Posted by Jonathan J. Miller -Thursday, February 2, 2012, 10:25 PM
We released our report on the Manhattan co-op/condo market for 2002-2011 this morning. This report is 60 pages of data bliss as far as I’m concerned. More than 100,000 sales collected, cleaned, sliced, whipped chopped and pureed.
Absolutely love the cover photo the graphics people selected.
I’ve been authoring this market report series for Douglas Elliman since 1994.
Co-ops and condos consistently account for roughly 98% of Manhattan residential sales. Manhattan is primarily a rental market and single family sales are a very specific high end niche market.
Here’s an excerpt from the report:
The number of sales remained above the 10,000 sale threshold for the second consecutive year and for the fourth time in the decade. There were 10,161 sales in 2011, the third highest total of the decade. The total was 1% above the prior year total of 10,060, but 24.3% below the 2007 housing boom peak of 13,430. The weakest period of sales activity for the decade was in 2009, the year after the “Lehman tipping point” in late 2008, when the credit crunch and low consumer confidence stifled sales activity. The second weakest period surprisingly occurred in 2005, after affordability fell sharply with the highest pace of price appreciation in the decade. The last two years of the decade saw the most sales of 3-bedroom and 4-bedroom apartments as the market benefited from unstable global economic conditions. Foreign buyers and the wealthy continued to seek financial refuge in the high-end Manhattan housing market.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.
The Elliman Report: Manhattan Decade 2002-2011 (Co-ops+Condos) [Prudential Douglas Elliman]
The Elliman Report: Manhattan Decade 2002-2011 (Co-ops+Condos [Miller Samuel]