Monday 07 January

Halstead Property publishes their Fourth Quarter Report 2007

New York City is experiencing something unique in the nation, a robust real estate market.
Our Fourth Quarter report reveals record breaking activity, including a new record for average sales price of just over $1.4 million dollars. The average time on market fell to 84 days and properties sold for 97.8% of their asking price during the last three months of 2007.

Manhattan apartment prices continued to climb during the fourth quarter, reaching an average price of $1,430,514. this figure represents a 34% increase over last year establishing a new record. Increased activity at the high end of the market, particularly in new development condominiums, helped fuel this rise. the median price, which represents the middle of the market, posted a smaller increase, rising 14% during this time to a record $828,000. Contrary to many other markets in the U.S., inventory in Manhattan has remained low while demand has strengthened due to an increase in foreign buyers.

At $1,074,369, the average cooperative price represents a 21% increase over last year, setting a new record. While prices were up for all size categories, the 37% rise in the average price for four-bedroom and larger co-ops was a leading factor in this increase. New developments, most notably the Plaza and 15 Central Park West, helped bring the average condominium sales price to a record level of $1,851,709 during the fourth quarter. Sales prices at these two developments averaged almost $7 million during the quarter, and helped fuel the 51% increase in the average condo price over the past year. Sales prices in new developments averaged $1,464 per square foot, a 20% improvement from 2006’s fourth quarter. the average price per square foot for loft apartments of $1,170 was 9% higher thana year ago. Apartments sold 13% faster in the fourth quarter than a year ago, as the average time on the market fell to 84 days. Sellers received 97.8% of their asking price for units closed in the fourth quarter, virtually unchanged from the same perioda year ago.

EAST SIDE
The average price rose for all sizes of apartments in the East Side market over the past year, led by a 41% gain in three-bedroom and larger units. this number should be viewed with caution however, as this category can show large fluctuations in price from quarter to quarter. While the median price for sales on Park avenue rose significantly from 2006’s fourth quarter, this is primarily due to a 25% increase in the size of units sold. the area between Fifth and lexington avenue, from 59th to 79th Street, posted a very high increase in median price, due mainly to an unusually low figure a year ago.

WEST SIDE
Closings at 15 Central Park West helped bring prices up significantly on the West Side, particularly for larger apartments. the average price rose 43% to $4,024,097 for three-bedroom units, and 33% to $1,761,942 for two-bedroom units in this market. the area from Columbus avenue to east of West end avenue, from 87th to 110th Street, showed a 57% increase in median price from 2006’s fourth quarter, which is largely due to closings at the ariel east.

DOWNTOWN
With the exception of three-bedroom and larger apartments, whose prices can fluctuate sharply from quarter to quarter, all other size categories in the Downtown market increased in price over the past year. gains were led by two-bedroom units, whose average price of $1,664,691 was 28% higher than the fourth quarter of 2006. All market areas surveyed posted higher median prices over this time, led by a 28% increase in the West village. For loft apartments, the largest price increase was in tribeca, where the median price of $2,522,500 was 37% higher than a year ago.

NORTHERN MANHATTAN
A large number of closings at the new development 111 Central Park north helped the average price for three-bedroom and larger apartments in northern Manhattan more than double from a year ago. these sales also pushed the median price for sales in harlem up 56% during this time to $610,000. Closings at 111 Central Park north averaged over $2.2 million, much higher than the typical sale in this market.

Number of new listings
The number of listings placed on the east Side market fell 22% from the fourth quarter of 2006, as only the four-bedroom and larger category added more listings than a year ago. West Side new listings were 1% lower than a year ago, as increases in studios and two-bedrooms were offset by sharp declines in the three-bedroom and four-bedroom and larger categories. In the Downtown market, new developments helped the number of listings added to the market jump 36% over the past year. the largest gains were seen in four-bedroom and larger, as well as studio apartments. loft listings entering the market fell 29% compared to the fourth quarter of 2006. New listings in northern Manhattan fell 36% from 2006’s fourth quarter, as all sizes of apartments added fewer listings than a year ago.

To view the entire report, please follow this link:

http://www.halstead.com/resources_reports.aspx