Mitchell, Maxwell & Jackson, Inc.

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For The Week
Ending 09/26/2008
Manhattan
Purchase Index: 16
Was: 17

6%
52 Week High: 172
52 Week Low: 44

For The Week
Ending 09/26/2008
Manhattan
Refinance Index: 10
Was: 15

33%
52 Week High: 84
52 Week Low: 9

For The Week
Ending 09/26/2008
30-Year Fixed Rate
At: 6.07%
Previous Week: 6.08%

52 Week High: 6.86%
52 Week Low: 5.98%

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Market Measure Residential Real Estate Report
3rd Quarter, 2005

For an full version of this report in PDF format, please click here

Average Sale Price Declines - Sharp Drop in Sales Volume Index
3rd Quarter Price Down 3.9% - The average sale price declined for the first time in 10 consecutive quarters, down 3.9% to close at $1,089,628 compared $1,134,037 in the 2nd quarter 2005. Year-over-year, the quarter finished 21% above the 2nd quarter 2004 average of $896,685. The MMJ Sales Volume Index declined 27% from 1470 to 1068 and was 30% lower than 1533 recorded in Q3 2004.

Sale Prices By Neighborhood Level Off - Strong Loft Market Boosts Downtown
The average sale price by neighborhood showed very little change with the exception of the West side which declined 9% to $1,385,000 yet remained 26% above last year The Downtown average sale prices managed a 0.4% rise to finish at $1,124,000 largely on the strength of increasing loft prices which rose 6% to close at $1,735,326.

Sales From $500K/ $1M Remain Strong - Larger Apartment Prices Drop
Properties trading between $500,000 to $1M represented 46% of all sales, up from 42% in the previous quarter while sales over $1M declined to 30% from 31%. The average sale price for apartments with 3 or more bedrooms declined for the second straight quarter, yet remained well above the same quarter one year ago. Only 1-bedrooms and lofts exhibited any real price gains.

3rd Quarter Residential Sale Price Down 3.9%
Volume Index Down 27%

3rd Quarter Sales Statistics

For an full version of this report in a PDF format, please click here.

About MMJ & Market Measure: This report examines sales of residential cooperatives and condominiums that sold in excess of $75,000, south of 96th Street in Manhattan. Geographic areas are defined as follows: East & West Side from 59th to 96th Street, Midtown from 59th to 23rd Street, Downtown south of 23rd Street. As the largest residential real estate appraisal company in the Tri-State area, MMJ is the most comprehensive source for market analysis, forecasts, and related data.

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