manhattan...2.06%, townhouses down 20.54%). year over year the median list price was down in both...

bhhsnyp.com

MANHATTAN MARKET REPORT

1st Quarter 2020

RESALE

NOTE FROM THE PRESIDENT

The first quarter of 2020 began with positive signs after a period of decline. The New York City real estate market was regaining strength as we saw the number of contracts signed increase in January across the co-op, condo and townhouse sectors and new listings also increased in January through to the beginning of February. All signs pointed to a successful spring market.

We even saw positive signs in the luxury market as both the $5M-$10M and $10M-$20M price points continued a steady increase in closed sales for the third consecutive quarter. The Robert A.M. Stern new condominium construction located at 220 Central Park South achieved the highest price points in the condominium sector for the third quarter in a row, holding six of the top ten highest priced positions in the sector including the highest sale on the 62nd floor which sold for approximately $52,421,625.

By late February, early March, concerns over the spread of the COVID-19 virus surfaced and the economic impact of the pandemic began to take its toll. On March 11th, a state of emergency

was declared, prompting many sellers to remove their properties from the market and defer plans to sell.

The COVID-19 virus sent a shock wave felt throughout the world as cities began to enforce voluntary or mandatory “social distancing” – a new word to represent a totally unchartered chapter in our lives as we witnessed the slow-down of real estate activity around the globe.

Faced with unique circumstances, BHHS | New York Properties quickly responded with a ground-breaking suite of virtual tools for listings, viewings, inspections, contracts, and closings to expedite and address clients’ needs. Our intricately connected family of BHHS Real Estate agents throughout the world teamed together to share their market activities and strategize globally to form a mobile, home-based work-force flexible enough to accommodate the changing needs of the market post-COVID-19.

Martin Bikhit, Managing Director for BHHS | Kay & Co., London, reported that since the lock-down the largest international firm in the UK had only recorded five transactions. The industry is “simply shocked” by current global events. Rather than focusing on real estate transactions, Martin is creating strategies, educating, and advantageously positioning his clients and sales force for an eventual re-entry into the marketplace.

Bruno Rabassa Roig, CEO BHHS | Larvia, reported that Spain had initiated an earlier and stricter lock-down, like Italy. Bruno added that lead activity in Barcelona and Madrid faced a sealed market. As a nascent business, the lock-down has meant little to no activity, with no in person or virtual viewings allowed at this time. For two of the largest cities in Spain to come to a full standstill, is a sobering experience as Bruno prepares for new challenges once their market re-opens.

Michael Vincent, CEO and Hannah Wood, Property Advisor, BHHS | Portugal, are experiencing a similar down market, with the additional factor of plummeting prices. This could well represent a promising market for overseas investors and residents to consider once the market opens. There is a great deal of potential fluidity for clients from the UK in Portugal and Spain. Once lock-down ends, we could see some extremely exciting activity within the region.

In Germany, like Spain, the lock-down has dealt a crushing blow to the nascent BHHS business, where increasing the presence and knowledge of the brand and its capabilities is paramount. Our colleague, Carsten Heinrich, Managing Director, BHHS | Rubina, is focusing on market and brand strategy development to harness these capabilities once the economy and market opens.

(Continued on next page)

NOTE FROM THE PRESIDENT (Cont.)

In Dubai, Phil Sheridan, CEO and Dounia Fadi, COO, report that the strong expat market has shifted to a starkly reduced pace where volume is down although prices remain at pre-COVID-19 levels. Dounia reflected that government regulations put in place since 2008 to discourage predatory real estate practices have meant less price volatility in their market. There is optimism that once the market opens, real estate transaction volumes will increase without plummeting real estate values.

In Toronto, David Binns, VP of Professional Development, shared that activity and demand are concentrated on the condominium sector. Prices have remained constant and BHHS | Toronto anticipates the demand to continue, in the near future.

BHHS | New York Properties does what it always does. We reach out to our dear friends and families, with whom we have done business in the past to ensure their well-being.

Now more than ever, our connections with friends, family, and strangers, define this time. Nightly, at 7:00 p.m., Manhattan’s East Side, West Side, Midtown, Downtown and surrounding marinas, boats, runners and walkers, all stop to clap and cheer the essential workers in healthcare, food delivery, transportation and all the connected sectors for being on the front lines and fighting for the health of all of us.

This worldwide reset has meant that the parks are greener, the blossoms are brighter, and the animals are busy exploring. We have probably all seen the lions walking the streets where cars used to be in Kenya, the sheep and rams taking over Welsh towns, the boars in Northern Italy running through the villages, a little wary, but mostly curious. Where we used to see two planes every 30 seconds in the busiest airports, we see perhaps two an hour. New Delhi, Beijing and Los Angeles reported zero smog and its citizens are wowed by the bright blue skies and starry nights. The ducks, geese and swans in the Central Park Reservoir and the nearby rivers and canals have increased to a size normally reserved for our canine friends from endless breadcrumbs from friendly neighbors. The laughter of children can be heard all around as they express their joy at having unprecedented access to the company of their parents.

When we re-emerge, we will be embracing a rested and restless world. Hopefully a more selfless world. And we will notice how quickly we were able to make a positive impact upon the Earth. In this new age, Berkshire Hathaway HomeServices New York Properties, and all our agents around the world will be there to help their clients expand and flourish as we address their residential, commercial, and industrial real estate needs.

With deep gratitude,

Berkshire Hathaway HomeServices New York Properties212.710.1900590 Madison AvenueNew York, New York 10022

Ellie Johnson | [email protected]

4

MAJOR MARKET PERFORMANCEMedian closed sales price and year over year comparison

Q1 2020 Market Report MANHATTAN

Midtown

Condo $920,000 s 10.2%

Co-op $675,070 r 3.7%

Townhouse - r 100%

Upper East Side

Condo $1,450,000 s 16.7%

Co-op $1,072,000 r 7.4%

Townhouse $9,250,000 s 17%

Upper Manhattan

Condo $795,000 s 0.3%

Co-op $500,000 s 8.3%

Townhouse $2,899.500 r 42%

Upper West Side

Condo $1,490,000 r 2.8%

Co-op $981,250 r 3.3%

Townhouse $8,350,000 r 1%

Downtown

Condo $1,897,500 r 18.6%

Co-op $917,443 r 2%

Townhouse $8,950,000 r 46%

5

MARKET SNAPSHOT BY TYPE

CONDO

CO-OP

TOWNHOUSE

NEW LISTINGS

METRIC Q1 2020 Q4 2019 Q1 2019 QoQ% YoY%

Average Listed Price $3,053,851 $3,072,588 $3,135,074 -0.61% -2.59%

Median Listed Price $1,860,000 $1,895,000 $1,825,000 -1.85% 1.92%

Average SF 1,472 1,480 1,456 -0.55% 1.07%

Average PPSF $1,843 $1,835 $1,852 0.48% -0.46%

# of New Listings 1,280 1,017 1,518 25.68% -15.68%


Average Listed Price $1,586.436 $1,680,907 $1,630,058 -5.62% -2.68%

Median Listed Price $857,000 $875,000 $950,000 -2.06% -9.79%

Average SF 1,278 1,365 1,304 -6.40% -2.06%

Average PPSF $1,356 $1,105 $1,155 22.70% 17.44%

# of New Listings 1,495 1,123 1,748 33.13% -14.47%


Average Listed Price $8,103,812 $10,283,188 $10,115,307 -21.19% -19.89%

Median Listed Price $5,999,000 $7,550,000 $7,000,000 -20.54% -14.30%

Average SF 5,117 6,351 5,756 -18.48% -10.06%

Average PPSF $1,528 $1,490 $1,584 2.53% -3.50%

# of New Listings 86 69 117 24.64% -26.50%

% year over year

Median Listed Price

Median Listed Price

Median Listed Price

# of New Listings

# of New Listings

# of New Listings

1.92%

9.79%

10.83%

15.68%

14.47%

5.69%


The first quarter of 2020 saw an increase over the last quarter in the number of new listings from approximately 25% to 33% in each of the condo, co-op and townhouse markets. Beginning in late February there was a significant drop in new listings which caused final quarter listings to be lower when compared to the prior year. Year over year, the condo segment had 16% less new listings in the first quarter, while the co-op market was down 14% over the prior year and the townhouse market down nearly 27%.

The median list price was down from the previous quarter for each market segment (condos down 1.85%, co-ops down 2.06%, townhouses down 20.54%). Year over year the median list price was down in both the co-op segment and the town-house segment while the condo segment rose by approximately 2%. Overall, there was a decrease in new listings over the prior year as sellers were reluctant to list units as concerns over the Covid-19 pandemic mounted.

6

MARKET SNAPSHOT BY TYPEMEDIAN LISTED PRICE BY TYPE

NEW LISTINGS

NUMBER OF NEW LISTINGS BY TYPE

• After a strong January in which median list prices rose across all segments, prices fell for the following two months ending the quarter with median list prices down 20% for condos and 5% for co-ops. The townhouse market has continued to be more inconsistent, with median list prices declining 51% since January. For all segments, the number of listings increased in January but declined in March. This is atypical as historically there is an uptick in listings in March as the Spring market begins. Again, the Covid-19 pandemic deterred many sellers from listing their homes.

TOWNHOUSE

CO-OP

TOWNHOUSE


CO-OP

CONDO

$0.6M

$0.8M

$1.0M

$1.2M

$1.4M

$1.6M

$1.8M

$2.0M

$2.2M

Oct

201

8N

ov 2

018

Dec 2

018

Jan

2019

Feb

2019

Mar

201

9Ap

ril 2

019

May

201

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ne 2

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July

201

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g 20

19Se

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201

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019

Dec 2

019

Jan

2020

Feb

2020

Mar

202

0

$3.0M

$4.0M

$5.0M

$6.0M

$7.0M

$8.0M

$9.0M

$10.0M

$11.0M

Oct

201

8N

ov 2

018

Dec 2

018

Jan

2019

Feb

2019

Mar

201

9Ap

ril 2

019

May

201

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July

201

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19Se

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201

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Jan

2020

Feb

2020

Mar

202

0

0

200

400

600

800

1000

1200

1400

1600

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

July

201

9

Aug

2019

Sept

201

9

Oct

201

9

Nov

201

9

Dec 2

019

Jan

2020

Feb

2020

Mar

202

0

Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020

CONDO

7


CONDO

CO-OP

TOWNHOUSE

CONTRACTS SIGNED

% year over year

The condo segment began the year with slightly over a 2% increase in the number of contracts signed quarter over quarter and an increase of 9% year over year. The median list price was nearly unchanged quarter over quarter while the average last list price was down less than 1%. The average days on the market rose 18% quarter over quarter and 10% year over year.


Average Last Listed Price $2,284,170 $2,300,514 $2,594,294 -0.71% -11.95%

Median Last Listed Price $1,500,000 $1,495,000 $1,595,000 0.33% -5.96%

Listing Discount* -9.78% -9.03% -10.79% - -Median PPSF $1,600 $1,519 $1,619 5.30% -1.20%

# of Contracts 600 586 552 2.39% 8.70%

Average DOM 145 123 132 18.20% 9.93%

% year over yearMedian LastListed Price

# of Contracts

5.96%

8.70%

Average DOM

% year over year

% year over year

There were approximately 6% less contracts signed in the first quarter of 2020 than in the fourth quarter of 2019. However, the 956 contracts signed in the first quarter were an increase of nearly 4% from the previous year. Average and median last list prices posted losses from the previous quarter. The average last list price fell approximately 10% year over year while the median fell 2% over the same period. The average days on the market increased 14% quarter over quarter and approximately 11% from the prior year.

The average last list price and median last list price were both down significantly quarter over quarter and year over year. However, the total number of contracts signed was up 72% over the prior quarter and 26% from the year prior. The average number of days on the market was relatively unchanged over the prior year but increased nearly 14% over the last quarter.

# of Contracts

# of Contracts

2.35%

20.38%

3.58%

26.47%

11 days

-

Average DOM

Average DOM


* Note: Listing Discount (also known as Listing Premium) calculated based on last asking price of a listing once it goes into contract relative to original asking price.



Median Last Listed Price $830,000 $882,000 $850,000 -5.90% -2.35%

Listing Discount* -5.09% -6.56% -5.50% - -Median PPSF $1,026 $1,033 $1,033 -0.70% -0.72%

# of Contracts 956 1,022 923 -6.46% 3.58%

Average DOM 124 108 111 14.26% 11.27%



Median Last Listed Price $6,250,000 $8,850,000 $7,850,000 -29.38% -20.38%

Listing Discount* 14.22% -14.59% -13.29% - -Median PPSF $1,585 $1,679 $1,740 -5.64% -8.94%

# of Contracts 43 25 34 72.00% 26.47%

Average DOM 185 163 186 13.52% -0.36%

Median LastListed Price

Median LastListed Price

10 days

8


CONTRACTS SIGNED

NUMBER OF CONTRACTS & MEDIAN LAST LISTED PRICE BY TYPE

NUMBER OF CONTRACTS & MEDIAN LAST LISTED PRICE

TOWNHOUSE

• The number of contracts signed in the townhouse segment rose in January and remained relatively stable through February and March. The median sales price declined in the townhouse segment over the past few months.

CONDO, NUMBER OF CONTRACTS

CONDO, MEDIAN LAST LISTED PRICE

CO-OP, NUMBER OF CONTRACTS

NUMBER OF CONTRACTS

MEDIAN LAST LISTED PRICE


CO-OP, MEDIAN LAST LISTED PRICE

CONDO

CO-OP

$0.0M

$0.2M

$0.4M

$0.6M

$0.8M

$1.0M

0

100

200

300

400

500

Oct

201

8N

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018

Dec 2

018

Jan

2019

Feb

2019

Mar

201

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201

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Jan

2020

Feb

2020

Mar

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0

Med

ian

Last

List

ed P

rice

Num

ber o

f Con

trac

ts

$0.0M

$0.5M

$1.0M

$1.5M

$2.0M

0

100

200

300

Med

ian

Last

List

ed P

rice

Num

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f Con

trac

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$0.0M

$2.0M

$4.0M

$6.0M

$8.0M

$10.0M

$12.0M

0

5

10

15

20

Oct

201

8

Nov

201

8

Dec 2

018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

July

201

9

Aug

2019

Sept

201

9

Oct

201

9

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019

Jan

2020

Feb

2020

Mar

202

0

Med

ian

Last

List

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rice

Num

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f Con

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• After an increase in January in the number of contracts signed, the condo segment experienced a decrease in the following two months. For the co-op segment, the median last list price and number of contracts signed rose from January to February but declined in March.

9

MARKET SNAPSHOT BY PRICE AND BEDROOM

CONTRACTS SIGNED

% NUMBER OF CONTRACTS BY PRICE• The highest percentage of resale contract

volume continued to occur in the $500-$1M category with 35% of sales occurring in this price range followed by the $1M-$2M segment at 25%. The $2M - $3M price range saw its fourth consecutive quarter of increases ending the quarter at 10.7%. The $5M-$10M category and the $10M-$20M category continued to rise slightly over the past three consecutive quarters. The $20M+ category remained relatively unchanged over the past four quarters. Although down slightly quarter over quarter, the <$500k segment continued to remain within the 10%-11% range over the past year.

PRICE RANGE Q1 2020 Q4 2019 Q1 2019

<$500K 10.7% 10.3% 11.0%

$500K-1M 34.6% 34.4% 33.9%

$1M-2M 24.8% 25.2% 25.6%

$2M-3M 10.7% 9.8% 9.9%

$3M-5M 6.5% 6.7% 6.9%

$5M-10M 4.4% 3.8% 4.6%

$10M-20M 1.3% 1.1% 1.4%

$20M+ 0.1% 0.2% 0.7%

CONTACTS SIGNED BY BEDROOM: CONDO

CONTACTS SIGNED BY BEDROOM: CO-OP


BEDROOMS METRIC Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 QoQ% YoY%

1 bedroom Median Last List Price $1,050,000 $950,000 $999,000 $1,095,000 $998,000 10.53% 5.21%

% Market Share 35.3% 35.2% 39.3% 39.2% 34.8% 0.51% 1.58%

2 bedrooms Median Last List Price $2,100,000 $1,900,000 $1,975,000 $1,995,000 $1,895,000 10.53% 10.82%

% Market Share 35.7% 34.3% 35.2% 32.3% 35.3% 3.98% 0.96%


% Market Share 13.2% 16.0% 12.1% 12.5% 17.9% -17.92% -26.59%

4+ bedrooms Median Last List Price $5,995,000 $5,222,500 $8,500,000 $8,175,000 $5,500,000 14.79% 9.00%

% Market Share 6.2% 5.8% 3.5% 4.6% 6.5% 6.28% -5.44%


1 bedroom Median Last List Price $698,500 $699,000 $699,000 $719,500 $699,000 -0.07% -0.07%

% Market Share 40.4% 38.2% 39.7% 39.7% 39.1% 5.81% 3.26%


% Market Share 28.6% 29.8% 28.7% 29.9% 28.4% -4.31% 0.62%

3 bedrooms Median Last List Price $2,200,000 $2,172,500 $2,172,500 $2,295,000 $2,367,500 1.27% -7.07%

% Market Share 10.7% 12.1% 11.8% 12.1% 12.6% -12.06% -15.10%

4+ bedrooms Median Last List Price $3,250,000 $3,912,500 $3,150,000 $4,247,500 $4,574,500 -16.93% -28.95%

% Market Share 3.6% 4.3% 3.1% 4.0% 3.9% -17.39% -8.81%

10


CONDO

CO-OP

TOWNHOUSE

CLOSED SALES

CLOSED PRICE Q1 2020 Q4 2019 Q1 2019 QoQ% YoY%

Average Sales Price $1,902,216 $1,848,440 $2,100,078 2.91% -9.42%

Median Sales Price $1,299,869 $1,272,813 $1,375,000 2.13% -5.46%


Average DOM 128 119 113 8.08% 13.61%

% year over year

Median Sales Price 5.46%

14 daysAverage DOM


Average Sales Price $1,282,958 $1,229,824 $1,375,626 4.32% -6.74%

Median Sales Price $809,800 $775,000 $830,000 4.49% -2.43%

Listing Discount* -7.56% -7.22% -6.73% - -Median PPSF $949 $933 $961 1.65% -1.29%

Average DOM 106 103 97 2.90% 9.15%

The average and median close prices for the both the condo and co-op sectors increased quarter over quarter but decreased year over year. The average close price for the condo sector was up 3% from the prior quarter while the average close price was down 9% over the prior year. The co-op sector posted a 4% gain in the average and median close prices quarter over quarter while the median price fell 2% year over year and the average price fell nearly 7%. Average days on the market increased for the third consecutive quarter for both the co-op and condo sector. The listing premiums were at their highest over the past year for both condos and co-ops at -9.71% and -7.56%, respectively.

The average and median close prices were both up quarter over quarter and year over year in the townhouse sector while the days on the market increased 32% over the last quarter but decreased 3% over the prior year. The townhouse also post-ed its highest listing premium over the past year -17.53%.



9 daysAverage DOM


Average Sales Price $7,553,068 $6,462,293 $6,863,522 16.88% 10.05%

Median Sales Price $7,100,000 $4,750,000 $4,800,000 49.47% 47.92%


Average DOM 172 130 178 32.34% -3.41%


Average DOM

* Note: Listing Discount (also known as Listing Premium) calculated based on closed sales price relative to original asking price.

3 days

11


CLOSED SALES

AVERAGE DAYS ON MARKET OF CLOSED LISTINGS BY TYPE


MEDIAN CLOSED SALES PRICE BY TYPE

CO-OP

CONDO

TOWNHOUSE

$0.6M

$0.7M

$0.8M

$0.9M

$1.0M

$1.1M

$1.2M

$1.3M

$1.4M

$1.5M

$1.6M

Oct

201

8N

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018

Dec 2

018

Jan

2019

Feb

2019

Mar

201

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201

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Feb

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0

$1.0M

$2.0M

$3.0M

$4.0M

$5.0M

$6.0M

$7.0M

$8.0M

$9.0M

Oct

201

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Dec 2

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Jan

2019

Feb

2019

Mar

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9Ap

ril…

May

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0113

122

101

119128

97111

94103 106

178170 165

130

172

0

20

40

60

80

100

120

140

160

180

200

Q1

2019

Q2

2019

Q3

2019

Q4

2019

Q1

2020

Q1

2019

Q2

2019

Q3

2019

Q4

2019

Q1

2020

Q1

2019

Q2

2019

Q3

2019

Q4

2019

Q1

2020

CONDO CO-OP TOWNHOUSE

12

MARKET SNAPSHOT BY PRICE AND BEDROOM

CLOSED SALES

% NUMBER OF CLOSED SALES BY PRICE

• The largest concentration of closed sales remains unchanged from previous quarters and continues to remain in the $500K - $1M price point capturing 39% of market share which is down nearly 4% from the prior quarter. The $5M-$10M and $10M-$20M price points both showed a steady uptick of growth over the past three quarters.

PRICE RANGE Q1 2020 Q4 2019 Q1 2019

<$500K 15.4% 14.6% 14.3%

$500K-1M 38.6% 42.4% 37.1%

$1M-2M 25.7% 25.7% 26.4%

$2M-3M 10.2% 9.0% 10.7%

$3M-5M 5.6% 5.2% 7.4%

$5M-10M 3.4% 2.3% 2.8%

$10M-20M 0.9% 0.6% 0.8%

$20M+ 0.2% 0.3% 0.5%


1 bedroom Median Price $925,000 $925,000 $975,000 $985,000 $975,000 0.00% -5.13%

% of Market Share 37.1% 38.5% 44.0% 35.4% 35.3% -3.77% 4.90%

2 bedrooms Median Price $1,835,000 $1,700,000 $1,700,000 $1,707,500 $1,737,500 7.94% 5.61%

% of Market Share 33.6% 33.1% 32.8% 35.1% 34.9% 1.47% -3.80%

3 bedrooms Median Price $2,712,500 $2,807,500 $2,500,000 $3,100,000 $3,100,000 -3.38% -12.50%

% of Market Share 13.9% 14.8% 9.1% 14.8% 16.1% -5.96% -13.17%

4+ bedrooms Median Price $5,425,000 $4,820,000 $7,400,000 $7,400,000 $4,800,000 12.55% 13.02%

% of Market Share 5.1% 3.8% 1.9% 6.8% 5.8% 35.29% -11.14%

CLOSED SALES BY BEDROOM: CONDO


1 bedroom Median Price $690,000 $670,000 $699,000 $700,000 $680,000 2.99% 1.47%

% of Market Share 31.6% 31.0% 30.5% 32.6% 31.1% 2.17% 1.62%

2 bedrooms Median Price $1,226,000 $1,150,000 $1,260,000 $1,300,000 $1,370,000 6.61% -10.51%

% of Market Share 21.5% 23.7% 24.4% 23.0% 23.2% -9.01% -7.31%

3 bedrooms Median Price $1,985,000 $2,095,000 $2,075,000 $2,362,500 $2,062,500 -5.25% -3.76%

% of Market Share 11.1% 10.0% 9.0% 10.7% 9.1% 11.11% 21.56%

4+ bedrooms Median Price $3,425,000 $3,700,000 $4,000,000 $4,325,000 $2,900,000 -7.43% 18.10%

% of Market Share 3.2% 2.7% 1.3% 3.3% 3.6% 16.18% -12.07%

CLOSED SALES BY BEDROOM: CO-OP


• 1- bedroom and 2-bedroom units continue to hold the largest portion of market shares. Median prices held steady in the 1-bedroom condo market over the past quarter but dipped 5% year over year. Meanwhile median prices in the 2-bedroom condo market were up 8% quarter over quarter and up nearly 6% over the prior year.

• 3- bedroom condo and co-op median prices declined quarter over quarter and year over year with condos taking the largest hit down 13% over the prior year. 4-bedroom condo and co-op median prices were both up year over year while the percentage of market share fell in both categories over the same period. The 4-bedroom condo median price was up 13% quarter over quarter while the 4-bedroom co-op median price declined 7% over the last quarter.

13

PRICE NEGOTIABILITY*

TOWNHOUSE

CLOSED SALES

CLOSED PRICE Q1 2020 Q4 2019 Q1 2019

Above Ask 5.32% 3.62% 5.57%

At Ask 3.85% 4.88% 2.57%

Below Ask 90.83% 91.50% 91.86%

CLOSED PRICE Q1 2020 Q4 2019 Q1 2019

Above Ask 8.90% 10.04% 11.40%

At Ask 7.32% 7.63% 9.59%

Below Ask 83.78% 82.34% 79.01%

CLOSED PRICE Q1 2020 Q4 2019 Q1 2019

Above Ask 3.23% 5.88% 11.54%

At Ask 3.23% 0.00% 0.00%

Below Ask 93.55% 94.12% 88.46%

The condo segment had a higher percentage of above-ask sales (5.32%) than at-ask (3.85%) in the first quarter while 91% of sales were below asking.

The co-op segment has the lowest percentage of sales below-ask in this quarter at 84% while the at-ask sales were at 7%. The above-ask sales were at 9% which was the highest percentage of above-ask sales of all three segments in this quarter.

Following the trend of the prior three quarters, the townhouse segment once again had the highest percentage of below-ask sales at 94%. The at-ask sales increased from none in the last quarter to 3% in the first quarter. The above-ask sales were at 3% in the first quarter which was a nearly 3% decline over the prior quarter.


*% of closed sales prices above, at, and below original asking price

At Ask3.23%

Below Ask93.55%

Above Ask8.90%

At Ask7.32%

Below Ask83.78%

Above Ask5.32%

At Ask3.85%

Below Ask90.83%

• First quarter with 84% to 94% of inventory selling below asking. These figures are slightly decreased from the prior quarter with the exception of the co-op market which increased slightly. The townhouse segment had the lowest percentage of above-ask sales and at-ask in the first quarter.

CONDO

CO-OP

14

METHODOLOGY& DISCLAIMERS

• This report was produced and authored by Berkshire Hathaway HomeServices New York Properties in partnership with Perchwell and Vanderbilt Appraisal Company, LLC. Project point of contact: Marketing Department, Berkshire Hathaway HomeServices New York Properties

• Data sources: Perchwell, RLS, Automated City Register Information System (ACRIS), New York City public data and proprietary sources between January 1, 2020 - March 31, 2020

• Market indicator definitions:

• New Listings – The inventory that has come to market within the quarter, based on listing date. This provides for the highest level of accuracy when we consider new market supply. We examine the volume of listings brought to market each specific quarter.

• Contracts Signed – The most-timely market demand indicator by reflecting buyers’ willingness to buy, market conditions and price. As contract price is not required at time of contract signed status reporting, contract signed prices are based on last listed price.

• Closed Sales – Not all contracts reach the closing stage; thus, closed sales represent the net market demand at the final closing price. Closed data then becomes the most accurate price negotiability indicator.

• This report is based on market-wide Manhattan data for condo, co-op and townhouse resales. New development data is excluded.

• Sales price definitions:

• New listing/inventory prices are based on original listed price

• Contract signed prices are based on last listed price

• Closed sales prices are based on the reported closing price

• The average days on market for both contract signed listings and closed sales represent the number of days from the first listed date to the contract date.

• The number of closed sales for Q1 2020 reflects all closed sales data available in ACRIS as of April 1, 2020 and has not been adjusted as there is a shortened lag period in our report due to exclusive direct ACRIS access.

• Information is based in whole or part on residential property transactions and is being provided “as is.” Data may not reflect all real estate activity in the market.

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© 2020 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitation. Equal housing opportunity.


manhattan...2.06%, townhouses down 20.54%). year over year the median list price was down in both...

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