PDE: numbers bring relief to an overheated market.A modest uptick Uptick A transaction occurring at price above its previous transaction. In order for an uptick to occur, a transaction price must be followed by an increased transaction price. in mortgage rates, combined with the potential economic impact of two significant hurricanes looming looming: see mirage. , a spike in gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by prices as well as mixed economic growth, weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. affordability and removed an element of enthusiasm from market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. , according to according toprep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Prudential Douglas Elliman. In its third quarter report, PDE PDE Pennsylvania Department of Education PDE Plug-In Development Environment PDE Partial Differential Equation PDE Phosphodiesterases PDE Personal Digital Entertainment PDE Pulse Detonation Engine PDE Product Data Exchange PDE Present-Day English said these economic events may prove to be a distraction Distraction Divination (See OMEN.) Porlock a “person from Porlock” interrupted Coleridge while he was recollecting the dream on which he based “Kubla Khan”. [Br. Lit.: Poems of Coleridge in Magill IV, 756] , perhaps to the relief of many, after the record double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" real estate price gains recorded in the first and second quarters of this year. Comparisons to the two prior record quarters were generally not positive as the market appeared to return to more normalized activity. The PDE report, compiled with Miller Samuel, recorded: * Average Price per Square Foot increased 22.5% to $984 over the prior year quarter result of $803 and was up 1.4% above the $970 seen in the prior quarter. * Average Sales Price increased 10.1% to $1,149,813 over the prior year quarter average of $1,044,166 but was down 12.7% from the record prior quarter average of $1,317,528. * Median Sales Price increased 25% to $750,000 over the prior year quarter median of $600,000 but was down 3.2% from the prior quarter median sales price of $775,000. * The average size of a Manhattan apartment that sold this quarter was 1,169 square feet, a 14% drop from 1,358 square feet seen last quarter as entry-level market activity picked up, showing some concern over the potential for rising mortgage rates. * The number of sales declined 8.4% to 1,997 from the prior quarter total of 2,181 units as mixed economic news weakened demand. * Listing Inventory for September went above the 5,000 threshold this quarter for the first time since October 2004 by expanding 12.8% to 5,112 units in the prior year quarter. * The number of days it takes to sell an apartment increased by a month to 133 days as compared to the prior quarter average of 102 days. * Negotiability ne·go·tia·ble adj. 1. Easy or possible to negotiate or be negotiated: negotiable demands; a negotiable road. 2. remained limited, rising slightly to 2.2% for the quarter, from 1.7% last quarter and 0.8% from the prior year quarter. In the coop COOP See Banks for Cooperatives (COOP). market, the sales mix sales mix See product mix. of apartments shifted as entry-level apartments gained market share at the expense of 2, 3 and 4-bedroom units. Studio and 1-bedroom apartments comprised 59% of all co-op apartment sales, up from 55% in the prior quarter. The average sales price of a coop apartment settled below $1,000,000 after exceeding this threshold for the first time last quarter. The average sales price of a coop was $956,490, the third highest on record. This was 13.3% below the prior quarter record of $1,102,640 but 10.3% above the $867,361 average seen in the prior year quarter. Like the co-op market, the condo apartment mix shifted to smaller units, with the average square footage falling 12.7% to 1,259 square feet from the 1,442 square foot average seen in the prior quarter. Average condo sales price fell 11.4% to $1,391,248 over the prior quarter average of $1,570,375 but was 5.4% above the prior year quarter average of $1,320,379. Average price per square foot exceeded $1,100 per square foot for the first time increasing 1.5% to $1,105 per square foot from $1,089 per square foot in the prior quarter and 19.1% above the $928 record set in the prior year quarter. Median sales price fell 2.3% to $957.250 from the prior quarter median of $940,000 but was 20.4% above the prior year quarter median sales price of $795,000. The luxury market did not see the same concentration of high-end sales this quarter as in the prior two quarters, according to PDE. The average sales price of a luxury apartment dropped sharply from the prior quarter record of $5,166,644, to $3,824,079 which was also 6.9% below the $4,109,152 average sales price seen in the prior year quarter. The median sales price fell too, dropping 18.1% from the prior quarter median of $3,800,000 to $3,113,879, and was down 1.9% from the $3,175,000 set in the prior quarter. Price indicators showed mixed results in the coop and condo loft market this quarter. After exceeding the 2,000 square feet in the first quarter, the average size of a loft unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. fell for the second consecutive quarter to 1,582 square feet. Lofts represented 7.7% of all sales in the current quarter. The average sales price of a loft apartment was $1,563,388, down 8.6% from the record $1,711,123 set last quarter but up 5.9% from the then record $3,175,000 in the prior year quarter. The median sales price showed the same pattern as average sales price, falling 8.9% to $1,344,090 from $1,475,000 in the prior quarter but was up 19.5% from $1,125,000 in the prior year quarter. The average price per square foot set a record at $988, up 4.9% from the previous quarter average price per square foot of $942. This indicator has risen and set 10 consecutive record quarterly price increases. |
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