Curbed Roundtable: July State O' the Market Report

The Big Four have unleashed their second quarter Manhattan real estate market reports on the world, and when combined they make for one big maelstrom of misery, followed by what appears to be a bit of calm waters. The numbers differ, but Prudential Douglas Elliman (in a report prepped by Curbed graph guru Jonathan Miller), Corcoran (with PropertyShark's Bill Staniford on board) and Halstead/Brown Harris Stevens (making in-house abacus operator Greg Heym work overtime) all report big losses in average and median Manhattan sales prices over last year, and epic falls in the number of sales—we're talking sales cut in half. But there are signs of life: green shoots, if you will. The reports all point to sales activity picking up at the tail end of the quarter (the usual spring bump or a sign the market has bottomed?), and Corcoran's Pam Liebman says in the brokerage's report that once all Q2 closings reach public record, sales could be up over 15% from last quarter. While inventory is up around 10% over last year, it's down from last quarter, and co-ops (representing 47.5% of all apartment sales in the quarter, according to Elliman) are performing feats of strength. To the numbers!

Average sale price
Elliman: $1,312,920 (-21.4% over last year, -28% over last quarter)
Corcoran: $1,440,000 (-14% over last year, -8% over last quarter)
Halstead/BHS: $1,263,471 (-15% over last year, -16% over last quarter)

Median sale price
Elliman: $835,700 (-18% over last year, -14% over last quarter)
Corcoran: $849,000 (-13% over last year, -8% over last quarter)
Halstead/BHS: $795,000 (-19 over last year, -12% over last quarter)

Number of sales
Elliman: -50.3% over last year
Corcoran: -55% (approx.) over last year
Halstead/BHS: -53% over last year

Assorted scary statistics
· Re-sale condos -14% on price-per-square-foot over last year. [Corcoran]
· New development sales -66% over last year. [Corcoran]
· Market share of new development sales fell to 27% of all sales, the lowest level in 18 months. [Elliman]
· New development price-per-square-foot -16% over last year. [Halstead/BHS]
· "Luxury market" listing inventory (upper 10% of condo and co-op market) +110.7% over last year. [Elliman]
· Days on the market up from 135 days at this time last year to 162 days. [Elliman]
· Discount between final asking and sale price was 7.8%, compared to 3.6% last year. [Elliman]

And those are just the headlines. Of course, there are numerous tasty morsels locked in these reports (including neighborhood-by-neighborhood breakdowns), which will all be available for download sometime today if they're not already. Pull your favorite stats and let the armchair analysis begin!
· Market Reports [Elliman]
· Guides & Reports [Corcoran]
· Market Reports [BHS]