Quarterly Market Report Q3 05
Welcome to the StreetEasy Quarterly Market Report We re pleased to present our Quarterly Market Report, powered by New York City s largest and most comprehensive database of sales and rental listings. Here you will find analysis and an extensive range of metrics for the sales and rental markets in Manhattan and Brooklyn in the third quarter of 05. Our team of researchers highlighted a few notable trends in each borough from Q3 data: MANHATTAN BROOKLYN Manhattan resale sale prices saw 6.3 percent annual growth. The Upper Manhattan submarket has had the highest growth for 0 consecutive months. Page 5 Brooklyn resale sale prices closed the third quarter at 9 percent above last year s level, led by strong growth in the East Brooklyn submarket. Page 3 Manhattan sales inventory fell slightly from last year due entirely to a continuing decline in coop listings, allowing prices to climb in Q3. Page 6 Brooklyn sales inventory grew in all five of the borough s major submarkets, with the highest annual growth seen in North Brooklyn. Page 4 Despite the rise in resale prices, Manhattan homes that sold in the third quarter typically spent three days less on the market than last year. Page 7 Brooklyn homes that sold in the third quarter typically spent 7 days longer on the market than last year. Page 5 To read more about New York City real estate market trends from StreetEasy, visit StreetSmarts at streeteasy.com/blog/ research and join the conversation on Twitter using #StreetSmarts. Strong seasonal competition fueled Manhattan rents to the highest level on record. Page 9 Brooklyn rent growth in Q3 was modest compared to Manhattan s, owing to a surge in available inventory across the borough s five submarkets. Page 7 StreetEasy Quarterly Market Report Q3 05 PAGE
Manhattan
Manhattan Q3 05 by the numbers +6.3% Manhattan Price Index YearoverYear +0.7% Manhattan Price Forecast MonthoverMonth 0.5% Inventory YearoverYear +0.6% Pending Sales Volume YearoverYear 56 Days Time on Market $999,700 Sales Price $,333 Price per Square Foot $3,339 Asking Rent Strong seasonal competition pushes median Manhattan rent to record high in Q3 The Manhattan rental market saw robust growth in inventory throughout the summer, growing by.8 percent from last year to 9,06 units. As the year s busiest season for rentals saw an increase in available listings, asking rents increased as well. Manhattan s median asking rent in the third quarter surged 9.5 percent from last year to $3,339, the highest level since StreetEasy began collecting data in 008. The growth in rental inventory was in stark contrast to the sales market, which saw a 0.5 percent decline in the number of forsale listings from last year. The increase in Manhattan s overall asking rent was due in large part to an increase among onebedroom listings, by far the rental market s largest segment. The median asking rent for onebedrooms jumped 0.7 percent from last year to $3,7. LOW INVENTORY KEEPS PRICE GROWTH HIGH Manhattan s Midtown submarket was the borough s only bright spot in the third quarter, posting a modest 3.4 percent annual increase in sales inventory. Evaporating inventory in all other areas of Manhattan dragged on the borough s total number of listings available, which fell by 0.5 percent from last year to,53. Upper Manhattan saw the steepest inventory decline (3.4 percent), followed by Upper East Side (. percent), Upper West Side (0.7 percent), and Downtown, which was unchanged from last year. The lack of inventory growth allowed Manhattan s median resale price to grow by 6.3 percent from last year to $98,958, according to the StreetEasy Manhattan Price Index, the highest resale price on record. According to the Manhattan Price Forecast, the median resale price will grow to $989,770 in October, just $0,000 short of $ million. SIGNS POINT TO A STRONG SELLER S MARKET Demand for Manhattan homes has been resilient to the borough s continuing price growth. According to several key market metrics, Manhattan remains a strong seller s market. Homes that sold in the third quarter typically spent three days less on the market than last year. In addition, Manhattan home sellers are getting more of their initial asking price than they did just a year ago. Homes that sold in the third quarter typically did so for 99.9 percent of the seller s initial asking price, an increase of.3 percent from last year. Buoyed by high competition among buyers and low inventory, sellers conceded fewer discounts than last year as well. Just 6.5 percent of all homes on the market saw a price decline at any point during the third quarter, down from 3. percent last year. MORE THAN IN 5 HOMES PRICED IN THE LUXURY TIER The price of luxury in Manhattan rose to $3.59 million in the third quarter, accounting for.9 percent of all homes available for sale. The fiveyear historical average share is 7 percent, highlighting that a greater share of homes for sale are priced in the luxury segment in Manhattan. StreetEasy Quarterly Market Report Q3 05 PAGE 4
$98,958 (+6.3%) Manahttan Price Index September 05 YearoverYear Price growth in Upper Manhattan leads the borough for the 0th consecutive month MANHATTAN PRICE INDEX $989,770 (+0.7%) Manhattan Price Forecast October 05 MonthoverMonth Manhattan resale prices continued to increase at the close of the third quarter. September resale prices were 6.3 percent higher than last year, reaching a median of $98,958 according to StreetEasy s Manhattan Price Index. The median resale price of all homes closed the second quarter 3.4 percent above the previous market peak level ($866,79) set in April 008, according to the Index. Homes in the Downtown market had the highest resale price ($. million), followed by Upper West Side ($. million), Upper East Side ($949,069), Midtown ($838,054), and Upper Manhattan ($638,569). Although homes in Upper Manhattan had the lowest median resale price, they posted the highest annual growth rate at 9 percent. Prices are expected to rise again in October, according to StreetEasy s Manhattan Price Forecast, projecting a 0.7 percent increase from September to $989,770. $,00,000 $,000,000 DOWNTOWN Manhattan Price Index Level $800,000 $600,000 $400,000 UPPER WEST SIDE UPPER EAST SIDE $00,000 MIDTOWN UPPER MANHATTAN ALL MANHATTAN 995 996 997 998 999 000 00 00 003 004 005 006 007 008 009 00 0 0 03 04 05 StreetEasy Quarterly Market Report Q3 05 PAGE 5
Manhattan s shrinking inventory due to coop declines Inventory Q3 05 Q 05 (QOQ) MANHATTAN SALES INVENTORY Q3 04 Despite 4. percent growth in condo listings and 8.0 percent growth in townhouse listings, Manhattan total inventory was 0.5 percent below last year s level, due entirely to a 5. percent decline in coop listings. This continues a yearslong decline in coop listings in Manhattan, having dropped a cumulative 3. percent from Q 00. Total Sales Inventory Bottom Price Tier Middle Price Tier Top Price Tier Luxury Price Tier 3 Condo,53 4.7% 8.% 47.%.9% 5,56,033 4.3% 9.3% 46.4%.3% 5,604 4.%.6%,580.7% 7.9% 49.4% 9.8% 5,97 0.5% 4.% Coop 5,644 6,049 6.7% 5,947 5.% Townhouse & Single Family 363 380 4.5% 336 8.0% Total Newly Listed Sales Inventory 3,976 5,3 3.9% 4,089.8% Asking Price $,45,000 $,375,000 3.6% $,00,000 8.8% Condo $,995,000 $,950,000.3% $,800,000 0.8% Coop $845,000 $85,000.4% $75,000 6.6% Townhouse & Single Family $8,995,000 $9,000,000 0.% $7,395,000.6% How is the luxury tier calculated? Asking Price Per Sq. Foot $,55 $,503 3.3% $,376.8% The cream of the crop. The luxury tier cutoff price is derived from a month weighted moving average of recorded sales prices at the 90th percentile (the top 0 percent). Price tier cutoffs change each quarter in order to capture evolving trends in homes that are being sold. Share of Units w/ a 6.5% 6.3% 9.6% 6.5% Inventory data based on sales listings of condos, coops, townhouses, and single family homes available on StreetEasy. Price tier shares are based on total number of all Manhattan homes available during Q3 05. Bottom tier is comprised of homes priced up to $76,000; middle tier are homes priced between $76,000 and $.54 million; top tier is homes priced above $.54 million; luxury tier is homes priced above $3.59 million. 3 All homes priced within the luxury price tier also appear within the top price tier. 3.% 6.7% StreetEasy Quarterly Market Report Q3 05 PAGE 6
Luxury homes see greatest increase in time on market Pending Sales Q3 05 Q 05 (QOQ) MANHATTAN PENDING SALES Q 04 While Manhattan homes priced in the bottom tier typically spent nine days less on the market compared to last year, luxury listings lingered on the market for exactly two weeks longer than last year. Total Pending Sales Bottom Price Tier Middle Price Tier Top Price Tier,43 34.% 3.5% 33.4% 3,56 9.7% 34.6% 35.7% 5.3%,48 7.3% 3.9% 40.8% 0.6% Luxury Price Tier 3.0%.7%.6% Condos 06 33 9.% 068 0.7% Coops 340 90 9.5% 39.6% Townhouse & Single Family 3 4 6.% 3 Days on Market 56 44 59 Bottom Price Tier 5 4 6 Middle Price Tier 50 38 49 Top Price Tier 68 54 65 Luxury Price Tier 95 80 8 How is time on the market measured? Condo 6 49 58 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. Coop Townhouse & Single Family Pending sales data includes condos, coops, townhouses, and single family homes. 5 4 Price tier shares are based on total number of all Manhattan homes available during Q3 05. Bottom tier is comprised of homes priced up to $76,000; middle tier are homes priced between $76,000 and $.54 million; top tier is homes priced above $.54 million; luxury tier is homes priced above $3.59 million. 3 All homes priced within the luxury price tier also appear within the top price tier. 4 59 96 StreetEasy Quarterly Market Report Q3 05 PAGE 7
MANHATTAN RECORDED SALES Recorded Sales Q3 05 Q 05 (QOQ) Q3 04 Total Recorded Sales 4,8 4,96 0.3% 4,683 8.6% Sales Price $999,700 $960,000 4.% $876,000 4.% Condo $,436,8 $,75,000.6% $,39,000 5.9% Coop $757,500 $745,000.7% $683,000 0.9% Townhouse & Single Family $9,900,000 $6,457,500 53.3% $0,875,000 9.0% Price Per Square Foot $,333 $,80 4.% $,6 4.8% Average Sales Price $,750,950 $,760,760 0.6% $,545,66 3.3% Condo $,63,009 $,60,336 4.8% $,883,7 0.% Coop $,75,304 $,385,468 8.0% $,,955 4.3% Townhouse & Single Family $0,748,333 $8,474,606 6.8% $0,660,569 0.8% Average Price Per Square Foot $,43 $,397.5% $,7.6% SaletoList Price Ratio 99.9% 98.9% 98.6% What is the saletolist price ratio? The final recorded sales price of a home divided by its initial asking price. A saletolist price ratio of 90 percent means the home sold for 90 percent of its initial asking price. The saletolist price ratio reported is the exact middle ratio among all homes that we are able to match a recorded sale with a listing on StreetEasy. Sales data is based on Manhattan condo, coop, townhouse, and single family home transactions recorded by the New York City Department of Finance as of October 4, 05 and adjusted using a multiplier. This may not represent all Q3 05 sales transactions. StreetEasy Quarterly Market Report Q3 05 PAGE 8
Surge in bedroom rents drive Manhattan rent growth Rental Inventory Total Rental Inventory Q3 05 9,06 Q 05 8,9 (QOQ).9% MANHATTAN RENTAL INVENTORY Q3 04 5,959.8% One bedroom listings, Manhattan s largest segment, saw a 0.7 percent increase in median asking rent from last year, fueling the overall rent price growth of 9.5 percent across all Manhattan listings. Studio Bedroom Bedroom 5,85,430 7,86 5,879,330 7,35.% 0.9% 6.9% 5,530 0,56 6,83 5.% 8.% 5.% 3+ Bedroom 3,90 3,63 7.7% 3,036 8.8% <$,500 64 344 3.3% 450 4.3% $,500 $,499 6,474 6,536 0.9% 7,6 0.4% $,500 $3,499 9,4 8,959 3.0% 8,485 8.7% $3,500+ 3,065,369 5.6% 9,87 33.0% Asking Rent $3,339 $3,95.3% $3,049 9.5% Studio $,450 $,400.% $,300 6.5% Bedroom $3,7 $3,00.% $,954 0.7% Bedroom $3,950 $4,000.3% $3,600 9.7% 3+ Bedroom $5,00 $5,500 5.5% $5,395 3.6% Share of Units w/ 8.0% 5.9% 3.% Rental inventory data based on rental listings of condos, coops, townhouses, and single family homes available on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 9
Murray Hill leads Manhattan neighborhoods in rent growth Annual Change in Rent, by Neighborhood Across Manhattan, the median asking rent in the third quarter increased 9.5 percent from last year to $3,339. Several neighborhoods saw even greater growth, led by Murray Hill in which median asking rent jumped 6.7 percent to $3,500. DOWNTOWN UPPER WEST SIDE UPPER EAST SIDE MIDTOWN UPPER MANHATTAN ALL MANHATTAN StreetEasy Quarterly Market Report Q3 05 PAGE 0
Brooklyn
Brooklyn Q3 05 by the numbers +9.0% Brooklyn Price Index YearoverYear Big inventory gains in Brooklyn as all five submarkets see growth in listings +.9% Brooklyn Price Forecast MonthoverMonth +0.% Inventory YearoverYear 54 Days Time on Market $645,000 Sales Price Sales inventory grew in all five of Brooklyn s submarkets in the third quarter, pushing up the total number of available listings by 0. percent from last year to 5,384. The highest annual growth in inventory was in the North Brooklyn submarket, which saw 5.3 percent growth, followed by East Brooklyn (7. percent), Northwest Brooklyn (5.9 percent), Prospect Park (7 percent), and South Brooklyn (5.3 percent). Among all Brooklyn neighborhoods with more than 00 listings, Canarsie saw the greatest annual increase in inventory (67.0 percent), followed by Dumbo (44.3 percent), Prospect Heights (4.4 percent), Fort Greene (4.3 percent) and Williamsburg (3.6 percent). STRONG RESALE PRICE GROWTH EXCEEDS MANHATTAN Amid strong inventory growth across the borough, the median resale price of all Brooklyn homes reached an alltime high at the close of the third quarter, according to StreetEasy s Brooklyn Price Index (BPI), growing by 9.0 percent from last year to $545,39 in September. The strongest annual growth was seen in the East Brooklyn submarket (.8 percent), followed by Northwest Brooklyn (.6 percent), Prospect Park (0. percent), South Brooklyn (8.4 percent), and North Brooklyn (.9 percent). which were fertile grounds for bidding wars as buyers fiercely competed for available units in those areas. Other key price indicators show that sellers retain more of the bargaining power in Brooklyn. The share of all homes for sale that saw a price cut rose slightly from last year to 3.4 percent in the third quarter, which was still below the Manhattan share (6.5 percent). The median discount between initial asking price and final recorded sales price was unchated at 6 percent. MODEST PRICE GROWTH AS RENTAL INVENTORY SURGES The median asking rent in Brooklyn increased.5 percent from last year to $,600, a stark contrast to Manhattan s nearly doubledigit rent growth during the same period. The modest growth was due in large part to strong gains in inventory in the East Brooklyn and South Brooklyn submarkets, where rents are generally less expensive. The submarket with the highest median asking rent in Q3 was North Brooklyn ($3,00) which was just 4.0 percent below Manhatttan s median asking rent followed by Northwest Brooklyn ($,995), Prospect Park ($,600), East Brooklyn ($,495) and South Brooklyn ($,850). $84 Price per Square Foot THE (SALES) PRICE IS RIGHT IN BROOKLYN Brooklyn home sellers could expect to receive most if not all of their initial asking price in the final sale during the third quarter. The median saletolist price ratio was 00 percent, unchanged from last quarter and last year. $,600 Asking Rent Saletolist price ratios exceeded 00 percent in the Prospect Park (0.3 percent) and East Brooklyn (0.0 percent) submarkets, StreetEasy Quarterly Market Report Q3 05 PAGE
$545,39 (+9.0%) Brooklyn Price Index September 05 YearoverYear After slow growth in spring, Brooklyn resale price growth accelerates in Q3 BROOKLYN PRICE INDEX $555,50 (+.9%) Brooklyn Price Forecast October 05 MonthoverMonth Brooklyn resale price growth slowed to less than half the 04 rate during the second quarter, but steadily gained speed during the summer months. September resale prices were 9.0 percent higher than last year, reaching a median of $545,39 according to StreetEasy s Brooklyn Price Index. The median resale price of all homes closed the third quarter.6 percent above the previous market peak level ($488,404) set in November 006, according to the Index. Homes in the Northwest Brooklyn submarket had the highest resale price ($890,605), followed by North Brooklyn ($863,859), Prospect Park ($8,084), East Brooklyn ($393,69) and South Brooklyn ($39,06). Prices are expected rise yet again in October, according to StreetEasy s Brooklyn Price Forecast, which calls for the median resale price to increase.9 percent from September to $555,50. $,00,000 $800,000 Brooklyn Price Index Level $600,000 $400,000 NORTH BROOKLYN NORTHWEST BROOKLYN PROSPECT PARK $00,000 SOUTH BROOKLYN EAST BROOKLYN ALL BROOKLYN 005 006 007 008 009 00 0 0 03 04 05 StreetEasy Quarterly Market Report Q3 05 PAGE 3
One in five Brooklyn homes are priced in the luxury tier Inventory Q3 05 Q 05 (QOQ) BROOKLYN SALES INVENTORY Q3 04 The price of luxury in Brooklyn rose Total Sales Inventory 5,384 5,34 0.8% 4,885 0.% to $.39 million in the third quarter, accounting for 0 percent of all available listings throughout the quarter. Bottom Price Tier Middle Price Tier 3.6% 8.6% 5.3% 7.8% 6.8% 8.6% 4.7% 7.5% Top Price Tier 47.8% 46.8% 46.7% Luxury Price Tier 0.7% 7.3% Condo,,05 4.%,73 3.% Coop,77,78 3.0%,933 0.7% Townhouse & Single Family,546,536 0.7%,39 4.8% Total Newly Listed Sales Inventory,034,50 9.3%,00 3.% Asking Price $699,000 $679,000.9% $575,000.6% Condo $865,000 $849,000.9% $750,000 5.3% Coop $359,000 $335,000 7.% $85,000 6.0% Townhouse & Single Family $950,000 $949,000 0.% $875,000 8.6% How is the luxury tier calculated? Asking Price Per Sq. Foot $79 $687 6.% $596.4% The cream of the crop. The luxury tier cutoff price is derived from a month weighted moving average of recorded sales prices at the 90th percentile (the top 0 percent). Price tier cutoffs change each quarter in order to capture evolving trends in homes that are being sold. Share of Units w/ a 3.4% 6.0% 4.3% 6.0% Inventory data based on sales listings of condos, coops, townhouses, and single family homes available on StreetEasy. Price tier shares are based on total number of all Brooklyn homes available during Q3 05. Bottom tier is comprised of homes priced up to $400,000; middle tier are homes priced between $400,000 and $739,000; top tier is homes priced above $739,000; luxury tier are homes priced above $.39 million 3 All homes priced within the luxury price tier also appear within the top price tier. 3.% 6.0% StreetEasy Quarterly Market Report Q3 05 PAGE 4
Luxury homes see greatest increase in time on market Pending Sales Q3 05 Q 05 (QOQ) BROOKLYN PENDING SALES Q3 04 While Brooklyn homes priced in the bottom tier typically spent 5 days less on the market compared to last year, luxury listings lingered on the market for 7 days longer than last year. Total Pending Sales Bottom Price Tier Middle Price Tier,07 4.0% 7.8%,435.3% 7.0% 5.4% 89 5.6% 3.6% 30.8% Top Price Tier 48.% 50.7% 60.8% Luxury Price Tier 7.5% 9.4%.7% Condos 48 568 6.4% 353 8.4% Coops 394 55 8.5% 38 3.9% Townhouse & Single Family 59 36 8.0% 48 75.0% Days on Market 54 40 47 Bottom Price Tier 63 5 78 Middle Price Tier 47 4 37 Top Price Tier 5 36 46 Luxury Price Tier 7 37 55 How is time on the market measured? Condo 48 40 43 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. Coop Townhouse & Single Family Pending sales data includes condos, coops, townhouses, and single family homes. Price tier shares are based on total number of all Brooklyn homes available during Q3 05. Bottom tier is comprised of homes priced up to $400,000; middle tier are homes priced between $400,000 and $739,000; top tier is homes priced above $739,000; luxury tier are homes priced above $.39 million 3 All homes priced within the luxury price tier also appear within the top price tier. 49 74 37 54 43 70 StreetEasy Quarterly Market Report Q3 05 PAGE 5
Prospect Park remains Brooklyn s most competitive market Recorded Sales Total Recorded Sales Q3 05,4 Q 05,6 (QOQ) 7.7% BROOKLYN RECORDED SALES Q 04,84 5.% The median saletolist price ratio in Sales Price $645,000 $609,000 5.9% $575,000.% Brooklyn s Prospect Park submarket was 0.3 percent in the third quarter, meaning the typical home sold for.3 percent above the initial asking price. In addition to being ground zero for bidding wars, the Prospect Park submarket also saw the shortest time on market, with the typical home spending just 39 days on the market in Q3. Condo Coop Townhouse & Single Family Price Per Square Foot Average Sales Price $888,750 $447,500 $650,000 $84 $807,564 $879,884 $355,693 $635,000 $84 $783,833.0% 5.8%.4%.% 3.0% $780,750 $37,500 $645,000 $673 $683,378 3.8% 0.% 0.8%.5% 8.% Condo $,03,37 $989,96 4.3% $878,878 7.5% Coop $607,0 $469,005 9.4% $48,00 6.0% Townhouse & Single Family $904,43 $,00,097 7.8% $830,894 8.9% Average Price Per Square Foot $790 $88 3.4% $686 5.% SaletoList Price Ratio 0 0 0 What is the saletolist price ratio? Sales data is based on Brooklyn condo, coop, townhouse, and single family home transactions recorded by the New York City Department of Finance as of October 4, 05 and adjusted using a multiplier. This may not represent all Q3 05 sales transactions. The final recorded sales price of a home divided by its initial asking price. A saletolist price ratio of 90 percent means the home sold for 90 percent of its initial asking price. The saletolist price ratio reported is the exact middle ratio among all homes that we are able to match a recorded sale with a listing on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 6
BROOKLYN RENTAL INVENTORY Rental Inventory Q3 05 Q 05 (QOQ) Q3 04 Total Rental Inventory 0,98 7,767 7.8% 3,59 54.7% Studio,457,333 9.3%,46 7.% Bedroom 6,0 5,404.4% 4,34 39.3% Bedroom 7,34 6,5 8.% 4,750 54.5% 3+ Bedroom 6,08 4,85 6.9% 3,309 84.6% <$,500,07,0 8.3% 953 7.8% $,500 $,499 8,09 7, 3.7% 5,6 59.% $,500 $3,499 7,463 6,8 0.7% 4,78 58.% $3,500+ 4,60 3,74 30.%,7 57.% Asking Rent $,600 $,500 4.0% $,56.5% Studio $,850 $,850 $,950 5.% Bedroom $,00 $,75.% $,00 Bedroom $,550 $,500.0% $,600.9% 3+ Bedroom $3,00 $3,000 6.7% $3,00 Share of Units w/.3% 3.% 7.% Rental inventory data based on rental listings of condos, coops, townhouses, and single family homes available on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 7
South Brooklyn neighborhoods among the least competitive in Q3 The graph to the right plots all Brooklyn neighborhoods by median days on market and saletolist price ratio, and each neighborhood is sized based on total inventory in Q3. South Brooklyn neighborhoods dominate the least competitive quadrant, including Canarsie, Gravesend, Brighton Beach, and Bay Ridge in which homes took longer to sell than in the rest of Brooklyn, and typically sold at a greater discount from the original asking price. Time on Market & SaletoList Price Ratio, by Neighborhood NORTH BROOKLYN PROSPECT PARK SOUTH BROOKLYN EAST BROOKLYN NORTHWEST BROOKLYN StreetEasy Quarterly Market Report Q3 05 PAGE 8
MANHATTAN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All Downtown 3,488 $,945,000 6.% 9.% 6.3% 677 3.4% 53 $,389,444 30.% 0 $3,660 6.% Battery Park City 3 47.7% $,895,000 97.4% 9.7% 4.7% 56 36.6% 44 $,78,937 94.7% 0.3% $4,660 3.6% Chelsea 59 0.8% $,950,000 8.4% 34.% 6.3% 03.0% 49 $,388,887 9.9% 99.0% $3,995.5% Chinatown 4.% $,895,000 80.5% $490,000.0% 99.0% $,700 0.9% Civic Center 5 $335,000 5.8% $3,650 4.4% East Village 6 3.0% $949,995 6.% 3.9% 5.8% 59 3.3% 4 $957,500 4.0% 0 $3,00 0.% Financial District 457 6.0% $,375,000 4.7% 3.0% 3.9% 8.% 7 $,07,000 3.% 98.5% $3,760 9.0% Flatiron 38.9% $,640,000.% 0.7% 6.3% 64.6% 5 $,95,000 9.6% 99.3% $4,695 9.% Gramercy Park 93 8.8% $979,000 3.4% 9.0% 4.9% 39 4.8% 38 $740,000 3.5% 0.% $3,495 8.4% Greenwich Village 446 8.3% $,777,500 4.7% 34.% 7.7% 94.9% 6 $,585,000 60.4% 98.% $3,750 5.4% Little Italy 0 0 $3,5,000 7.7% 55.0% 7.3% 3 $3,373 5.4% Lower East Side 36 3.8% $850,000 4.9%.8% 4.3% 7 4 39 $,5,000 9.% 0.4% $3,000 3.6% Nolita 33 $4,495,000 57.7% 5.% 7.9% 3 $3,003,837 36.5% 00.% $3,438 0.4% Soho 88 3.3% $3,697,000 9.7% 48.9% 9.3% 9.6% 88 $,650,000 3.% 04.3% $4,04 4.7% Stuyvesant Town / PCV 3 0 0 $3,694 5.6% Tribeca 39.5% $5,05,50 4.4% 30.% 6.4% 6 40.8% 78 $3,65,000 9.% 98.3% $6,00 3.% West Village 30 0.3% $,750,000 6.7% 36.9% 6.3% 54.9% 44 $,78,540 36.7% 99.4% $3,700 5.7% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 9
MANHATTAN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All Midtown,66 3.4% $,09,000 8.5% 33.% 5.9% 58 4.% 70 $860,000 3.0% 98.5% $3,500 6.% Central Park South 07 3.9% $3,600,000.0% 43.0% 7.0% 0 4.9% 69 $,75,000 36.8% 90.% $7,000 3.4% Kips Bay 6 6.6% $700,000 3.9% 7.3% 5.4% 48 4 $653,500.5% 99.9% $3,300 3.% Midtown 46 3.5% $,95,000 4.6% 37.5% 7.5% 55 79 $,76,000 3.3% 96.9% $4,50 0.5% Midtown South 4 4.5% $,350,000 6.4% 36.6% 6.7% 7 8.6% 65 $,99,000 48.9% 96.% $3,800 6.3% Midtown West 453 4.9% $,00,000 5.6% 30.5% 4.8% 80 4.9% 89 $980,439 38.7% 0 $3,500 6.9% Murray Hill 377 4.8% $700,000 4.6% 3.0% 5.0% 98 3.0% 70 $674,79 98.8% $3,500 6.7% Roosevelt Island 38 65.% $699,450.6% 8.4%.9% 4 8 46 $63,000 5.8% 96.% $3,95 3.% Sutton Place 307 3.% $,350,000 7.4% 37.8% 6.0% 58 4.9% 90 $850,000.0% 97.8% $3,095 0.7% Turtle Bay 477 6.3% $,85,000 3.% 3.0% 6.0% 03.6% 74 $956,000 4.5% 97.8% $3,400 6.4% All Upper East Side,54.% $,650,000 8.3% 38.6% 7.3% 500 5.9% 63 $,00,000 8.6% 98.9% $,950 3.5% Carnegie Hill 84.5% $,649,500 8.3% 38.7% 7.8% 4 6.8% 7 $,790,000 5.5% 0 $3,63 9.8% Lenox Hill 899.9% $,995,000 6.% 4.% 8.4% 49 0.4% 70 $,0,5 0.% 99.% $3,583.0% Upper Carnegie Hill 4 4.5% $,87,500.9% 5 8.9% 3 $,095,000 3.9% $4,000 5.% Upper East Side 757 4.% $,575,000.9% 40.4% 6.9% 6.5% 6 $,00,000 9.% 98.% $,800.0% Yorkville 577 6.5% $955,000 4.5% 3.9% 6.% 45 9.0% 5 $775,000.3% 98.8% $,678.8% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 0
MANHATTAN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All Upper West Side,895 0.7% $,395,000 6.7% 7.9% 6.3% 463 5.5% 5 $,0,000 9.6% 0 $3,300 6.6% Lincoln Square 689.% $,60,000 5.4% 3.7% 5.9% 43 5.9% 45 $,80,000 8.7% 0 $3,995 8.0% Manhattan Valley 69 48.9% $950,000 8.% 7.5% 6.9% 5 4.% 43 $856,50.% 00.5% $3,00 0.7% Morningside Heights 97 9.0% $650,000 4.% 0.6% 4.3% 3 8.5% 49 $58,000 7.6% 0 $3,395 6.% Upper West Side,040 3.6% $,445,000 5.7% 5.4% 6.6% 63 0.6% 54 $,45,000 9.0% 0 $3,75 7.6% All Upper Manhattan 887 3.4% $588,000 0.% 8.0% 6.% 0.9% 53 $50,500 6.6% 0.4% $,00 57.8% Central Harlem 356 4.3% $889,000 48.% 8.8% 6.% 85 44.% 54 $598,648 0.4% 0.4% $,86 5.% East Harlem 98 4.0% $699,000 5.% 9.% 6.% 3 76.9% 30 $57,500 5.9% 97.3% $,45 7.5% Hamilton Heights 94 35.6% $47,750.% 8.7% 6.% 8 45.5% 59 $40,000 5.7% 99.4% $,498.0% Inwood 8 6.8% $39,000.% 9.5% 3.3% 4 4.3% 74 $439,000 40.7% 00.3% $,800 6.8% Manhattanville 0 0 $,00 Marble Hill 0 0 $,375.8% Washington Heights 5.3% $495,000 6.3% 5.9% 70 9.5% 47 $53,500 5.% 00.3% $,50 3.% West Harlem 6 $,497 9.% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE
BROOKLYN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All North Brooklyn 505 5.3% $,00,000 0.% 5.3% 5.5% 0 4.0% 46 $994,500.8% 00.% $3,00 Greenpoint 8.4% $,050,000 8.4% 39.0% 8.% 5.9% 6 $88,750 9.% 00.8% $,86.% Williamsburg 43 3.6% $,00,000.7% 4.6% 95.% 4 $,080,000 9.% 00.% $3,300 3.% All Northwest Brooklyn,05 5.9% $,50,000 7.9%.5% 6.3% 36.7% 56 $88,500 7.7% $,995 7.0% Boerum HIll 75.0% $,050,000 97.% 6.7% 7.7% 3 35.3% 0 $,045,000.8% 0 $,950.7% Brooklyn Heights 08 3.% $,5,000 7.% 4.5% 6.3% 46.5% 45 $,080,000 57.% 0 $,900 9.4% Carroll Gardens 85 30.8% $,550,000 4.8% 30.6% 8.9% 3 35.3% 77 $,46,500 56.4% 97.5% $3,000 Clinton Hill 53.0% $649,000 8.0% 0.9% 3.5% 44 49 $60,000 6.% 0.3% $,700 0.9% Cobble Hill 67 4.7% $995,000 33.7% 3.4% 6.3% 8 33 $,85,000 7.% 00.3% $3,88.% Columbia St. Waterfront 9 9.4% $,050,000 8.9% 0.7% 8.4% 3 $,700.5% Downtown Brooklyn 46 5.0% $849,500 7.% 5.8% 7.0% 4 4.9% 60 $86,500 6.6% 0 $3,87 7.3% Dumbo 7 44.3% $,870,000 33.6% 3.4% 5.% 4 68 $,350,000 6.% 0.5% $4,50.3% Fort Greene 06 4.3% $97,500 3.7% 4.% 5.% 6 73.3% $470,000 37.3% 05.7% $,85 8.7% Gowanus 8.7% $,00,000 33.5%.% 7.5% 4 $84,975 3.9% 30.3% $3,00 3.% Red Hook 8 $,350.0% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE
BROOKLYN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All Prospect Park 64 7.0% $995,000 6.7% 8.4% 6.8% 57 3.3% 39 $885,000 7.% 0.3% $,600 94.6% Park Slope 343 3.6% $,085,000 0.7% 9.8% 6.4% 94.% 44 $899,000.% 0.4% $,850.8% Prospect Heights 68 4.4% $945,000 9.5%.5% 8.3% 34.8% 35 $,050,000 43.% 05.0% $,800 3.7% Prospect Lefferts Gardens 48 $,4,500 4.% 5.0% 6.5% 9 $60,500 57.5% 0 $,700 5.0% Prospect Park South 0 $645,000 4.3% 6.% 4 $475,000 5.5% $,850.9% Windsor Terrace 63 0.3% $70,000 3.5% 4.3%.5% 6 33.3% 4 $695,000 39.0% 0.5% $,550 0.9% All South Brooklyn,57 5.3% $469,994 3.4% 5.4% 5.4% 445 34.% 65 $395,000 96.6% $,850 7.% Bath Beach 40 5.0% $99,000.% 7.5% 5.9% 3 43 $0,000 8.3% 98.% $,700.9% Bay Ridge 5 9.0% $349,000 9.7% 5.5% 5.% 78 77.3% 65 $38,500 47.% 97.8% $,850.8% Bensonhurst 64 8.0% $74,500 0.7% 8.8% 6.0% 5 67 $85,000 7.5% 93.5% $,598.4% Bergen Beach 69 4.5% $679,000 9.6% 5.9% 5.% 9 $587,500 45.% 9.8% Borough Park 8 5.9% $849,500 34.8%.% 8.% 5 $,700 3.0% Brighton Beach 90 8.8% $60,000 0.6% 34.% 4.9% 70 $58,330 4.3% 93.5% $,850.6% Canarsie 77 67.0% $389,000.5% 6.9% 5.0% 6 0 $379,743.5% 94.8% $,800 33.3% Coney Island 87 7.4% $469,000.8% 33.3% 4.5% 6 53 $30,000 4.9% 93.9% $,950 Ditmas Park 80.3% $685,000 5.7% 7.9% 8 49 $677,500.% 05.9% $,95 Dyker Heights 67 63.4% $868,000.4% 3.8% 4.% 3 6.7% 54 $780,440.3% 9.5% $,000 5.9% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 3
BROOKLYN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All South Brooklyn (cont.),464.% $436,500 8.8% 3.7% 5.4% 5 65.8% 55 $370,84.4% 95.9% $,800 5.9% Flatbush 99 0.7% $39,000 7.9% 8.% 8.0% 3 666.7% 6 $307,608 69.0% 00.4% $,799 7.4% Flatlands 80 53.8% $459,500.% 5.0% 4.5% 8 $450,000 0.6% 96.8% Gerritsen Beach 9 6.0% $399,000.% 34.5% 5.% 3 $354,500.3% 97.% Gravesend 9 3.4% $575,000 6.6% 9.5% 6.0% 3 87.5% 88 $64,000 5.0% 93.0% $,675 8.9% Greenwood 53 47.% $959,000 3.9% 43.4% 3.9% 0 75 $934,500 8.4% 98.% $,00 0.9% Kensington 3 5.0% $49,000 36.% 8.7% 8.% 7 35.0% 44 $388,800 8.0% 04.% $,000.% Manhattan Beach 33 5 $,00,000 6.9% 57.6% 5.9% 5 $999,000 7.4% $,395 Marine Park 59 84.4% $69,000.8% 3.% 5.7% 5 $590,000 8.3% 98.3% $,638 Midwood 08.5% $349,000 39.6% 8.5% 4.% 5 69 $9,500 9.3% 95.6% $,750 9.4% Mill Basin 63.% $,99,000 7.0% 5.4% 6.9% 3 $640,000 4.5% 98.5% Northeast Flatbush 69 0.% $349,000 7.5% 5.4% 5.% 6 6.7% 73 $435,000 50.7% 98.9% $,895 6.3% Ocean Parkway 6 6.9% $99,000 33.5% 7.7% 5.3% 0 48 $,550 5.% Old MIll Basin 8 8.0% $,500 8.8% 6.7% 6.3% $96,500 9.6% 95.5% Sea Gate 9 35.7% $668,000 9.7% 3.6% 6.8% $360,000 0 Sheepshead Bay 443.% $335,000 53.0% 8.0% 5.8% 57 0 9 $566,000 59.6% $,600 Sunset Park 50 35.% $545,000 3.9% 8.0% 8.% 3 5.0% 43 $05,000.7% 94.0% $,900 5.6% Wingate 6 $537,000 39.3% 07.4% $,450.4% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 4
BROOKLYN NEIGHBORHOOD SUMMARY SALES LISTING DATA PENDING SALES DATA RECORDED SALES DATA RENTAL DATA Total Inventory Asking Price Share w/ Pending Sales Days on Market Sales Price SaletoList Price Ratio Rent All East Brooklyn 599 7.% $799,999 6.8% 5.4% 7.8% 0.% 5 $644,89.% 0.0% $,495 8.5% BedfordStuyvesant 74 8.6% $949,000 5.6% 8.8% 7.9% 40.6% 75 $768,500 6.3% 00.3% $,400 5.0% Brownsville 0 33.3% $459,000 3.5% 5.7% 4 $5,000 3.6% 0.9% $,600 8.8% Bushwick 95 63.8% $899,000 9.9% 5.3% 7.4% 6 6 4 $570,67 9.% 05.0% $,650 6.7% Crown Heights 5 7.% $790,000.9% 5.% 8.7% 38 8.6% 4 $349,000.8% 99.3% $,400 4.3% East New York 73 7.6% $49,000 34.5%.0% 5.9% 4 7 $8,000.% 86.8% $,850 5.6% Data provided for neighborhoods with at least 0 forsale listings or recorded sales within the quarter. Data for all other neighborhoods is suppressed. Rental data based on all available listings on StreetEasy. StreetEasy Quarterly Market Report Q3 05 PAGE 5
About StreetEasy GLOSSARY 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 006 and was acquired by Zillow Group, Inc. in August 03. @STREETEASY /STREETEASY #STREETEASY Days on Market 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. Inventory The sum of all homes that were available on StreetEasy at any point during the quarter. For example, if a unit was originally listed in February and sold in May, it would be included in the inventory number for the first quarter and the second quarter. This approach allows us to analyze what was available to buyers in a given quarter instead of an arbitrary moment or cutoff point. Asking Price The exact middle asking price among all asking prices of listed homes during the quarter. The exact middle price cut (as a percentage of total asking price) among all listings on StreetEasy during the quarter that saw a price cut. Price Per Square Foot The exact middle recorded price per square foot among all homes that sold during the quarter that included square footage information in closing documents with the New York City Department of Finance. SaletoList Price Ratio The final recorded sales price of a home divided by its initial asking price. A saletolist price ratio of 90 percent means the home sold for 90 percent of its initial asking price. The saletolist price ratio reported is the exact middle ratio among all homes that we are able to match a recorded sale with a listing on StreetEasy. Sales Price The exact middle sales price among all recorded sales prices of homes that closed during the quarter. 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 foreclosures or sales prices lower than $0,000 in this calculation. Pending Sales The number of all homes that entered contract during the quarter. Price Tiers All 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 33rd and 66th percentiles. Price tier cutoffs change each month in order to capture evolving trends in homes that are being sold. The top tier corresponds with the most expensive home listings. Share of Inventory with a The share of all active inventory during the quarter that saw a price cut. To read more about New York City real estate market trends from StreetEasy, visit StreetSmarts at streeteasy.com/blog/ research and join the conversation on Twitter using #StreetSmarts. StreetEasy Quarterly Market Report Q3 05 PAGE 6
GLOSSARY StreetEasy Price Forecasts The Manhattan Price Forecast and the Brooklyn Price Forecast predict the change in resale prices one month out from the current reported period. Each forecast incorporates the Price Index for each borough, StreetEasy s comprehensive database of listing prices and days on market two leading indicators to future resale prices to accurately forecast what next month s resale prices will be before the release of publicly recorded sales data. StreetEasy Price Indices The Manhattan Price Index (MPI) and Brooklyn Price Index (BPI) are monthly indices that track changes in resale prices of condo, coop, and townhouse units. Each index uses a repeatsales method of comparing the sales prices of the same properties since January 995 in Manhattan and January 004 in Brooklyn. Given this methodology, each Index accurately captures the change in home prices by controlling for the varying composition of homes sold in a given month. Data on armslength sales of homes is sourced from the New York City Department of Finance. StreetEasy Quarterly Market Report Q3 05 PAGE 7