Homebuyers in the Manhattan

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1 Manhattan Condo Market Report October by the numbers.% Price Index (MonthoverMonth).% Price Forecast (MonthoverMonth) +.% Inventory (Monthover Month) +.% Number of Pending Sales (Monthover Month) days Median Time on Market Modest inventory gains and slowing price growth spur October condo sales Homebuyers in the Manhattan condo market appeared to be taking advantage of two months of modest inventory growth and faltering prices in October, giving pending sales of condo homes a percent surge from September. Amid the flurry of sales activity, condo prices fell percent from September, according to the Price Index, but remained roughly percent above the yearago price level. Slowing price growth was triggered by recent and largely seasonal gains in supply. October condo inventory inched up percent from September and was nearly percent above the yearago level. There were, condo units available in October the greatest monthly supply in months. the winter months put a chill on home sale activity. Five of the last six Octobers saw doubledigit monthly growth in pending sales of all homes including condos, coops, and townhomes ranging from percent in to this year s percent. But the good news for buyers may prove to be shortlived as we head into the coldest months of the year. Expectations of another colderthannormal winter season in the New York region could reverse Manhattan s recent and fragile inventory gains. Condo inventory remains historically low, with October s supply nearly percent below the year monthly average. $,, $, Median Price per Square Foot Seizing on the favorable conditions, condo buyers acted fast in October. Pending sales of condos surged percent from September and were nearly percent above the yearago level. Units sold at a brisk pace as well, spending a median time of just days on the market. This was days less than September and days less than last year. The spike in home sales activity followed a seasonal trend. October is historically the last stop for buyers and sellers before StreetEasy is pleased to present the Manhattan Condo Market Report, a monthly analysis of New York City s largest and most comprehensive database of condo listings and sales. To see more analysis on New York City real estate trends from StreetEasy, visit our market report page at:

2 Manhattan Condo Market Report October Price Index Price growth slows in October amid two months of inventory gain The Price Index (SECPI) value was in October, meaning condos traded percent above their January price. According to the SECPI, Manhattan condo sales prices fell. percent from September and were. percent above yearago levels. Two months of modest inventory growth helped to ease price growth in October, with total condo inventory at its highest point since October. Condo prices are poised to fall again in November, according to the Price Forecast, which predicts a. percent decline from October. The Downtown condo market continues to outperform the rest of Manhattan, with an October SECPI value of 7, followed by Upper West Side (), Midtown (), and Upper East Side ()..% () Price Index October (MonthoverMonth). % () Price Forecast November (MonthoverMonth) Previous market peak September 7 Current level October Price Index Value 77 Previous market trough November Indexed to January Manhattan Downtown Midtown Upper West Side Upper East Side 7 7

3 Manhattan Condo Market Report October Sales & Inventory monthovermonth October Inventory October September yearoveryear Total Condos Available,,7.%,.% Bottom Price Tier.%.%.% Middle Price Tier.%.%.% Top Price Tier.% 7.%.% Median Asking Price $,, $,,.% $,,.% Median Asking Price per sq. ft. $, $,7.% $,.% Recorded Sales Total Sales 7.%.% $,, $,,.% $,,.% Pending Sales Total Pending Sales.% 7.% Median Days on Market.% 7.% Inventory, recorded sales, and pending sales data is for condos only. Price tier shares are based on total number of condo units available during October. Bottom tier is comprised of units priced up to $,; middle tier are units priced between $, and $. million; top tier is units priced above $. million. Sales data is based on condo transactions recorded by the New York City Department of Finance as of November, and adjusted using a multiplier. This may not represent all October sale transactions. October pending sales increased. percent from September. October was a busy month for condo buyers: pending sales jumped by nearly a third to, marking the largest monthly gain since May. Monthly Pending Sales of Condos How is inventory measured? Monthly condo inventory is the sum of all condo units that were available on StreetEasy at any point during the month. This method provides the most comprehensive picture of units that were available to buyers. How is days on market measured? Days on market is the number of days from the original listing on StreetEasy to when it enters contract. After a buyer enters contract on a unit, it is pulled from the market and is no longer available to other buyers creating a logical end point to days on market.

4 Neighborhood Summary Manhattan Condo Market Report October All Downtown Battery Park City Chelsea Chinatown Civic Center East Village Financial District Flatiron Gramercy Park Greenwich Village Little Italy Lower East Side Nolita Soho Tribeca West Village All Midtown Central Park South Kips Bay Midtown Midtown South Midtown West Murray Hill Roosevelt Island Sutton Place Turtle Bay All Upper East Side Carnegie Hill Lenox Hill Upper Carnegie Hill Upper East Side Yorkville All Upper West Side Lincoln Square Manhattan Valley Morningside Heights Upper West Side All Upper Manhattan Central Harlem East Harlem Hamilton Heights Inwood Manhattanville Washington Heights West Harlem %.% 7.%.%.%.% 7.%.7%.%.%.% 7.%.%.%.%.%.%.%.%.7% 7.%.%.%.%.%.%.%.%.%.%.7%.%.%.%.%.%.% 77.%.%.% Total Sales,7 7 7, %.%.%.%.%.%.%.%.%.%.%.% 7.% 7.%.%.%.%.%.%.%.%.%.7%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% 7.%.7%.%.% Total Inventory %.% 7.%.%.%.%.%.%.7%.%.% 7.%.% 7.% 7.%.%.%.%.%.%.%.%.%.%.%.7%.%.7%.%.%.%.%.%.%.%.% 7.%.% Median Days on Market $,7, $7, $,, $7,7 $,, $,, $,7, $,7,7 $,, $,, $,, $,77, $,7, $,7, $,, $,,7 $77, $,,7 $,, $,,7 $, $,7, $,, $,, $,7, $,,7 $77, $,, $,, $,7, $, $, $, $, $, $,.%.%.%.7%.%.%.%.%.7%.%.%.%.%.%.% 7.7%.%.%.7%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.% Median Sales Price $,, $,, $,7, $,, $7, $,7, $,, $,, $,, $,, $,77, $,, $,, $,, $,, $,7, $,, $,, $7, $,77, $,, $,, $,, $77, $,7, $,7, $,, $,, $,, $,, $,7, $,, $,, $,, $,, $,, $,7, $7, $7, $, $, $, $,.%.%.%.%.%.%.%.% 7.% 7.%.% 7.%.%.%.%.%.%.%.%.%.7%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.%.7%.%.%.%.% 7.% Median Listing Price Sales Data Listings Data Pending Sales Pending Sales %.%.7%.%.%.%.%.%.%.% 7.%.%.%.%.%.%.%.7% 7.%.%.%.%.%.7%.%.%.% 7.%.7% 7.%.%.% 7.%.%.%.7%.%

5 Manhattan Condo Market Report October Glossary Price Index Price Forecast The Price Index (SECPI) is a monthly index that tracks changes in sales prices of condo homes in Manhattan. The index uses a repeatsales method of comparing the sales prices of the same properties since January. Given this methodology, the Index accurately captures the change in condo values by controlling for the varying composition of condo homes sold in a given month. Data on armslength sales of condo homes is sourced from the New York City Department of Finance. The Index is calculated monthly and is indexed to January with a baseline value of. The Price Forecast (SECPF) predicts the change in Manhattan condo sale prices one month out from the current reported period. Incorporating the Price Index, StreetEasy s comprehensive database of listing prices and days on market two leading indicators to future condo prices we are able to accurately forecast what next month s condo prices will be before the release of publicly recorded sales data. Condo Price Tiers Inventory Days on Market Pending Sales Condo listings are placed into one of three price tiers bottom, middle, and top using price cutoffs derived from a month weighted moving average of recorded sales prices at the rd and th percentiles. Price tier cutoffs change each month in order to capture evolving trends in condos that are being sold. The top tier corresponds with the most expensive condo listings. Monthly condo inventory is the sum of all condo units that were available on StreetEasy at any point during the month. For example, if a unit was originally listed in February and sold in May, it would be included in the inventory number for all four months (February through May). This approach allows us to analyze what was available to buyers in a given month instead of at a specific moment or cutoff. The number of days from the original listing on StreetEasy to when it enters contract. After a buyer enters contract on a unit, it is pulled from the market and is no longer available to other buyers creating a logical end point to days on market. Measuring days on market by the number of days from the original listing to the recorded closing date may be skewed by lengthy closing periods during which the unit is not technically on the market. The number of condo units that entered contract during the month. Median Asking Price Price Per Square Foot The exact middle sales price among all recorded sales prices of condo units that closed during the month. In general, median values are more accurate than average values, which may be skewed by price outliers (a few sales that are extremely expensive or extremely inexpensive). In order to consider only armslength transactions, we do not include sales prices lower than $, in this calculation. The exact middle asking price among all asking prices of listed condo units during the month. The exact middle recorded price per square foot among all condos that closed during the month that included square footage information in closing documents with the New York City Department of Finance. About StreetEasy StreetEasy is New York City s leading real estate marketplace on mobile and the Web, providing accurate and comprehensive forsale and forrent listings from hundreds of real estate brokerages throughout New York City and the major NYC metropolitan area. StreetEasy adds layers of deep, proprietary data and useful search tools that help consumers and real estate professionals navigate the complex real estate markets within the five boroughs of New York City, as well as Northern New Jersey and the Hamptons. The company launched in and was acquired by Zillow, Inc. in /StreetEasy #StreetEasy

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