still riding the jalopy
I captured 30 days of reported Manhattan "loft" sales from the inter-firm data-base on January 11, comprising a second set of 30-day-sales data. The limitations, cautions, gripes and hopes set forth in my initial collection (December 18: hard data is hard to find … here’s some on 30 days of actual loft sales) all still apply.
top line numbers are 22 and 28
For the 30 days prior to January 11, 2009 our inter-firm data base reported as Sold and Closed Manhattan "lofts" 22 resales and 28 developer/sponsor sales in new developments, compared to the 24 and 19 reported in December. Once again, I am reluctant to do too much parsing of such limited data, but the median price-per-foot for the 16 resales I have enough data to compute was either $1,043/ft, $1,050/ft or mid-way between them, depending on whether the "median" of 16 points is point #8, #9 or the average of points #8 and #9. On the other hand the average was $1,104/ft for the 16 resales, compared to $1,170/ft last time. For new developments, I can compute median and average per-foot numbers (for 22 sales) as $1,183 or $1,190 and $1,258/ft (compared to $1,272/ft and $1,269/ft, respectively, in December).
Again, to me the most interesting current "days on market" number is the spread between when an apartment came to market and when it got into a contract that (later) actually transferred title. I get a median Days Until Contract for resales of 91 days or 131 days (or their average, darn those even numbers of data points) with a range of 37 days to 764 days, and an average for resales of 170 (compared to December’s 179 days). For new developments, the spread is again from the ridiculous (780 days to contract) to the sublime (zero days; that would be signed contracts on lofts released just for that buyer), with a median of 123 and an average of 194 days (much higher than December’s average of 147 days).
google = smart
Yes, those Google guys are as smart as they say they are (at least for sharing Google Docs spreadsheets), so the raw data is on-line here.
limited history, so limited commentary
With only two sets of 30-day-sales-data, there is not much to say that will be very insightful (or valid). That should change, going forward with more data sets. Have at it … enjoy!
© Sandy Mattingly 2009