LUXURY REPORT MID YEAR 2018

Transcription

1 LUXURY REPORT MID YEAR 2018

2 MID YEAR 2018 LUXURY REPORT While there may have been an overall 31% decrease in the sale of $5m+ Coops and Condos since the peak in 2017, the Manhattan luxury market remains above the frothy peak of 2008.

3 INTRODUCTION In our continued effort to analyze and honestly report on the vastly complicated Manhattan $5m+ luxury residential market, it is incumbent on us to divulge the good as well as the less good. Having declared this, it is very clear that this market is enduring what is the kindest, gentlest major price correction in memory. While these decreases vary depending on neighborhood, property condition, amenities and Condo or Coop, many prices have decreased by 10-20% over the last two years, particularly for Coops. It is hard to recall a real estate market incurring such an adjustment without some relatively catastrophic triggering event, such as a major Stock Market collapse. This is simply a market that is adjusting itself to chronic overpricing relative to buyers perception of value. Value is key to any transaction but has become particularly crucial in recent years, especially in Manhattan which has always been driven by the almighty dollar. Never has the import of value and appropriate pricing been more obvious than in the $5m+ market s performance in the first half of 2018: Cooperatives, many having wisely lowered their prices in the last 6 to 9 months, benefitted from a resulting increase in perceived value. Sales of $5m+ Coops actually increased 10% in the first half of This is despite a paradigmatic shift in buyers to newly developed modern Downtown, high amenity Condos and away from Uptown prewar restrictive Coops. Witness the 29% decrease in Coop sales from 2015 to 2017 versus the 92% increase in Condo sales over the same period. Very dramatic. On the other hand, $5m+ Condos were as a whole reluctant to reduce their prices and suffered the consequences by falling 39% in the first half of New Developments, previously the strongest segment of the market, are always the slowest to respond to price pressure and showed the largest decline of 54%. Resale Condos, being owned by individuals, are the most responsive and only fell 25%. Currently, there is much talk about price adjustments and closing credits in New Development Condos and it seems that activity is picking up again. Sometimes historical perspective can assuage less good market news: While there may have been an overall 31% decrease in the sale of $5m+ Coops and Condos since the peak in 2017, the Manhattan luxury market remains above the frothy peak of Res ipsa loquitur or, the market speaks for itself. KIRK HENCKELS Vice Chairman Director of Private Brokerage STRIBLING PRIVATE BROK ER AGE 3

4 MARK ET HIGHLIGHTS 07 HISTORIC TRENDS - SALES 08 RECORDED SALES 10 HISTORIC TRENDS - CONTR ACTS 13 CONTR ACTS SIGNED 14 TOTAL INVENTORY 17 MONTHS OF SUPPLY 19 For sellers of homes priced above $5 million, Stribling Private Brokerage inspired by the private banking model provides the highest degree of specialized attention and customized marketing. We view each transaction as truly unique and exercise the extreme discretion and due diligence that are critical in this market sector. SOURCES Stribling & Associates proprietary database, ACRIS (Automated City Register Information System) RESEARCHED & WRITTEN BY: GARRETT DERDERIAN Director of Data & Reporting

5 METHODOLOGY GEOGR APHY covered in this report is Manhattan and Brooklyn. DATA covered in this report is reflective of the first half of each year, ending June 30 INVENTORY is calculated based on all properties actively listed at the time the report is prepared CONTR ACT SIGNED figures for the report are based on publicly reported transactions at the time the report is prepared. The signed price reflects the latest available asking price. RECORDED SALES figures are based on known closings recorded at the time the report is prepared. MONTHS OF SUPPLY is an estimated time it would take to sell all current active listings based on the trailing 12-months sales rate. MEDIAN PRICE is the middle price of a given dataset. AVER AGE PRICE is the sum of all prices divided by the total number of properties.

6 It is very clear that this market is enduring what is the kindest, gentlest major price correction in memory. 6 LUXURY REPORT

7 M A R K E T H I G H L I G H T S MARKET-WIDE CONDO CO-OP 406 TOTAL SALES 303 TOTAL SALES 103 TOTAL SALES $9,898,736 AVERAGE PRICE $9,929,390 AVERAGE PRICE $9,382,169 AVERAGE PRICE $7,600,000 MEDIAN PRICE $7,537,550 MEDIAN PRICE $7,000,000 MEDIAN PRICE $2,631 AVERAGE PPSF $2,866 AVERAGE PPSF $2,387 AVERAGE PPSF 247 AVERAGE DAYS ON MARKET 239 AVERAGE DAYS ON MARKET 270 AVERAGE DAYS ON MARKET HIGHEST CONDO SALE 503 West 24th Street PENTHOUSE $59,058,500 HIGHEST CO-OP SALE 995 FIFTH AVENUE RESIDENCE 15 $35,000,000 STRIBLING PRIVATE BROK ER AGE 7

8 HISTORICAL TRENDS HISTORICAL PRICE TRENDS $3,000 $12,000,000 $2,500 $2,546 $10,000,000 $2,000 $8,000,000 $1,500 $6,000,000 $1,000 $4,000,000 $500 $0 $2,490 $2,311 $2,351 $2,249 $2,464 $2,630 $2,778 $2,746 $2,836 $2,631 $2,000,000 $ Average PPSF Average PPSF Since 2009 Average Price Median Price When comparing the low point in the first half of 2009 to 2018, there has been a 244% increase in sales. HISTORICAL PRICE BY PROPERTY TYPE $12,000,000 $11,000,000 $10,000,000 $9,929,390 $9,000,000 $9,382,169 $8,000,000 $7,537,550 $7,000,000 $7,000,000 $6,000, Condo Average Coop Average Condo Median Coop Median 8 LUXURY REPORT

9 HISTORICAL TRENDS CONDOS There were 303 condo sales during the first half of the year, a 39% decline from the same period one year ago. A slowdown in new development closings contributed to the loss. Notably, this was the first time since 2013 that the average price per square foot fell below $2,900; it was down 3% to $2,866. However, the median price remained strong, up 3% to $7,537,550, and was only surpassed by the median price in This was also the third highest average sales price on record, reaching $9,929,390, up 2% from one year ago. CO - OPERATIVES The luxury cooperative market fared better than condos in the first half of the year. Total sales increased 10% to 103, and all price metrics were up from one year ago. The median price grew 4% to $7,000,000, while the average price jumped 5% to $9,382,169. These were the highest sales figures since 2015, when 133 cooperatives entered contract. Notably, the average square footage hit 3,832, the largest recorded since CONDO HISTORICAL SALES TOTAL UNITS YOY 68% -26% -23% 25% 137% 6% 70% 13% -39% MEDIAN PRICE $6,921,554 $6,660,225 $6,110,750 $6,516,800 $7,200,000 $7,789,612 $7,239,788 $7,315,545 $7,295,761 $7,537,550 YOY -4% -8% 7% 10% 8% -7% 1% -0.3% 3% AVERAGE PRICE $8,374,206 $8,451,924 $7,565,592 $8,859,990 $8,853,592 $10,254,532 $10,137,705 $9,784,597 $9,772,418 $9,929,390 YOY 1% -10% 17% -0.1% 16% -1% -3% -0.1% 2% AVERAGE PPSF $2,764 $2,502 $2,542 $2,599 $2,652 $2,902 $2,959 $2,902 $2,969 $2,866 YPY -9% 2% 2% 2% 9% 2% -2% 2% -3% AVERAGE SF 3,228 3,515 3,017 2,950 3,410 3,110 2,869 2,990 3,060 3,222 YOY 9% -14% -2% 16% -9% -8% 4% 2% 5% CO-OP HISTORICAL SALES TOTAL UNITS YOY 97% 11% 4% 6% 41% 25% -23% -9% 10% MEDIAN PRICE $6,875,000 $7,012,500 $7,708,000 $7,150,000 $7,344,000 $7,350,000 $7,500,000 $6,400,000 $6,750,000 $7,000,000 YOY 2% 10% -7% 3% 0.1% 2% -15% 5% 4% AVERAGE PRICE $8,703,938 $8,988,644 $9,557,539 $11,209,409 $8,502,657 $10,178,009 $10,248,721 $8,599,297 $8,897,121 $9,382,169 YOY 3% 6% 17% -24% 20% 0.7% -16% 3% 5% AVERAGE PPSF $2,461 $2,096 $2,258 $1,994 $2,424 $2,091 $3,326 $2,550 $2,287 $2,387 YOY -15% 8% -12% 22% -14% 59% -23% -10% 4% AVERAGE SF 3,643 3,622 3,418 2,559 3,452 3,573 2,977 3,423 3,250 3,832 YOY -1% -6% -25% 35% 3% -17% 15% -5% 18% STRIBLING PRIVATE BROK ER AGE 9

10 RECORDED SALES CONDOMINIUMS There were 303 condo sales priced above $5 million in The largest share of closings, with 71% of all deals, went to properties priced between $5-10 million. The $10-15 million bracket captured 17% of all deals, while the remaining brackets all captured 5% or less. Only 1% of deals were priced over $50 million. All price brackets recorded median and average price declines from this time last year. The largest drops were for properties priced between $30-50 million and above $50 million. Both brackets saw median price declines of 17% and average drops of 10%. The smallest declines were for units priced between $5-10 million, where the median price dipped 2% to $6,417,975, and the average lost 1%, falling to $6,695,470. The majority of sales, at 52%, were located Downtown. There, the median price increased 2% to $7,630,000, while the average fell 1% to $9,751,104. The average PPSF dropped 6% to $2,831, while the average size grew by 8% to 3,337 square feet. Midtown was the most expensive market, and the only one to record price increases across all metrics. Its median price jumped 39% to $8,495,205, while its average price improved 28% to $14,540,342 and its average PPSF increased 48% to $4,025. There were 17 deals in Midtown priced above $10 million, compare to 13 one year ago. The Upper West Side saw the greatest declines in the first half of the year. There, the median price slipped 12% to $6,450,000 and the average price dropped 17% to $8,826,478. These losses were fueled by a 28% slide in the average PPSF to $2,466, while size was down 8%, magnifying the loss. Brooklyn also recorded substantial declines. Its median price was $5,900,000, a 12% loss. Likewise, its average price and average PPSF both dropped 10%, while its average size was down by 9%, the most of any market CONDO RECORDED SALES $5-10M $10-15M $15-20M $20-30M $30-50M $50M+ # UNITS % UNITS 71% 17% 4% 4% 3% 1% MEDIAN PRICE $6,417,975 $11,600,000 $15,806,473 $23,000,000 $32,613,836 $53,967,250 YOY -2% -3% -4% -10% -17% -17% AVERAGE PRICE $6,695,470 $11,954,363 $16,710,018 $23,074,057 $34,898,468 $54,341,917 YOY -1% -2% -0.4% -7% -10% -10% AVERAGE PPSF $2,437 $3,204 $3,761 $5,530 $6,316 $8,649 YOY -5% -10% -11% 10% -2% - AVERAGE SF 2,807 4,016 4,654 4,427 6,197 6,240 YOY 4% 15% 8% -14% -2% - Upper East Side Upper West Side Midtown Downtown FiDi/BPC Brooklyn # UNITS % UNITS 12% 20% 12% 52% 1% 2% MEDIAN PRICE $6,822,275 $6,450,000 $8,495,205 $7,630,000 $6,925,000 $5,900,000 YOY -15% -12% 39% 2% 10% -12% AVERAGE PRICE $8,750,980 $8,826,478 $14,540,342 $9,751,104 $7,612,500 $6,719,670 YOY -2% -17% 28% -1% 10% -10% AVERAGE PPSF $2,685 $2,466 $4,025 $2,831 $1,534 $1,901 YOY -6% -28% 48% -6% -41% -10% AVERAGE SF 3,357 2,928 3,130 3,337 4,467 3,275 YOY 8% -8% 15% 8% 77% -9% 10 LUXURY REPORT

11 RECORDED SALES CO - OPERATIVES There were 103 cooperative sales priced above $5 million in the first half of The largest share of closings, with 70% of all deals, were priced between $5-10 million, while 17% closed between $10-15 million. The remaining brackets each captured a single-digit share, with only six deals closing above $20 million. No deals were recorded at $50 million or above. All price brackets below $20 million recorded yearly median and average price increases. The largest increases were for units priced between $15-20 million, where the median price moved up 12% to $17,875,000, accompanied by an 8% average price increase to $17,523,125. Sales between $10-15 million saw a 6% median price increase, at $11,700,000, and a 1% average price rise to $12,000,221. Sales between $5-10 million saw a 4% median price gain and a 1% increase in average price. The Upper East Side captured the largest share of luxury cooperative closings, with 54%. Here, both the median and average prices saw the strongest gains of any market. The median price jumped 16% to $7,525,000 and the average price increased 14% to $9,810,262. The average PPSF remained flat at $2,278, while the average size surged 18%, fueling the growth. The Upper West Side, with 24% of all deals, also saw moderate price increases, and was the most expensive cooperative market. The Downtown market recorded 17% of sales and saw healthy price increases. Its median price grew 11% to $6,500,000, while its average price moved up 9% to $7,858,825. The average PPSF was up 17% to $2,108, and the average size increased 15% to 3,762 square feet. Midtown recorded a 57% drop in median price and a 52% drop in average price. However, the small number of sales - which was sufficient to cause substantial shifts in this market - is not enough to suggest a greater trend CO-OP RECORDED SALES $5-10M $10-15M $15-20M $20-30M $30-50M $50M+ # UNITS % UNITS 70% 17% 8% 5% 1% - MEDIAN PRICE $6,271,250 $11,700,000 $17,875,000 $22,200,000 $35,000,000 - YOY 4% 6% 12% -7% -22% - AVERAGE PRICE $6,596,871 $12,000,221 $17,523,125 $22,440,000 $35,000,000 - YOY 1% 1% 8% -6% -22% - AVERAGE PPSF $1,878 $3,150 $3,000 $4, YOY -6% - -31% -23% - - AVERAGE SF 3,638 4,077 3,075 5, YOY 14% - -12% 30% - - Upper East Side Upper West Side Midtown Downtown FiDi/BPC Brooklyn # UNITS % UNITS 54% 24% 5% 17% - - MEDIAN PRICE $7,525,000 $7,700,000 $6,500,000 $6,500, YOY 16% 8% -57% 11% - - AVERAGE PRICE $9,810,262 $9,994,050 $6,707,500 $7,858, YOY 14% 4% -52% 9% - - AVERAGE PPSF $2,278 $3,704 $1,754 $2, YOY 0% 41% - 17% - - AVERAGE SF 3,951 3,494 3,000 3, YOY 18% 14% - 15% - - STRIBLING PRIVATE BROK ER AGE 11

12 RECORDED SALES RECORDED SALES BY PROPERTY TYPE Condo Coop % 26% % 29% % 39% % 46% % 42% % 30% % 34% % 19% % 16% % 25% LUXURY REPORT

13 HISTORICAL TRENDS CONDOS There were 365 condo contracts during the first half of the year, a 23% decline from the same period one year ago. However, the median contract price of $7,750,000 and average price of $10,102,201 were both records. When comparing the first half of 2018 prices to the low-price points of the first half of 2011, the median price rose 15%, while the average price surged 28%. The average PPSF in 2018 was up 26% when compared to the first half of The number of contracts signed was up 177% from the low point in 2010, when 132 deals were recorded. CO - OPERATIVES The luxury cooperative market saw a 6% increase in contracts signed from one year ago. The median price was up 5% to $7,325,000, and the average price increased 15% to $9,210,500. Notably, the first half of 2017 recorded the lowest price levels for cooperatives since When comparing current price levels to those in the first half of 2009, the median price increased 5% and the average price increased 1%. However, in a healthy sign for the cooperative market, the number of deals grew by a staggering 97% when compared to the same period in CONDO HISTORICAL CONTRACTS TOTAL UNITS YOY -21% 53% -11% 102% -17% 52% -5% 8% -23% MEDIAN PRICE $7,695,000 $6,937,500 $6,750,000 $7,450,000 $7,620,000 $7,200,000 $7,500,000 $7,500,000 $7,050,000 $7,750,000 YOY -10% -3% 10% 2% -6% 4% 0% -6% 10% AVERAGE PRICE $9,052,973 $8,956,059 $7,919,417 $8,439,205 $9,163,308 $9,003,755 $9,383,723 $9,626,901 $8,984,151 $10,102,201 YOY -1% -12% 7% 9% -2% 4% 3% -7% 12% AVERAGE PPSF $2,730 $2,576 $2,441 $2,806 $2,893 $2,916 $2,973 $3,081 $2,897 $3,076 YPY -6% -5% 15% 3% 1% 2% 4% -6% 6% AVERAGE SF 3,452 3,516 3,263 3,214 3,133 3,101 3,153 3,043 3,042 3,189 YOY 2% -7% -1% -2.5% -1% 2% -3% -0.1% 5% C0-OP HISTORICAL CONTRACTS TOTAL UNITS YOY -8% 63% -17% 36% 9% 35% -33% 11% 6% MEDIAN PRICE $7,000,000 $7,650,000 $8,250,000 $7,900,000 $7,600,000 $7,575,000 $7,225,000 $6,700,000 $6,995,000 $7,325,000 YOY 9% 8% -4% -4% -0.3% -5% -7% 4% 5% AVERAGE PRICE $9,129,153 $9,649,537 $9,617,193 $10,570,342 $9,390,283 $9,721,619 $9,492,116 $8,359,571 $8,030,110 $9,210,500 YOY 6% 0% 10% -11% 4% -2% -12% -4% 15% AVERAGE PPSF $1,998 $2,560 $2,469 $1,954 $2,177 $2,249 $2,146 $2,457 $2,322 $2,339 YOY 28% -4% -21% 11% 3% -5% 14% -6% 1% AVERAGE SF 5,424 4,528 3,562 3,083 3,711 3,610 3,551 3,482 3,342 4,068 YOY -17% -21% -13% 20% -3% -2% -2% -4% 22% STRIBLING PRIVATE BROK ER AGE 13

14 CONTRACTS SIGNED CONDOMINIUMS There were 365 luxury condo contracts signed in the first half of These units spent an average of 239 days on the market. The largest share of closings, totaling 73% of all signed deals, were priced between $5-10 million. Deals priced between $10-15 million claimed 16%, while the remaining price brackets captured 5% or less. There were five contracts signed (little more than 1%) above $50 million. Contracts priced above $50 million saw the greatest price improvements, despite a 23% drop in average size. Here, the median price rose 9% to $59,000,000, the average price increased 11% to $60,100,000, and the average price per square foot hit $8,908 - a 47% surge, the highest of any price bracket. Contracts in the $5-10M range saw mild price adjustments, with the median price down 1% to $6,597,500, and the average up 1% to $6,932,192. The Downtown market captured the greatest share of contracts, with 49%. There, the median price increased 10% to $7,945,000 and the average price increased 6% to $9,412,341. With 2% of contracts, Brooklyn saw the steepest price declines: its median price dropped 15% to $5,875,000, and its average price plunged 18% to $5,955,500. Notably, its average PPSF increased 19%, but was offset by an 18% slide in average size. Midtown was the only market where all price metrics increased. Its median price grew by 28% to $8,975,000 and its average price jumped 51% to $17,136,340. Its average PPSF increased 32% to $4,644. Half of all contracts signed were listed at $10 million or more, fueling the rise. The Upper East Side also noted yearly increases, with its median price climbing 19% to $7,950,000 and its average price rising 8% to $9,141, CONDO CONTRACTS SIGNED $5-10M $10-15M $15-20M $20-30M $30-50M $50M+ # UNITS % UNITS 73% 16% 5% 3% 2% 1% MEDIAN PRICE $6,597,500 $11,800,000 $16,500,000 $26,165,476 $35,000,000 $59,000,000 YOY -1% -4% -1% 5% 3% 9% AVERAGE PRICE $6,932,192 $11,962,544 $16,817,895 $25,248,680 $37,671,429 $60,100,000 YOY 1% -3% 0.2% 0.4% 6% 11% AVERAGE PPSF $2,590 $3,426 $4,006 $5,165 $8,662 $8,908 YOY -1% 0.2% 10% 9% 24% 47% AVERAGE SF 2,802 3,724 4,325 5,367 4,424 6,901 YOY 4% -0.1% -10% -2% -15% -23% Upper East Side Upper West Side Midtown Downtown FiDi/BPC Brooklyn # UNITS % UNITS 14% 21% 13% 49% 1% 2% MEDIAN PRICE $7,950,000 $6,950,000 $8,975,000 $7,945,000 $7,100,000 $5,875,000 YOY 19% -6% 28% 10% 2% -15% AVERAGE PRICE $9,141,275 $8,615,067 $17,136,340 $9,412,341 $6,923,750 $5,955,500 YOY 8% -4% 51% 6% -4% -18% AVERAGE PPSF $2,715 $2,982 $4,644 $2,860 $1,454 $2,521 YOY -2% 13% 32% -3% -40% 19% AVERAGE SF 3,298 2,829 3,273 3,261 4,874 2,837 YOY 9% -16% 10% 10% 55% -18% 14 LUXURY REPORT

15 CONTRACTS SIGNED CO - OPERATIVES There were 116 cooperative contracts signed in the first half of These units spent an average of 270 days on the market. In total, 74% of signed deals were priced between $5-10 million, while 16% were between $10-15 million, and 5% were between $15-20M. There were 7 contracts, tallying a 6% market share, signed between $20-30 million. No contracts were reported above $30 million. Overall, each price bracket experienced median and average price increases. The strongest gains were for contracts priced between $15-20 million, where the median price rose 11% to $17,750,000 and the average price jumped 7% to $17,950,000. Average size was a factor, surging 34%. Similarly, contracts priced between $10-15 million saw a median price gain of 10%, at $12,187,500, and an average price increase of 6% to $12,374,167. Across markets, Upper West Side cooperatives saw the healthiest appreciation. That market s median price increased 28% to $7,895,000, and its average price grew 49% to $10,620,158. Thirteen of the deals were in buildings along Central Park West, and properties averaged 55% larger than those from last year, driving the rise. The Upper East Side also recorded moderate improvements, with its median price increasing 1% to $7,325,000 and its average up 14% to $9,443,403. Midtown and Downtown recorded a similar pattern in price adjustments. Both markets saw median price increases, up 18% and 13%, respectively. However, both experienced average price declines, with Midtown down 13% and Downtown losing 7%. Both markets also saw an average price per square foot decrease of 16% CO-OP CONTRACTS SIGNED $5-10M $10-15M $15-20M $20-30M $30-50M $50M+ # UNITS % UNITS 74% 16% 4% 6% - - MEDIAN PRICE $6,500,000 $12,187,500 $17,750,000 $24,000, YOY 2% 10% 11% AVERAGE PRICE $6,868,407 $12,374,167 $17,950,000 $23,607, YOY 1% 6% 7% AVERAGE PPSF $1,993 $2,963 $3,435 $4, YOY -6% -1% -16% AVERAGE SF 3,707 4,680 5,225 5, YOY 14% 25% 34% Upper East Side Upper West Side Midtown Downtown FiDi/BPC Brooklyn # UNITS % UNITS 62% 16% 5% 16% - - MEDIAN PRICE $7,325,000 $7,895,000 $10,000,000 $6,800, YOY 1% 28% 18% 13% - - AVERAGE PRICE $9,443,403 $10,620,158 $8,766,667 $7,058, YOY 14% 49% -13% -7% - - AVERAGE PPSF $2,358 $3,253 $2,039 $1, YOY 1% 36% -16% -16% - - AVERAGE SF 3,982 4,728 4,250 3, YOY 21% 55% 21% 10% - - STRIBLING PRIVATE BROK ER AGE 15

16 CONTRACTS SIGNED CONTRACTS SIGNED BY PROPERTY TYPE Condo Coop % 26% 71% 29% 70% 30% 71% 29% 78% 22% 74% 26% 76% 24% 82% 18% 81% 19% 76% 24% LUXURY REPORT

17 TOTAL INVENTORY CONDOMINIUMS There were 799 luxury properties on the market at the end of June Of these, 538, or 67%, were priced between $5-10 million. The $10-15 million bracket captured 15% of inventory, while the remaining price brackets took singledigit shares. Only seven properties were listed above $50M, a 1% share of the market. Across all price brackets, median and average asking prices remained virtually unchanged or slightly lower than one year ago. The biggest adjustments came for listings priced between $15-20 million, where the median price declined 5% to $16,950,000 and the average price dropped 3% to $17,194,741. These units also saw a 6% decrease in average PPSF, at $3,963. Units priced between $5-10 million saw mild increases, with the median price up 2% to $6,750,000 and the average price up 1% to $7,002,640. Notably, these units saw an average size increase of 10%. Amongst markets, Downtown captured 50% of all listings. There, the median price increased 1% to $7,950,000, but the average price lost 3%, at $14,654,853. The average PPSF was up 1% to $2,999 and average size grew by 14%. The FiDi/BPC market experienced the largest price drops, exclusively related to changes in new development offerings. There, the median price slipped 17% to $7,090,000, and the average price dropped 31% to $8,977,450. This was also the smallest luxury market, with only 20 listings priced above $5 million. Upper East Side condo inventory saw growth across all metrics. Both the median and average asking prices increased 9%, reaching $8,273,000, and $10,720,490, respectively. In addition, the average PPSF was up 10%, hitting $3,038. In Brooklyn, there were 27 listings priced above $5 million. There, the median price improved 11% to $7,240,000, but the average price declined 4% to $8,180,000. Likewise, the average PPSF fell 4% to $1, CONDO TOTAL INVENTORY $5-10M $10-15M $15-20M $20-30M $30-50M $50M+ # UNITS % UNITS 67% 15% 7% 7% 3% 1% MEDIAN PRICE $6,750,000 $11,995,000 $16,950,000 $24,500,000 $38,750,000 $65,000,000 YOY 2% 0% -5% -1% 3% 7% AVERAGE PRICE $7,002,640 $12,031,832 $17,194,741 $24,704,091 $37,151,818 $63,571,429 YOY 1% -2% -3% 1% -1% 1% AVERAGE PPSF $2,653 $3,428 $3,936 $5,384 $6,214 $6,620 YOY -1% 1% -6% 12% -9% -21% AVERAGE SF $2,777 $3,774 $4,699 $5,028 $6,242 $6,129 YOY 10% 4% 13% 0.5% 14% -12% Upper East Side Upper West Side Midtown Downtown FiDi/BPC Brooklyn # UNITS % UNITS 13% 15% 17% 50% 3% 3% MEDIAN PRICE $8,273,000 $7,500,000 $9,542,500 $7,950,000 $7,090,000 $7,240,000 YOY 9% -6% 14% 1% -17% 11% AVERAGE PRICE $10,720,490 $9,681,733 $14,654,853 $10,571,679 $8,977,450 $8,180,000 YOY 9% -11% 11% -3% -31% -4% AVERAGE PPSF $3,038 $3,245 $4,026 $2,999 $2,864 $1,918 YOY 10% 16% 20% 1% 16% -4% AVERAGE SF 3,431 3,080 3,387 3,358 3,217 3,740 YOY 14% 11% 29% 14% -0.5% 14% STRIBLING PRIVATE BROK ER AGE 17

18 TOTAL INVENTORY CO - OPERATIVES There were 244 luxury cooperatives on the market at the end of June Of these, 69% were priced between $5-10M, 14% were priced between $10-15M, and 7% were priced between $15-20M. Interestingly, more listings were priced between $20-30 million, capturing 8% of the market. There were four listings priced between $30-50 million, and two priced $50 million and above. Pricing varied across each bracket compared to one year ago. Listings priced between $5-10 million remain virtually unchanged, with their median price flat at $6,500,000 and their average price sliding 1% to $6,748,262. However, listings priced between $10-15 million saw a median price rise of 10% to $12,900,000 and an average price increase of 7% to $12,678,606. Listings between $30-50 million recorded similar increases, with their median price up 11% to $38,750,000 and their average price increasing 14% to $40,125,000. The Upper East Side was the only market to recorded price increases across all measures. There, the median price rose 9% to $8,250,000 and the average price increased 16% to $12,180,512. The average PPSF increased 20% to $2,727, while the average size grew 10% to 3,967 square feet, contributing to the rise. In an opposite effect, the Upper West Side saw both its median and average prices decline. The median dropped 19% to $6,695,000, while the average lost 21%, at $9,742,213. Size was a contributing factor, shrinking 7%. Downtown noted similar losses, with both its median and average prices down 11% to $6,247,500 and $8,899,164, respectively. Midtown recorded mixed results, with a 5% increase in its median price to $7,372,500, but its average price down 12% to $8,492, CO-OP TOTAL INVENTORY $5-10M $10-15M $15-20M $20-30M $30-50M $50M+ # UNITS % UNITS 69% 14% 7% 8% 2% 1% MEDIAN PRICE $6,500,000 $12,900,000 $16,750,000 $22,500,000 $38,750,000 $72,000,000 YOY 0% 10% -2% -13% 11% -2% AVERAGE PRICE $6,748,262 $12,678,606 $16,809,375 $23,997,000 $40,125,000 $72,000,000 YOY -1% 7% -3% -10% 14% -2% AVERAGE PPSF $2,088 $3,082 $4,076 $4,510 - $6,334 YOY -1% 15% 4% -13% - - AVERAGE SF $3,415 $4,138 $4,459 $5,937 - $12,000 YOY 0.4% 2% 3% 19% - - Upper East Side Upper West Side Midtown Downtown FiDi/BPC Brooklyn # UNITS % UNITS 51% 19% 9% 20% - - MEDIAN PRICE $8,250,000 $6,695,000 $7,372,500 $6,247, YOY 9% -19% 5% -11% - - AVERAGE PRICE $12,180,512 $9,742,213 $8,492,455 $8,899, YOY 16% -21% -12% -11% - - AVERAGE PPSF $2,727 $3,377 $2,236 $2, YOY 20% 10% -8% 8% - - AVERAGE SF 3,967 3,026 3,950 4, YOY 10% -7% 11% 2% LUXURY REPORT

19 M O N T H S O F S U P P L Y CONTRACTS SIGNED PER MONTH CONTRACTS SIGNED PER MONTH 1,357 1,290 INVENTORY INVENTORY 15.4 MONTHS OF SUPPLY 13.9 MONTHS OF SUPPLY STRIBLING PRIVATE BROK ER AGE 19

20 RESEARCH GARRETT DERDERIAN Director of Data & Reporting MEDIA ASHLEY MURPHY Director of Public Relations A SAVILLS INTERNATIONAL ASSOCIATE UPTOWN CHELSEA TRIBECA BROOKLYN STRIBLING.COM The information complied by Stribling & Associates is produced and analyzed from sources deemed to be reliable. Stribling & Associates makes no representations or warranties, express or implied, with respect to future market conditions or prices of residential product at the time the subject property or any competitive property is complete and ready for occupancy or with respect to any report, study, finding, recommendation, or other information provided by Stribling & Associates herein. Moreover, no warranty, express or implied, is made or should be assumed regarding the accuracy, adequacy, completeness, legality, reliability, merchantability, or fitness for a particular purpose of any information, in part or whole, contained herein. All material is presented with the understanding that Stribling & Associates is not providing any legal, accounting, or other professional services. Nothing in this report shall constitute an offer or solicitation with respect to purchase, sale or rental of any property. Any and all such warranties are hereby expressly disclaimed. 2018, Stribling & Associates. This report and the information provided in this report are proprietary to Stribling & Associates and may not be sold, used or reprinted, in whole or in part, without the prior written consent in each instance of Stribling & Associates. Equal Housing Opportunity. All Rights Reserved. Note Bene: Data on average and median price does not speak accurately to the changes in value of an individual property. Average and median figure fluctuations mostly indicate what is being sold in the market, i.e. more one-bedroom units than big expensive apartments or vice versa. Changes in the actual price of an individual property are very hard to determine and are best evaluated by brokers who are observing a particular market on a daily basis.