MANHATTAN...2 MAJOR MARKET PERFORMANCE Median closed sales price and year over year comparison Q2 2019 Market Report MANHATTAN Midtown Condo $1,215,000 s9% Co-op $670,000 r7.5% Townhouse

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MANHATTAN MARKET REPORT

2nd Quarter 2019

RESALE

2

MAJOR MARKET PERFORMANCEMedian closed sales price and year over year comparison

Q2 2019 Market Report MANHATTAN

Midtown

Condo $1,215,000 s 9%

Co-op $670,000 r 7.5%

Townhouse $4,525,000 r 5%

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 $806,000 s 2.3%

Co-op $490,000 s 12.5%


Upper West Side

Condo $1,600,000 s 17.6%

Co-op $975,050 s 8.7%

Townhouse $7,100,000 s 12%

Downtown

Condo $1,587,500 s 11%

Co-op $865,000 s 3.8%


3

MARKET SNAPSHOT BY TYPE

CONDO

CO-OP

TOWNHOUSE

NEW LISTINGS

METRIC Q2 2019 Q1 2019 Q2 2018 QoQ% YoY%

Average Listed Price $3,175,831 $3,135,074 $3,028,947 1.30% 4.85%

Median Listed Price $1,980,750 $1,825,000 $1,795,000 8.53% 10.35%

Average SF 1,491 1,456 1,473 2.40% 1.23%

Average PPSF $1,882 $1,852 $1,826 1.62% 3.05%

# of New Listings 1,786 1,518 1,541 17.65% 15.90%


Average Listed Price $1,718,067 $1,630,058 $1,849,553 5.40% -7.11%

Median Listed Price $925,000 $950,000 $950,000 -2.63% -2.63%

Average SF 1,336 1,304 1,281 2.39% 4.24%

Average PPSF $1,171 $1,155 $1,184 1.41% -1.06%

# of New Listings 2,036 1,748 2,086 16.48% -2.40%


Average Listed Price $9,577,700 $10,115,307 $10,215,559 -5.31% -6.24%

Median Listed Price $7,000,000 $7,000,000 $7,850,000 0.00% -10.83%

Average SF 5,646 5,756 5,401 -1.91% 4.55%

Average PPSF $1,739 $1,584 $1,807 9.82% -3.75%

# of New Listings 130 117 123 11.11% 5.69%

% year over year

Median Listed Price

Median Listed Price

Median Listed Price

# of New Listings

# of New Listings

# of New Listings

10.35%

2.63%

10.83%

15.90%

2.40%

5.69%


The Second Quarter of 2019 saw a continuation of the increasing trend in total listings in the Condo, Co-op and Townhouse markets. Each segment had at least 11% more listings than the previous quarter. The median Condo list price was up 8.5% from the previous quarter, while the median list prices for Co-ops declined slightly and Townhouses remained stable. Overall, most metrics showed increases from the previous quarter. Condo year-over-year figures were also up, while the Co-op and Townhouse sectors showed mostly decreased metrics from the previous year.

4

MARKET SNAPSHOT BY TYPEMEDIAN LISTED PRICE BY TYPE

NEW LISTINGS

NUMBER OF NEW LISTINGS BY TYPE

• As spring turned into summer, the number of listings for April, May and June in the Condo, Co-op and Townhouse markets declined steadily. However, the figures remained within the range established over the previous 6 to 9 months, reflecting typical seasonal fluctuation. Although the month-to-month variation has been minor, the median list price in all three sectors was the lowest in at least 4 months.

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

April

201

8

May

201

8

June

201

8

July

201

8

Aug

2018

Sept

201

8

Oct

201

8

Nov

201

8

Dec

2018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

$3.0M

$4.0M

$5.0M

$6.0M

$7.0M

$8.0M

$9.0M

April

201

8

May

201

8

June

201

8

July

201

8

Aug

2018

Sept

201

8

Oct

201

8

Nov

201

8

Dec

2018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

0

200

400

600

800

1000

1200

1400

1600

April

201

8

May

201

8

June

201

8

July

201

8

Aug

2018

Sept

201

8

Oct

201

8

Nov

201

8

Dec

2018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019

CONDO

5


CONDO

CO-OP

TOWNHOUSE

CONTRACTS SIGNED

% year over year

With an increase in listings in the second quarter, the Condo, Co-op and Townhouse segments all had more contracts signed than the previous quarter. This marks the third straight quarter of an increase in contracts signed for all three sectors. The Condo segment had 150 more contracts signed than the previous quarter, for a 27% increase. Average and median last list prices, as well as days on the market, all decreased.


Average Last Listed Price $2,296,426 $2,594,294 $2,627,472 -11.48% -12.60%

Median Last Listed Price $1,450,000 $1,595,000 $1,699,500 -9.09% -14.68%

Listing Discount* -8.26% -10.79% -6.34% - -Median PPSF $1,560 $1,619 $1,621 -3.68% -3.77%

# of Contracts 702 552 620 27.17% 13.23%

Average DOM 107 132 94 -18.81% 13.36%

% year over yearMedian LastListed Price

# of Contracts

14.68%

13.23%

13 daysAverage DOM

% year over year

% year over year

There were 30% more contracts signed in the second quarter than in the first. The 1,209 signed contracts nearly matched the 1,201 signed in the second quarter of 2018. Average and median last list prices remained virtually stable from the previous quarter, while the average days on the market declined approximately 11%.

While there were 26% more Townhouse contracts signed in the second quarter than in the previous quarter, all other quarterly metrics showed decreases in this sector. Average and median last list prices declined 23% and 36%, respectively, and days on the market declined by 20%. Townhouse metrics are typically more volatile due to smaller sample sizes.

# of Contracts

# of Contracts

4.19%

28.59%

0.67%

22.86%

18 days

28 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.


Average Last Listed Price $1,351,505, $1,400,252 $1,577,851 -3.48% -14.35%

Median Last Listed Price $869,000 $850,000 $907,000 2.24% -4.19%

Listing Discount* -6.51% -5.50% -5.01% - -Median PPSF $1,036 $1,033 $1,079 0.23% -4.03%

# of Contracts 1,209 923 1,201 30.99% 0.67%

Average DOM 99 111 81 -10.82% 21.94%


Average Last Listed Price $7,284,895 $9,441,588 $10,154,514 -22.84% -28.26%

Median Last Listed Price $4,995,000 $7,850,000 $6,995,000 -36.37% -28.59%

Listing Discount* -12.49% -13.29% -15.16% -- --

Median PPSF $1,622 $1,740 $1,853 -6.81% -12.48%

# of Contracts 43 34 35 26.47% 22.86%

Average DOM 148 186 120 -20.11% 23.56%

Median LastListed Price

Median LastListed Price

6


CONTRACTS SIGNED

NUMBER OF CONTRACTS & MEDIAN LAST LISTED PRICE BY TYPE

NUMBER OF CONTRACTS & MEDIAN LAST LISTED PRICE

TOWNHOUSE

• As is typical for the Townhouse segment, there was more volatility due to this segment’s smaller sample size.

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

$1.2M

0

100

200

300

400

500

April

201

8M

ay 2

018

June

201

8Ju

ly 2

018

Aug

2018

Sept

201

8O

ct 2

018

Nov

201

8De

c 20

18Ja

n 20

19Fe

b 20

19M

ar 2

019

April

201

9M

ay 2

019

June

201

9 Med

ian

Last

List

ed P

rice

Num

ber

of C

ontr

acts

$0.0M

$0.5M

$1.0M

$1.5M

$2.0M

0

100

200

300

Med

ian

Last

List

ed P

rice

Num

ber

of C

ontr

acts

$0.0M

$2.0M

$4.0M

$6.0M

$8.0M

$10.0M

$12.0M

$14.0M

0

5

10

15

20

April

201

8

May

201

8

June

201

8

April

201

8

May

201

8

June

201

8

July

201

8

Aug

2018

Sept

201

8

Oct

201

8

Nov

201

8

Dec

2018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

Med

ian

Last

List

ed P

rice

Num

ber

of C

ontr

acts

• The Condo and Co-op segments saw increases each of the first four months of 2019 in number of contracts signed. That trend ended in May; however, monthly fluctuation in this category remains minor for both segments. Condo median last list prices saw similarly slight monthly fluctuation over the second quarter, while the Co-op median last list price of $925,000 for June 2019 was the highest monthly figure in a year.

7

MARKET SNAPSHOT BY PRICE AND BEDROOM

CONTRACTS SIGNED

% NUMBER OF CONTRACTS BY PRICE

• The majority of contracts signed in the second quarter of 2019 occurred in the $500K - $1M range, which is consistent with statistics from the previous four quarters. In that period, the percentage of contract signed in this price sector ranged from approximately 34% to 38%. Statistics in the other price sectors also remained stable, with 28% of contracts signed in the $1M - $2M range and 10% in the <$500k range. There is typically little fluctuation among these figures.

PRICE RANGE Q2 2019 Q1 2019 Q2 2018

<$500K 10.1% 11% 9.4%

$500K-1M 35.1% 33.9% 34.9%

$1M-2M 28% 25.6% 25.5%

$2M-3M 9% 9.9% 11.2%

$3M-5M 7% 6.9% 8.1%

$5M-10M 3.4% 4.6% 4.8%

$10M-20M 1.3% 1.4% 1.8%

$20M+ 0.2% 0.7% 0.5%

CONTACTS SIGNED BY BEDROOM: CONDO

CONTACTS SIGNED BY BEDROOM: CO-OP


BEDROOMS METRIC Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 QoQ% YoY%

1 bedroom Median Last List Price $1,095,000 $998,000 $999,999 $1,087,500 $1,082,500 9.72% 1.15%

% Market Share 39.2% 34.8% 35% 36% 32.7% 12.62% 19.64%

2 bedrooms Median Last List Price $1,995,000 $1,895,000 $1,925,000 $1,785,000 $2,150,000 5.28% -7.21%

% Market Share 32.3% 35.3% 34.5% 34.4% 32.4% -8.46% -0.26%

3 bedrooms Median Last List Price $3,445,000 $3,500,000 $3,000,000 $2,995,000 $3,350,000 -1.57% 2.84%

% Market Share 12.5% 17.9% 15.2% 12.3% 18.1% -30.10% -30.61%

4+ bedrooms Median Last List Price $8,175,000 $5,500,000 $5,597,500 $4,975,000 $6,950,000 48.64% 17.63%

% Market Share 4.6% 6.5% 5.9% 6.4% 6.3% -30.10% -27.53%


1 bedroom Median Last List Price $719,500 $699,000 $699,000 $699,000 $749,000 2.93% -3.94%

% Market Share 39.7% 39.1% 38.2% 38.3% 36.5% 1.54% 8.86%

2 bedrooms Median Last List Price $1,299,500 $1,295,000 $1,299,000 $1,299,000 $1,375,000 0.35% -5.49%

% Market Share 29.9% 28.4% 30.9% 27.4% 30% 5.50% -0.11%

3 bedrooms Median Last List Price $2,295,000 $2,367,500 $2,250,000 $2,275,000 $2,795,000 -3.06% -17.89%

% Market Share 12.1% 12.6% 12% 13.3% 13.1% -3.91% -7.62%

4+ bedrooms Median Last List Price $4,247,500 $4,547,500 $3,264,000 $4,450,000 $4,595,000 -7.15% -7.56%

% Market Share 4% 3.9% 4.1% 4.4% 4.6% 1.80% -13.30%

8


CONDO

CO-OP

TOWNHOUSE

CLOSED SALES

CLOSED PRICE Q2 2019 Q1 2019 Q2 2018 QoQ% YoY%

Average Sales Price $2,191,193 $2,100,078 $2,130,891 4.34% 2.83%

Median Sales Price $1,377,500 $1,375,000 $1,510,000 0.18% -8.77%

Listing Discount* -9.18% -9.19% -6.42% - -Median PPSF $1,392 $1,423 $1,462 -2.18% -4.79%

Average DOM 122 113 105 8.25% 16.12%

% year over year

Median Sales Price 8.77%

17 daysAverage DOM


Average Sales Price $1,363,003 $1,375,626 $1,385,832 -0.92% -1.65%

Median Sales Price $826,500 $830,000 $800,000 -0.42% 3.31%

Listing Discount* -7.07% -6.73% -4.98% - -Median PPSF $968 $961 $1,022 0.74% -5.22%

Average DOM 111 97 90 14.44% 23.51%

Since the first quarter of 2019, the Condo segment saw a slight increase in average close price of 4% and virtually no change in median close price. The Co-op segment saw changes of less than 1% in the second quarter of 2019 in average and median close price, compared with the previous quarter. The year-over-year changes were slightly greater, but both the Condo and Co-op segments have demonstrated overall stability over the last four quarters.

Townhouse close prices showed greater increases both over the previous quarter and year. These metrics indicate no clear trends, which is a result of a smaller sample size.



21 daysAverage DOM


Average Sales Price $8,435,433 $6,863,522 $7,363,007 22.90% 14.57%

Median Sales Price $6,950,000 $4,800,000 $4,940,500 44.79% 40.67%

Listing Discount* -14.33% -13.14% -13.59% - -

Median PPSF $1,556 $1,527 $1,314 1.86% 18.37%

Average DOM 170 178 201 -4.45% -15,45%


Average DOM

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

31 days

9


CLOSED SALES

AVERAGE DAYS ON MARKET OF CLOSED LISTINGS BY TYPE


MEDIAN CLOSED SALES PRICE BY TYPE

CO-OP

CONDO

TOWNHOUSE

$0.6M

$0.8M

$1.0M

$1.2M

$1.4M

$1.6M

$1.8M

Apr 2

018

May

201

8

June

201

8

July

201

8

Aug

2018

Sept

201

8

Oct

201

8

Nov

201

8

Dec

2018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

$1.0M

$2.0M

$3.0M

$4.0M

$5.0M

$6.0M

$7.0M

$8.0M

$9.0M

April

201

8

May

201

8

June

201

8

July

201

8

Aug

2018

Sept

201

8

Oct

201

8

Nov

201

8

Dec

2018

Jan

2019

Feb

2019

Mar

201

9

April

201

9

May

201

9

June

201

9

10589

112 113122

9078

94 97111

201

130138

178170

0

50

100

150

200

250

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

Q2

2018

Q3

2018

Q4

2018

Q1

2019

Q2

2019

CONDO CO-OP TOWNHOUSE

10

MARKET SNAPSHOT BY PRICE AND BEDROOM

CLOSED SALES

% NUMBER OF CLOSED SALES BY PRICE • The distribution of closed sales among price intervals remained largely unchanged from previous quarters. The $500K - $1M price point remains the most active, with approximately 37% of the market share. Likewise, 1-bedroom and 2-bedroom units were most popular in both the Condo and Co-op markets.

PRICE RANGE Q2 2019 Q1 2019 Q2 2018

<$500K 12.9% 14.3% 12.3%

$500K-1M 37.7% 37.1% 39%

$1M-2M 25.6% 26.4% 25.7%

$2M-3M 11.3% 10.7% 10.4%

$3M-5M 6.5% 7.4% 7.1%

$5M-10M 4% 2.8% 3.9%

$10M-20M 1.7% 0.8% 1.1%

$20M+ 0.3% 0.5% 0.5%


1 bedroom Median Price $985,000 $975,000 $1,020,000 $995,000 $1,024,375 1.03% -3.84%

% of Market Share 35.4% 35.3% 35.9% 35.8% 33.3% 0.13% 6.13%

2 bedrooms Median Price $1,707,500 $1,737,500 $1,735,000 $1,975,000 $1,895,000 -1.73% -9.89%

% of Market Share 35.1% 34.9% 33.2% 32.3% 35.9% 0.61% -2.27%

3 bedrooms Median Price $3,100,000 $3,100,000 $3,010,000 $3,050,000 $2,982,500 0.00% 3.94%

% of Market Share 14.8% 16.1% 14.7% 15.7% 15.3% -7.97% -3.34%

4+ bedrooms Median Price $7,400,000 $4,800,000 $5,000,000 $5,425,000 $5,400,000 54.17% 37.04%

% of Market Share 6.8% 5.8% 5.9% 5.3% 5.4% 16.94% 26.33%

CLOSED SALES BY BEDROOM: CONDO


1 bedroom Median Price $700,000 $680,000 $699,000 $715,000 $700,000 2.94% 0.00%

% of Market Share 32.6% 31.1% 30.8% 31.8% 30.8% 4.81% 5.83%

2 bedrooms Median Price $1,300,000 $1,370,000 $1,225,000 $1,325,000 $1,295,000 -5.11% 0.39%

% of Market Share 23% 23.2% 22% 25.1% 21.6% -1.11% 6.44%

3 bedrooms Median Price $2,362,500 $2,062,500 $2,250,000 $2,330,000 $2,413,125 14.55% -2.10%

% of Market Share 10.7% 9.1% 9.5% 9.5% 9.8% 17.18% 9.05%

4+ bedrooms Median Price $4,325,000 $2,900,000 $4,335,000 $3,795,000 $4,161,475 49.14% 3.93%

% of Market Share 3.3% 3.6% 2.7% 3.2% 3% -8.22% 11.37%

CLOSED SALES BY BEDROOM: CO-OP


• The median sale price of 1-bedroom Condos and Co-ops increased since the last quarter, while the median price of 2-bedroom units decreased. These changes were very slight. The median price of 3-bedroom Condos decreased 8% while 3-bedroom Co-ops increased nearly 15%.

11

PRICE NEGOTIABILITY*

CONDO

CO-OP

TOWNHOUSE

CLOSED SALES

CLOSED PRICE Q2 2019 Q1 2019 Q2 2018

Above Ask 4.56% 5.57% 9.63%

At Ask 4.87% 2.57% 9.48%

Below Ask 90.57% 91.86% 80.89%

CLOSED PRICE Q2 2019 Q1 2019 Q2 2018

Above Ask 10.93% 11.40% 16.57%

At Ask 8.58% 9.59% 10.71%

Below Ask 80.49% 79.01%% 72.72%

CLOSED PRICE Q2 2019 Q1 2019 Q2 2018

Above Ask 2% 11.54% 2.33%

At Ask 4% 0.00% 4.65%

Below Ask 94% 88.46% 93.02%

The increase in inventory that began the previous quarter has continued in the second quarter of 2019 and has helped maintain greater negotiability across all segments. 91% of Condo sales were below ask in the second quarter of 2019, similar to the 92% the previous quarter. Unlike the previous quarter, there were a slightly higher percentage of sales at ask (4.87%) than above ask (4.56%).

The Co-op segment also saw sustained negotiability levels in the second quarter. Below ask sales remained at approximately 80% in the second quarter of 2019, with at ask and above ask ratios also stable at approximately 9% and 11%, respectively.

In the second quarter of 2019, 94% of Townhouse sales were below ask. This represented an increase from the previous quarter’s 88%. 4% of sales were at ask and the remaining 2% occurred above ask.


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

Above Ask2.0% At Ask

4.0%

Below Ask94.0%

Above Ask10.9%

At Ask8.6%

Below Ask80.5%

Above Ask4.6%

At Ask4.9%

Below Ask90.6%

12

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 April 1st 2019 and June 30th 2019.

• 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 Q2 2019 reflects all closed sales data available in ACRIS as of July 2nd 2019 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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© 2019 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.


Documents

MANHATTAN...2 MAJOR MARKET PERFORMANCE Median closed sales price and year over year comparison Q2 2019 Market Report MANHATTAN Midtown Condo $1,215,000 s9% Co-op $670,000 r7.5% Townhouse