Methodology
Market Reports and Data
- 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 and absorption
- 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 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 provide a 10-year analysis on The Hamptons/North Fork market
Purpose and Overview of Market Reports
Purpose To provide market-wide trends based on available historical information, not an appraisal of a specific property.
Improper Use It is improper to apply these statistics to the square footage, room count or other attributes of a specific property in order to estimate its market value. Improper use of this research would be akin to using the Dow Jones Industrial Average to price a specific stock in a portfolio. Amenities including, but not limited to view, physical condition, layout, quality and type of construction, square footage, number of bedrooms, lot size, financial condition and security have a significant influence on values within the same county, neighborhood, zip code, building, or any other market or sub-market.
Market-wide Sales Analysis The statistics presented in all of of the market reports available at MillerSamuel.com are based on all property sales available to us in each defined market area at the time each report was prepared. Sales used within our market reports are market-wide and not simply an analysis of the sales of Prudential Douglas Elliman.
Manhattan Market Specific Information
Quarterly Manhattan Market Overview A quarterly analysis of co-op and condo sales in Manhattan. Unlike the stock markets, apartment sales data continues to fall in the prior quarter as it becomes available because sales are usually not recorded at time of closing and may lag the closing date by several weeks or months. However, in order for the report to be useful and timely, the report represents a reliable analysis of market conditions during the quarter based on the sales data obtained by the end of the quarter.
10-year Manhattan Market Report It is the compilation of data presented in the four quarterly reports plus additional analysis. New data collected after the posting dates of each quarterly report are not appended to the original data since each quarterly report represents a snap shot of the market at the time they were issued. Since historical data is continuously collected in day to day business, Miller Samuel reserves the right to update the results of these reports in the future or in other reports or studies.
10-year Manhattan Townhouse Report An annual analysis of Manhattan townhouse sales as a 10 year moving window. Dormant since 2003, the report was brought back for the 2006 market, covering the period 1997-2006.
Types of data used Closed arms-length residential apartment sales for the Manhattan Market Overview and Report were used. Medical and professional co-ops and condo sales as well as separate maid's and storage rooms were excluded. Closed arms-length residential 1-5 family townhouse sales that could be delivered vacant for the Manhattan Townhouse Report were used.
Data sources The primary data sources for Manhattan co-ops, condos and townhouses were ACRIS, Property Shark and other subscription services, managing agents, board members, lenders, buyers and sellers. The data used in these reports were collected during the normal course of business for Prudential Douglas Elliman and Miller Samuel and do not necessarily represent all sales in their respective categories.
Summary of Manhattan online aggregate data available To open a table that summarizes the type of Manhattan aggregate data available online, go here.
Query Manhattan online aggregate data
Location The data included in the Manhattan market reports on this site are located on the entire island of Manhattan. Prior to 2005, the sales data used was located between Battery Park City and either West 116th Street or East 96th Street. The former Manhattan designation was re-named East Side + West Side + Downtown and the sales history was retained and will continue to be updated. Manhattan means all of Manhattan and all historical Manhattan data has been revised to include the expanded market area.
Neighborhood boundaries Several market areas were selected or combined with other neighborhoods and correspond with commonly known neighborhood boundaries. They were selected for their higher concentration of market activity. When a specific location is omitted, the lack of data density specific to it is usually the reason. To open a table that summarizes the neighborhood boundaries, go here.
Overlapping market areas Due to the inclusion of several sub-markets in several neighborhoods, the total of all areas analyzed do not equal the Manhattan totals.
Ownership types The market reports include co-ops, condos and townhouses. The co-ops are owned as co-op interest. Cond-ops are considered within the co-op dataset since the individual apartment is allocated shares and functions as a co-op. Condos are owned in fee simple with the exception of those located in Battery Park City, one of the only condo developments known in New York state that are located on leased land.
New development Condo new development sales are defined as any and all sales that close within 3 years of the construction date and case-by-case exceptions. Re-sales are defined as any sale that is not considered new development.
Apartment sizes were determined by total number of rooms
| Studio | 1 to 2.5 rooms |
| One-bedroom | 3 to 3.5 rooms |
| Two-bedroom | 4 to 6.5 rooms |
| Three-bedroom | 7 to 8.5 rooms |
| Four-bedroom | 9 or more rooms |
Brooklyn Market Specific Information
Quarterly Brooklyn Market Overview A quarterly analysis of co-op, condo and 1-3 family sales in Brooklyn. Sales data continues to fall in the prior quarter as it becomes available because sales are usually not recorded at time of closing and may lag the closing date by several weeks or months. However, in order for the report to be useful and timely, the report represents a reliable analysis of market conditions during the quarter based on the sales data obtained by the end of the quarter. Since the time of data collection is consistent, comparison to previous periods is considered reasonable and a reliable proxy for a full collection of data that would be record as much as 120 days after the close of the period.
Types of data used Closed arms-length residential co-op, condo and 1-3 family sales were used. Sales outliers that did not appear to be arm's length, were removed from the data set.
Data sources The primary data source for Brooklyn was ACRIS supplemented by additional information or physical characteristics collected during the normal course of business by Miller Samuel or Prudential Douglas Elliman
Neighborhoods Included within each region
Query Brooklyn online aggregate data
Location The data included in the Brooklyn market reports and on this site encompass the entire borough of Brooklyn.
Ownership types The market reports include co-ops, condos and 1-3 family properties.
New development Condo new development sales are defined as any and all sales that close within 3 years of the construction date and case-by-case exceptions. Re-sales are defined as any sale that is not considered new development.
Queens Market Specific Information
Quarterly Queens Market Overview A quarterly analysis of co-op, condo and 1-3 family sales in Queens. Sales data continues to fall in the prior quarter as it becomes available because sales are usually not recorded at time of closing and may lag the closing date by several weeks or months. However, in order for the report to be useful and timely, the report represents a reliable analysis of market conditions during the quarter based on the sales data obtained by the end of the quarter. Since the time of data collection is consistent, comparison to previous periods is considered reasonable and a reliable proxy for a full collection of data that would be record as much as 120 days after the close of the period.
Types of data used Closed arms-length residential co-op, condo and 1-3 family sales were used. Sales outliers that did not appear to be arm's length, were removed from the data set.
Data sources The primary data source for Queens was ACRIS supplemented by additional information or physical characteristics collected during the normal course of business by LIBOR, Miller Samuel or Prudential Douglas Elliman
Neighborhoods Included within each region
Query Queens online aggregate data
Location The data included in the Queens market reports and on this site encompass the entire borough of Queens.
Ownership types The market reports include co-ops, condos and 1-3 family properties.
New Development Condo new development sales are defined as any and all sales that close within 3 years of the construction date.
Long Island Market Specific Information
Quarterly Long Island Market Overview A quarterly analysis of residential house and condo sales in Nassau and Suffolk counties. Suffolk county excludes data from the Hamptons and the North Fork which are to be analyzed in a future report. Unlike the stock markets, housing sales data continues to fall in from the prior quarter as it becomes available because sales are usually not recorded at time of closing and may lag the closing date by several weeks or months. However, in order for the report to be useful and timely, the report represents a reliable analysis of market conditions during the quarter based on the sales data obtained by the end of the quarter.
Types of Data Used Closed arms-length residential sales were used including houses and condos.
Data sources The primary data source was LIBOR and ACRIS.
Towns Included within each region
Query Long Island online aggregate data
Location The data included in the Long Island Market Overview covers the counties of Nassau and Suffolk, excluding the Hamptons and the North Fork, which are analyzed in a separate report.
Sub-market boundaries North Shore Boundaries are defined as Kings Point to Laurel Hollow, north of the Long Island Expressway, north of route 25, within Nassau County. South Shore boundaries are generally south of Route 27 in Nassau and Suffolk Counties, west of The Hamptons.
Hamptons/North Fork Market Specific Information
Quarterly Hamptons/North Fork Market Overview A quarterly analysis of residential house and condo sales in the east end of Suffolk County. Unlike the stock markets, housing sales data continues to fall in from the prior quarter as it becomes available because sales are usually not recorded at time of closing and may lag the closing date by several weeks or months. However, in order for the report to be useful and timely, the report represents a reliable analysis of market conditions during the quarter based on the sales data obtained by the end of the quarter.
10-year Hamptons/North Fork Market Report An annual analysis of East End residential sales as a 10 year moving window. First introduced covering the 1998-2007 markets.
Types of data used Closed arms-length residential sales were used including houses and condos.
Data sources The primary data source were The Long Island Real Estate Report, LIBOR, OREX, Prudential Douglas Elliman and RTS.
Towns or Hamlets Included within each region
Query Hamptons/North Fork online aggregate data
Location The data included in the Hamptons/North Fork Overview and Report covers the east end of Suffolk county, specifically the Hamptons and the North Fork.
Query Hamptons/North Fork online aggregate data
Terminology
Townhouses One to five family houses that can be delivered vacant.
Luxury Top ten percent of all sales prices all properties to transfer in that particular period comprise the luxury market.
Loft This Manhattan sub-category is the analysis of all co-op and condo loft sales available. A loft is a former commercial or manufacturing property that was converted to residential use. There have been a handful of newly constructed projects that were designed to mimic the construction characteristics of turn-of-the-century properties and these are included in the loft statistics presented.
Residential All residential properties in a particular market area, includes all property types covered such as 1-3 family, co-ops and/or condos.
Statistics and Formulas
Number of Sales All available sales to occur in a specific market during the reporting period. This figure is not updated in subsequent quarters.Average Price Per Square Foot The total of all apartment sales prices in a specific reporting period and market divided by the total square footage of all sales in that same period and market.
Average Sales Price The total of all apartment sales prices in a specific reporting period and market divided by the number of sales in that same market and reporting period.
Median Sales Price This is the number that is the middle point of all the sales prices in a data set. If the data set has an even number of data points, the average of the two middle numbers of the set is the median sales price.
Listing Inventory In Manhattan, listing inventory has been collected by surveying the exclusive listings of top Manhattan real estate brokerage firms. The list of firms was developed based on our experience and Crain's New York Business Magazine's list of Largest Real Estate Brokerages which ranks them by annual direct property sales. In addition, data is collected through the the REBNY RLS system. In Long Island, aggregate listing totals are extracted from generating a query in the MLS of LI but analysis of individual listing sales is not available for detailed analysis. On the East End, inventory was obtained from a combination of using the LI MLS, HREO and Realnet.
Quintiles All sales in the quarter are sorted by price. The total number of sales are then divided into five equal groups. The average sales price of each fifth, or quintile results.
Days on Market The number of days from the last change in list price to the contract date.
Listing Discount The percentage difference between the last list price and the contract price. For example, a $1,000,000 last list price with a $950,000 indicates a 5% listing discount: ($1,000,000 - $950,000) / $1,000,000 = 5%.
Number of Contract Sales Collected through our appraisal firm's day to day exposure to contract activity. Not meant to be comprehensive or trended because the sample size is too small. It is more of an "at the moment" assessment tool. When a range is given, it is the result of a periodic assessment of activity levels throughout the reporting period, not the total of the period's contract activity.
Contract prices Periodically, we look at same unit price trends. In other words, based on what a property is under contract for at the moment, we ask the question: "what would this unit have sold for at a prior period?"
Absorption The number of months it would take for all existing inventory to be sold without new inventory coming on the market. Its is calculated by taking the listing inventory and deducting the monthly number of sales. An increase in the number of months to absorb current housing stock indicates a weakening market. The number of sales for the quarter is divided by three to convert to a monthly average. For example, a 3,000 quarterly number of sales and a listing inventory of 6,000 would yield a 6 month absorption: (6,000) - (3,000/3) = 6 months.
