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actual data / 5 years of median sales prices, by size of apartment

Sandy MattinglyPosted on Posted in market data reports — No Comments ↓

Following on yesterday’s post about Big Media ‘reading’ The Market (making sense is hard / NYT vs WSJ on The Manhattan Market), here is some hard data about the median price for closed sales in all of Manhattan, by quarter, broken down by size of apartment, courtesy of Miller Samuel. I’ve highlighted the Q3 numbers in each year back to 2002.

I still need to find more current data, as these results do not take into account the ‘liquidity crisis’ that began in mid-August. But here it is, for what it is worth:

Manhattan
Co-ops + Condos
Median Sales Price
2002 – 2007
Studio
1-Bedroom
2-Bedroom
3-Bedroom
4+Bedroom
All
3Q, 2007
390,000
689,000
1,375,000
3,650,000
6,567,712
864,397
2Q, 2007
429,936
700,000
1,400,000
3,600,000
6,600,000
895,000
1Q, 2007
390,000
635,000
1,312,550
3,138,451
6,450,000
835,000
4Q, 2006
410,000
649,000
1,305,000
2,987,500
6,250,000
799,000
3Q, 2006
400,250
655,000
1,395,000
3,200,000
4,900,000
845,147
2Q, 2006
420,000
660,000
1,395,000
3,300,000
5,750,000
880,000
1Q, 2006
399,000
650,000
1,350,000
3,175,000
5,800,000
825,000
4Q, 2005
380,000
650,000
1,330,000
2,700,000
4,700,000
760,000
3Q, 2005
400,000
649,000
1,295,000
3,000,000
5,995,000
750,000
2Q, 2005
369,000
595,000
1,280,000
3,055,000
7,800,000
775,000
1Q, 2005
316,000
557,500
1,200,000
3,200,000
5,050,000
705,000
4Q, 2004
310,000
525,000
980,000
2,450,000
5,725,000
605,000
3Q, 2004
305,000
500,000
1,010,000
2,500,000
6,000,000
600,000
2Q, 2004
285,000
470,000
970,000
2,250,000
4,300,000
625,000
1Q, 2004
250,000
433,000
975,000
2,150,000
4,650,000
595,000
4Q, 2003
250,000
425,000
900,000
1,900,000
3,650,000
500,000
3Q, 2003
246,000
420,000
840,000
2,000,000
3,600,000
530,000
2Q, 2003
236,500
405,000
860,000
2,500,000
5,075,000
475,000
1Q, 2003
245,000
405,000
815,000
2,365,000
5,200,000
443,000
4Q, 2002
245,000
400,000
839,000
2,140,000
4,400,000
450,000
3Q, 2002
239,000
387,000
825,000
2,100,000
3,800,000
470,000


Clearly, by the measure of median price the studio market has been essentially flat for two years, the 2 BR market has been fairly volatile over the past 15 months and the 3 BR and 4 BR markets have been the strongest segments.

As I said in looking at the Third Quarter numbers (October 3: it’s the demand, stupid / Manhattan Q3 market numbers), I believe that the most interesting market datum reported was the number of sales in 2007 — easily a record year for buyer demand.

I got some more recent facts from a NY Times article a month ago (November 11: some Oct market data shows stable Manhattan market), suggesting that October sales volume remained strong, prices “remained high, close to the record prices recorded over the summer“, while inventory was up just a little.

Still looking for Actual Facts about The (current) Market….

© Sandy Mattingly 2007

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