," the report said, noting that condo inventory declined 3% and co-op inventory declined by 8% compared with the year-ago quarter. The Corcoran study said that inventory is currently 54% lower than its first quarter 2009 peak of 12,336 listings.
The Corcoran Group’s 16-page report breaks out results by neighborhood and square foot pricing, HERE.
Back to where we started for comparison. In the fourth quarter Elliman Report, the median Manhattan apartment sales price is $855,000; its average price reached $1,538,203, up 5.3% from fourth quarter 2012. It is reporting on nearly 3,300 sales.
Elliman’s research is conducted by Miller Samuel Inc. The company says that its primary data sources for Manhattan co-ops, condos and townhouses are ACRIS, Property Shark and other subscription services, managing agents, board members, lenders, buyers and sellers. The data used in its reports, it says, are collected "during the normal course of business for Prudential Douglas Elliman and Miller Samuel and do not necessarily represent all sales in their respective categories."
You can obtain a variety of sales prices including condo and co-op prices as well as price per square foot, breaking queries down by neighborhood, with Miller Samuel’s search engine tool, HERE.
Company president and chief executive office Jonathan Miller has been making the media rounds today. He emphasized on WBBR-AM this morning that the report covers the most fourth-quarter transactions in the company's 25 years of research. He said the $1.5 million average price also is the highest end-of-year price in two years.
Overall, said Miller, the fourth quarter was "a much stronger finish" for a year that didn't have high expectations at the end of 2012 with prospects of the economic fiscal cliff of automatic federal budget cuts.
But he said there was heavy sales volume at the beginning of the year due to "tremendous pent-up demand." Mortgage rates spiked, Miller explained, and that "was like throwing gasoline on a fire." The result, he said, was that big summer sales volume sustained through end of year.
Still, Miller continued in the radio telephone interview, "I don't see us being able to sustain this volume with the rise in mortgage rates that are anticipated."
For 2014, he said that Manhattan, and the nation, will continue to face residential supply issues, noting a 14-year inventory low in the current report. "I expect more coming on next year but not enough to meet demand," said Miller, "It will support price growth "but nothing very robust."
He concluded the interview this morning on co-ops' modest price growth compared with condos, which he characterized as "larger properties [with] excess demand of the foreign consumer, and the wealthy coming into the market." Overall, he predicted modest sales growth volume because of rising mortgage rates, with appreciation half of the past two years, in the single digits.
UPDATED AT 5:00 PM: Town Residential LLC released its quarterly sales report, The Aggregate 4th Quarter 2013, finding big movement in the area all of these reports focus on most, luxury co-ops and condos.
It reports an average Manhattan sales price of $1,472,808, up nearly 7% from $1,376,880 in 2012's final quarter. Condos in the same period soared 16.12%.
But the overall median sales price fell 1.8%, to $840,000.
Still, for luxury units in the top 10% of sales prices, the median price increased to $4,604,019 in the fourth quarter, up 15.10% from $4 million, in 2012's final quarter.
Town Residential also gets it numbers from city's ACRIS system, along with "figures drawn from the rolling sales data of the Manhattan market." The data represents a sample of 2,180 2013 fourth-quarter transactions. The company is a partnership of Buttonwood Residential Brokerage, LLC and Thor Equities LLC, with 570 brokers in 10 NYC offices.