Market Reports

Miller Samuel prepares a series of real estate market reports covering the New York City metro area. Additional market areas are currently under development. Over the past year these reports had a distribution in both print and internet download of more than 1,000,000 copies. Each of these reports are available for download as PDF files below.

Much of the data for the New York regional report series is available via an aggregate data search engine that generates custom tables. The reports are prepared using the following methodology.

• Miller Samuel Market Report Innovations
• First to analyze the entire borough of Manhattan
• First to track Manhattan co-ops by price per square foot
• First to analyze Manhattan square footage of all sales
• First to analyze the Manhattan market by median sales price
• First to break out the Manhattan market by bedrooms (Studio, 1, 2, 3, 4+)
• First to analyze Manhattan market-wide apartment inventory
• First provide a 10-year analysis on Manhattan co-op/condo market
• First provide a 10-year analysis on Manhattan townhouse market
• First to analyze Manhattan days on market
• First to drop Manhattan price per room as an obsolete market indicator
• First to break out Manhattan sales by specific neighborhoods
• First to analyze the Manhattan uptown co-op and condo market
• First to analyze the Manhattan co-op and condo market by zip code
• First to analyze Manhattan new development and re-sale trends
• First to break out the Long Island, Queens & East End markets by quintiles
• First to analyze the entire borough of Brooklyn
• First to analyze the entire borough of Queens
• First to analyze Brooklyn new development trends
• First to analyze Queens new development trends
• First to analyze Long Island by region (ie, North Shore, South Shore, etc.
• First to provide a 10-year analysis on The Hamptons/North Fork market
• First to provide quarterly report on the Manhattan rental market
• First to analyze the Manhattan rental market by rental price per square foot, number of rentals, days on market, listing discount, listing inventory
• First to analyze absorption in Manhattan, Queens, Brooklyn, Long Island and Hamptons/North Fork

These market studies may not be reproduced or used in whole or in part, except with proper credit as to their authorship.

Manhattan Market Overview 2Q 2010 [PDF] Archives

A quarterly survey of Manhattan co-op and condo sales.

...The median sales price of a Manhattan apartment was $899,000 in the second quarter, up 7.6% from $835,700 in the same period a year ago and up 3.6% from $868,000 in the prior quarter. Average sales price showed the same pattern, rising 9.1% to $1,432,712 in the second quarter from $1,312,920 in the prior year quarter and up 0.4% from $1,426,994 in the prior quarter. However, price per square foot generally remained stable over the year, slipping a nominal 0.5% to $1,051 per square foot in the second quarter from $1,056 per square foot in the prior year quarter, but rising 1.2% from $1,038 per square foot in the prior quarter. Price per square foot is a more reliable indicator of overall price trends in the second quarter due to the general increase in the size of apartments that sold. The average square footage of a Manhattan apartment that sold in the second quarter was 1,364 square feet, up 9.7% from 1,243 square feet in the prior year quarter. This trend corresponds to the increase in the level of sales activity at the upper end of the market in 2010 compared to greater weighting of the entry-level market activity in 2009...

Manhattan Rental Market Overview 2Q 2010 [PDF] Archives

A quarterly survey of Manhattan residential rentals

...The second quarter average rental price of a Manhattan apartment fell 3.3% to $3,710 per month from $3,839 in the same period last year. The decline was largely caused by the drop in the average size of a rental apartment to 898 square feet from 1,043 square feet over the same period. As a result, rental price per square foot increased 12.3% to $49.60 from $44.16 reflecting the higher price per square foot skew seen in smaller apartments...

Manhattan Market Report 2000-2009 [PDF] Archives

Approximately 92,000 co-op and condo sales transactions from more than 6,500 buildings over the last ten years were analyzed. Each of the 53 different market areas have been presented with data tables and charts as well as a summary matrix that compare 2009 to the prior year (2008) and prior decade (2000).

...There were 6,851 listings on the market at the end of 2009, 24.6% less than 9,081 listings in 2008, which was the highest level of inventory in the past decade. The 2009 inventory level was in line with the 6,860 average annual inventory level of the past decade. This resulted in a monthly absorption rate of 11.1 months, up from a rate of 10.6 months in 2008 and above the 9.2 monthly average over the past decade. The cause of inventory decline in the first half of the year was the trend of sellers removing their property from the market in hopes of re-listing when market conditions improve substantially. The decline in inventory in the second half of 2009 was attributable to the surge in sales activity simply working off the properties on the market...

Manhattan Townhouse Report 2000-2009 [PDF] Archives

...The 2009 median sales price of a Manhattan townhouseÑdefined as a 1-5 family residence that can be delivered vacantÑfell 31.9% from the record set in 2008 to $3,400,000 from $4,995,000. The other price indicators showed a consistent trend over the same period with average sales price falling 32% to $5,012,736 and price per square foot falling 31.2% to $1,111. The decline in prices were not attributable to a shift to a larger mix of smaller sized sales as illustrated in the year over year consistency in square footage. The average size of a townhouse sale was 4,512 square feet in 2009, down nominally from 4,565 square feet in 2008 and was consistent with the 4,481 square foot annual average over the past decade...

Brooklyn Market Overview 2Q 2010 [PDF] Archives

A quarterly survey of Brooklyn residential sales.

...The median sales price of a Brooklyn property was $463,000 in the second quarter, 5% above the $441,090 median sales price of the prior year quarter and nominally below the $466,000 median sales price of the prior quarter. This indicator showed a year-over-year increase for the first time since the third quarter of 2007 and showed diminishing quarterly declines over the past year. This suggests that price levels have stabilized. Average sales price was $545,110 in the second quarter, 10.1% above $495,120 in the prior year quarter and 2.5% above $532,061 in the prior quarter. The trends were not skewed by a shift in the mix of properties that sold over the past year. The average size of all sold property types in the second quarter was 1,532 square feet, down a modest 1.2% from 1,550 square feet in the prior year quarter...

Queens Market Overview 2Q 2010 [PDF] Archives

A quarterly survey of Queens residential sales.

...The median sales price of a Brooklyn property was $463,000 in the second quarter, 5% above the $441,090 median sales price of the prior year quarter and nominally below the $466,000 median sales price of the prior quarter. This indicator showed a year-over-year increase for the first time since the third quarter of 2007 and showed diminishing quarterly declines over the past year. This suggests that price levels have stabilized. Average sales price was $545,110 in the second quarter, 10.1% above $495,120 in the prior year quarter and 2.5% above $532,061 in the prior quarter. The trends were not skewed by a shift in the mix of properties that sold over the past year. The average size of all sold property types in the second quarter was 1,532 square feet, down a modest 1.2% from 1,550 square feet in the prior year quarter...

Long Island Market Overview 2Q 2010 [PDF] Archives

A quarterly survey of Long Island residential sales.

...There were 5,902 sales in the second quarter, 49.2% more than the 3,956 sales in the same period last year and up 54.7% from 3,814 sales in the first quarter. The 54.7% increase in sales from the prior quarter exceeded the 36.2% seasonal increase of the previous five years. Listing inventory showed stability in the second quarter, up a modest 0.6% to 23,620 from 23,485 in the same period last year and the 13% increase from 20,902 in the prior quarter, which was consistent with the 12.4% 5-year seasonal increase over the same period. As a result of stabilized inventory and rising sales, the monthly absorption rate-the number of months it would take to sell existing inventory at the current pace of sales-fell to 12 months from 17.8 months in the prior year quarter. The current absorption rate was faster than the 13.2 average monthly rate of the past five years...

Hamptons/North Fork Market Overview 2Q 2010 [PDF] Archives

A quarterly survey of residential sales in the Hamptons and the North Fork.

...The number of sales was up sharply from the same period last year. There were 582 sales in the second quarter, up 89.6% from 307 sales in the same period last year and up 19.8% from 486 sales in the prior quarter. This is consistent with the 5-year quarterly average of 559 sales. There were 2,190 listings at the end of the second quarter, 4.2% below the 2,286 in the same period last year and 5.5% below the 2,318 in the prior quarter. Listing inventory was 13.5% above the 5-year quarterly average of 1,894. The combination of rising sales and falling inventory resulted in a decline in monthly absorptionÑthe number of months to sell all listing inventory at the current pace of sales. The monthly absorption rate was 11.3 months, approximately half the 22.3 month absorption rate in the same period last year...

Hamptons North Fork Market Report 2000-2009 [PDF] Archives

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