4Q

2016
MANHATTAN
REPORT Quarterly Survey of Co-op & Condo Sales
SALES

Manhattan Market Matrix 4Q2016 % (qtr) 3Q2016 % (yr) 4Q2015

CO-OPS & CONDOS Average Sales Price $2,098,459 3.2% $2,032,459 7.7% $1,948,221

DASHBOARD
year-over-year
Average Price per Sq Ft
Median Sales Price
New Development
$1,760
$1,050,000
$2,965,000
4.0%
-2.2%
-26.1%
$1,692
$1,073,750
$4,011,044
7.0%
-8.7%
44.0%
$1,645
$1,150,000
$2,059,411
Re-sale $900,000 -5.3% $950,000 -6.3% $960,000
PRICES
Median Sales Price 8.7% Number of Sales (Closed)
Days on Market (From Last List Date)
2,864
94
-3.7%
19.0%
2,974
79
-3.7%
14.6%
2,973
82
Listing Discount (From Last List Price) 5.5% 2.9% 3.0%
PACE
Absorption Rate 0.5 mos
Listing Inventory (Active)
Absorption Rate (Months)
5,393
5.6
-13.9%
-11.1%
6,263
6.3
6.9%
9.8%
5,046
5.1
Year-to-Date 4Q2016 % (qtr) 3Q2016 % (yr) 4Q2015
Average Sales Price (YTD) $2,064,837 N/A N/A 12.7% $1,832,069
SALES
Closed Sales 3.7% Average Price per Sq Ft (YTD)
Median Sales Price (YTD
$1,725
$1,100,000
N/A
N/A
N/A
N/A
10.4%
8.9%
$1,563
$1,010,500

6.9%
Number of Sales (YTD) 11,451 N/A N/A -4.3% 11,962
INVENTORY
Total Inventory
MEDIAN SALES PRICE MANHATTAN NUMBER OF SALES
$1,300,000 5,000
MARKETING TIME
Days on Market 12 days
$1,200,000

$1,100,000
4,500

4,000

NEGOTIABILITY
Listing Discount 2.5% $1,000,000

$900,000
3,500

3,000

$800,000 2,500
Median sales price declined
year over year for 2nd time $700,000 2,000
in 3 years
$600,000 1,500
Number of sales slipped as $500,000 1,000
inventory edged higher 06 07 08 09 10 11 12 13 14 15 16

Slower marketing times and The Manhattan housing market showed more market. However the overall median sales price
much more negotiability signs of easing in the final quarter of 2016, of a Manhattan apartment declined 8.7% year
% MARKET
capping off SOLD AT/ABOVEyear
a lackluster LASTrelative
LIST PRICE ABSORPTION
to the frenzy over year to $1,050,000. RATE (INsales
Median MONTHS)
price
The Douglas Elliman Report series is of60%
the prior several years. Legacy contracts, for re-sales reflected 83.3% of all closings,30and
MANHATTAN
recognized as the industry standard for new development sales signed a few years declined 6.3% year over year to $900,000, the
providing the state of the residential real estate ago
50% that recently closed when their respective second and largest such decline of the past25four
market. The report includes an extensive suite projects were completed, continued to push years. New development market share slipped
of tools to help readers objectively identify 40% higher than conditions reflected. Overall
prices to 16.7% of all closings, from 18.6% in the20 year
and measure market trends, provide historical
average sales price increased 7.7% to a 27-year ago quarter as their median sales price surged
context to current information and provide 30% 15
comprehensive analysis of the results. record of $2,098,459 largely skewed by those to $2,965,000 over the same period. This was
legacy
20% contracts within the new development a reflection of the shift in mix as the average
10

10% 5
PREPARED BY MILLER SAMUEL INC.
Appraisal and consulting services covering the New York City metropolitan area
0% 08 09 10 11 12 13 14 15 16 0
 $700,000
$600,000 2,000
1,500

$500,000
$600,000 1,000
1,500

4Q-2016 The Elliman Report Quarterly$500,000

06 07
Survey of Manhattan Co-op & Condo Sales
06 07
08

08
09

09
10

10
11

11
12

12
13

13
14

14
15

15
16

16
1,000

% MARKET SOLD AT/ABOVE LAST LIST PRICE ABSORPTION RATE (IN MONTHS)
size of a new development closing was 1,752
square feet, up 17.6%, while the average size 60%
% MARKET SOLD AT/ABOVE LAST LIST PRICE MANHATTAN 30
ABSORPTION RATE (IN MONTHS)
of a resale closing was 1,079 square feet, down 60% 30
50% MANHATTAN 25
8.5% respectively from the year ago quarter. The
luxury market, representing the top 10% of all 50%
40% 25
20
sales, had an entry threshold of $4,500,000 in
the fourth quarter and once again set new price 40%
30% 20
15
records for average sales price and average price
30% 15
10
per square foot. New development market share 20%
of closed sales comprised 58.8% of all luxury 20% 10
10% 5
sales from 43.1% in the year ago quarter. The
new luxury average price per square foot record 10%
0% 08 5
09 10 11 12 13 14 15 16 0
was $3,219, up 25.2% from the year ago quarter.
Overall resale activity remained 7.5% above 0% 08 09 10 11 12 13 14 15 16 0
the quarterly average for the decade despite
declining for the fifth consecutive quarter on a
year over year basis. There were 2,385 resales MANHATTAN MONTHLY ABSORPTION RATE CO-OP CONDO
during the quarter, down 1.5% from the same 50
MANHATTAN MONTHLY ABSORPTION RATE CO-OP CONDO
period a year ago. Overall listing inventory rose 45
50
6.9% to 5,393 from the year ago quarter and fell 40
45
13.9% from the prior quarter, consistent with 35
40
the seasonal pattern of the past decade. Listing 30
35
inventory pattern by type showed very different 25
30
trends. While new development inventory 20
jumped 33.7% to 1,047, yet resale inventory 25
15
edged up only 1.9% to 4,346 respectively from 20 [8.0 Month Rate, 10-year average]
10
the year ago quarter. With rising inventory and 15
5 [8.0 Month Rate, 10-year average]
sliding sales, the pace of the market slowed 10
but remained brisk in some segments. The 0
5 <500K $500K-$999K $1M-$1.49M 1.5M-$1.99M $2M-$2.99M $3M-$4.99M $5M-$9.99M $10M+

absorption rate, the number of months to sell 0 <500K $500K-$999K $1M-$1.49M 1.5M-$1.99M $2M-$2.99M $3M-$4.99M $5M-$9.99M $10M+
all inventory at the current rate of sales, slowed of additional inventory and the growing seller 82.1% were all cash. Days on market, the
to 5.6 months from 5.1 months in the year ago sentiment that it was time to price correctly and average number of days to sell all apartments
MEDIAN SALES PRICE MANHATTAN CO - OP NUMBER OF 12
SALES
quarter, but was much faster than the 8-month cash out. All cash buyers continued to play an that closed during the quarter, was days
quarterly average of the prior decade. The MEDIAN
$900,000SALES
important role. The market share for MANHATTAN
PRICE CO -than
all cash slower OP the same periodNUMBER
last OF SALES
year, rising
3,000
market share of sales above list price continued sales was 46.8% for all apartments. By property to 94 days. Listing discount, the percentage
$800,000
$900,000 3,000
2,500
to slow as inventory expanded. In the fourth type, 34% of co-op sales and 61.7% of condo difference between the list price at time of sale
quarter, 12.6% of all sales exceeded the list price sales were all cash in the fourth quarter. Higher and the sales price, jumped to 5.5% from2,000
$700,000
$800,000 3% in
2,500
at time of contract, down from 29.1% in the year priced properties had a higher share of all cash the prior year quarter.
$600,000
$700,000 2,000
1,500
ago quarter to the lowest share in nearly 4 years. buyers. For apartment sales under $500,000,
The sharp drop in bidding wars was reflective 35%$500,000
$600,000
were all cash while those over $5 million, 1,500
1,000

$500,000
$400,000 1,000
500

RE-SALES Re-Sales
$400,000Market Matrix
$300,000 06 07
Average Sales Price
$300,000 06 07
08

08
09

09
4Q2016
10
$1,530,695
10
11

11
% (qtr)
12

12
13

13
3Q2016
14
-2.3% $1,566,066
14
% (yr)
15

15
-6.8%
16

16
4Q2015
500
0
$1,641,511
0
Average Price per Sq Ft $1,418 -0.3% $1,422 1.9% $1,392
Median sales price and average
sales price declined Median Sales Price $900,000 -5.3% $950,000 -6.3% $960,000
MEDIANofSALES
Number Sales PRICE
(Closed) MANHATTAN
2,385 CONDO
-8.6% 2,608 NUMBER
-1.5% OF SALES
2,421
Median sales price declined year
over year for 2nd time in 3 years
$2,100,000
MEDIAN
Days SALES(From
on Market PRICELast List Date) MANHATTAN
80 CONDO
11.1% 72 NUMBER 3,00071
12.7% OF SALES
Listing Discount (From Last List Price) 4.7% 2.9% 3.1%
3,000
$2,100,000
$1,800,000 2,500
Market share of sales above list Listing Inventory (Active) 4,346 -17.8% 5,290 1.9% 4,263
price fell to lowest share in nearly $1,800,000
$1,500,000 2,500
2,000
Absorption Rate (Months) 5.5 -9.8% 6.1 3.8% 5.3
4 years
$1,500,000
$1,200,000
Sales Share of Overall Market 83.3% 87.7% 2,000
1,500
81.4%
Note: This sub-category analyzes all co-op & condo re-sales available. The data is also contained within the co-op & condo markets presented.
$1,200,000
$900,000 1,500
1,000

$900,000
$600,000
Visit our website to browse listings and learn more about market trends 1,000
500

$600,000 06 07
$300,000 500
0
08 09 10 11 12 13 14 15 16
 60% MANHATTAN 30

The EllimanMANHATTAN MONTHLY ABSORPTION RATE

Report Quarterly Survey of Manhattan
50%
50
Co-op & Condo Sales 4Q-2016
CO-OP CONDO
25

40%
45 20
40

CO-OPS 30% Market Matrix

Co-op
35
Average
30
20%
Sales Price
4Q2016
$1,202,354
% (qtr)
-6.9%
3Q2016
$1,291,269
% (yr)
-6.3%
15
4Q2015
$1,283,048
10
Average
25 Price Per Sq Ft $1,195 -2.4% $1,225 27.7% $936
10%
20 Sales Price
Median $752,000 -4.3% $786,000 0.4% 5
$749,000
15
Number of Sales 1,502 -8.8% 1,647 -2.4% 1,539
Median sales price edged higher 0% 08[8.0 09
Month Rate, 10-year average]
10 10 11 12 13 14 15 16 0
as sales slipped Days on Market (From Last List Date) 75 2.7% 73 8.7% 69
5
Listing Discount (From Last List Price) 4.8% 2.6% 2.6%
Days on market and listing 0 Inventory
Listing <500K (Active)
$500K-$999K $1M-$1.49M 2,358
1.5M-$1.99M -15.4%
$2M-$2.99M 2,788
$3M-$4.99M 9.0%
$5M-$9.99M 2,164
$10M+
inventory expanded
Absorption
MANHATTAN Rate (Monthly,
MONTHLYActive) 4.7
ABSORPTION -7.8%
RATE 5.1 11.9%
CO-OP CONDO4.2
Sharp gain in listing discount 50
MEDIAN
45 SALES PRICE MANHATTAN CO - OP NUMBER OF SALES
40
$900,000 3,000
35
$800,000
30 2,500
Sales Median
Co-op Mix
Share Sales Price 25
$700,000 2,000
20
Studio 20.6% $445,000 $600,000 1,500
15
1 bedroom 44.0% $710,000 [8.0 Month Rate, 10-year average]
$500,000
10 1,000
2 bedroom 24.8% $1,295,000 5
$400,000 500
3 bedroom 7.8% $2,240,000 0 <500K $500K-$999K $1M-$1.49M 1.5M-$1.99M $2M-$2.99M $3M-$4.99M $5M-$9.99M $10M+
$300,000 06 07 08 09 10 11 12 13 14 15 16 0
4+ bedroom 2.8% $4,809,448

MEDIAN SALES PRICE MANHATTAN CO - OP NUMBER OF SALES

MEDIAN SALES PRICE MANHATTAN CONDO NUMBER OF SALES
$900,000 3,000

CONDOS $2,100,000
Condo Market Matrix
$800,000
Average Sales Price
$1,800,000
$700,000
4Q2016
$3,086,676
% (qtr)
4.5%
3Q2016
$2,952,382
% (yr)
15.9%
3,000
4Q2015
2,500
$2,662,100
2,500
2,000
Average Price Per Sq Ft $2,209 3.6% $2,133 12.8% $1,959
$1,500,000 2,000
Median Sales Price
$600,000 $1,707,500 6.7% $1,600,000 -1.6% $1,735,641
1,500
Average sales price exceeded $1,200,000
Number of Sales 1,362 2.6% 1,327 -5.0% 1,500
1,434
$3 million threshold to a new $500,000 1,000
Days on Market
$900,000 (From Last List Date) 117 36.0% 86 21.9% 1,00096
record
$400,000 500
Listing Discount (From Last List Price) 5.8% 3.2% 3.2%
$600,000 500
Listing inventory edged higher $300,000
Listing Inventory
06 (Active)
07 08 09 10 3,03511 -12.7%
12 13 3,475
14 15 5.3%16 0 2,882
as sales declined $300,000Rate
Absorption 06 (Monthly,
07 Active)
08 09 10 6.711 -15.2%
12 13 147.9 15 11.7%16 0 6.0

E xpanded marketing time

and negotiability
MEDIAN SALES PRICE MANHATTAN CONDO NUMBER OF SALES
MEDIAN SALES PRICE
$2,100,000 MANHATTAN LUXURY NUMBER OF SALES
3,000

$7,000,000
$1,800,000 500
2,500
Sales Median
Condo Mix
Share Sales Price $6,000,000
$1,500,000
400
2,000
$5,000,000 300
Studio 10.6% $699,769 $1,200,000 1,500
$4,000,000 200
1 bedroom 35.5% $1,150,000
$900,000
$3,000,000 1,000
100
2 bedroom 31.1% $2,300,000
$2,000,000
$600,000 06 07 08 09 10 11 12 13 14 15 16
500
0
3 bedroom 15.0% $4,767,431
$300,000 06 07 08 09 10 11 12 13 14 15 16 0
4+ bedroom 7.9% $8,316,000

AVERAGE PRICE PER SF MANHATTAN NEW DEVELOPMENT MARKET SHARE

VisitMEDIAN
our website to browse listings and learn more LUXURY
MANHATTAN about market trends
3,000 SALES PRICE NUMBER OF SALES
60%
2,500
$7,000,000 50%
500
 $900,000 3,000

4Q-2016 The Elliman Report Quarterly Survey

MEDIAN of PRICE
SALES
$800,000
Manhattan Co-opMANHATTAN
$700,000
& Condo Sales
CONDO NUMBER OF SALES
2,500

2,000
$2,100,000 3,000
$600,000 1,500

LUXURY $1,800,000
Luxury Market Matrix
$500,000
Average Sales Price
$1,500,000
4Q2016
$9,376,803
% (qtr)
6.1%
3Q2016
$8,840,704
% (yr)
21.7% 1,000
$7,702,643
2,000
2,500
4Q2015

Average Price per Sq Ft

$400,000 $3,219 5.9% $3,040 25.2% $2,572
500
$1,200,000 1,500
Price indicators moved higher, Median Sales Price $6,567,712 -3.6% $6,811,125 9.5% $6,000,000
largely from new development $300,000 06 07 0
Number of Sales (Closed) 08
$900,000 09 10 11
289 12
-3.0% 13 14
298 15 -3.3%16 1,000
299
legacy contracts
Days on Market (From Last List Date) 155 14.0% 136 3.3% 150
$600,000 500
S
 upply declined, with sharp Listing Discount (From Last List Price) 8.6% 2.9% 4.0%
drop in aspirationally priced $300,000
Listing Inventory
06 (Active)
07 08 09 10 1,271
11 -5.6%
12 13 1,346
14 15-11.6%16 01,438
re-sale inventory MEDIAN SALES PRICE MANHATTAN CONDO NUMBER OF SALES
Absorption Rate (Months) 13.2 -2.9% 13.6 -8.3% 14.4
$2,100,000 3,000
S
 urge in negotiability as Entry Threshold $4,500,000 2.4% $4,394,069 6.5% $4,225,737
marketing time expanded $1,800,000 2,500
MEDIAN SALES PRICE MANHATTAN LUXURY NUMBER OF SALES
$1,500,000 2,000
$7,000,000 500
Sales Median $1,200,000 1,500
Luxury Mix 400
Share Sales Price $6,000,000
$900,000 1,000
$5,000,000 300
Co-ops 52.2% $3,395,000
$600,000
$4,000,000 500
200
Condos 47.8% $12,877,001
New Dev. 58.8% $6,721,606
$3,000,000
$300,000 06 07 08 09 10 11 12 13 14 15 16 0100
$2,000,000 06 07 08 09 10 11 12 13 14 15 16 0
Re-sales 41.2% $6,000,000

MEDIAN SALES PRICE MANHATTAN LUXURY NUMBER OF SALES

NEW DEVELOPMENT New Development Market Matrix
AVERAGE PRICE
$7,000,000
Average Sales
$6,000,000
3,000
PER SF
Price
4Q2016
MANHATTAN NEW DEVELOPMENT
$4,925,429
% (qtr)
-8.0%
3Q2016
$5,355,827
% (yr)
49.6%
4Q2015
MARKET$3,293,411
SHARE
500
400
60%
Average Price per Sq Ft $2,811 0.4% $2,799 27.2% $2,210
L
 egacy contracts continued 2,500
$5,000,000
Median Sales Price $2,965,000 -26.1% $4,011,044 44.0% 50%
300
$2,059,411
to push price indicators to 2,000
$4,000,000
Number of Sales (Closed) 479 30.9% 366 -13.2%
40%
200552
new records 1,500 30%
Days on Market (From Last List Date)
$3,000,000 181 7.7% 168 20.7% 100150
1,000 20%
N
 umber of sales fell from year Listing Discount (From Last List Price)
$2,000,000 6.9% 3.4% 0 2.9%
500 06 07 08 09 10 11 12 13 14 15 16 10%
ago surge as supply Listing0 Inventory (Active) 1,047 7.6% 973 33.7% 783
rose sharply 06 07 08 09 10 11 12 13 14 15 16
0%
Absorption Rate (Months) 6.6 -17.5% 8.0 53.5% 4.3
D
 ays on market and Sales Share of Overall Market 16.7% 12.3% 18.6%
listing discount continued
to move higher AVERAGE PRICE PER SF MANHATTAN NEW DEVELOPMENT MARKET SHARE
3,000 60%
2,500 50%
New Dev. Sales Median
Mix Share Sales Price 2,000 40%
1,500 30%
< $1M 11.1% $739,000 1,000 20%
$1M - $3M 39.7% $1,824,990 500 10%
0 0%
> $3M 49.3% $5,727,656 06 07 08 09 10 11 12 13 14 15 16

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