4Q reports indicate that Manhattan had 12 percent less sales than prior year quarter

The fourth quarter of 2011 had the lowest number of sales of luxury apartments in Manhattan in six years, 2,011, and 12.4 percent less than in the prior year quarter, according to the Elliman Report, which suggested that the decline was "perhaps related to the unusual surge in sales in the prior quarter," noting that "pending sales were also below the prior year level."

The report indicated that there were 7,221 active listings at the end of the fourth quarter, "essentially unchanged from the same period last year, but 2.6 less than the ten-year quarterly average of 7,412."

"After a summer and fall of mixed economic news and uncertainty caused by geo-political events including the debt ceiling debate, the S&P downgrade of US debt, and the financial crisis in Europe, the Manhattan housing market experienced a slow down in the level of activity. However, overall price retained its stability," the report said.

"Median sales price was $855,000, up 1.2 percent from the same period last year. Average price per square foot increased 5.6 percent over the same period to $1,117 from $1,058. Average sales price declined 2.5 percent to $1,445,484 from $1,482,650 in the same quarter last year," the Elliman Report continued.

The report found that the number of months to sell all active inventory at the current pace of sales increased to 10.8 from 9.5 in the same period last year, "roughly one month slower than the 9.4 month average of the past decade."

"With the modest slowdown in the pace of the housing market in the fourth quarter, days on market expanded by five days to 130 days, as compared to the same period last year, but the listing discount compressed to 4.9 percent form 8 percent over the same period," the Elliman Report maintained.

The Corcoran report for the same quarter noted a higher number of sales, 2,600 than the 2,011 in the Elliman Report. It said that number was a "12 percent decrease form the Fourth Quarter 2010 and a 20 percent decrease from the Third Quarter 2011." "Limited availability," it continued, " is holding sales activity down, leaving buyers with fewer choices and pushing prices higher."

"At $795,000, median price decreased 5 percent from last year and 6 percent from last quarter. Average price per square foot was relatively even over both time periods, down only 1 percent to $1,044," according to the Corcoran Report.

Condo average price per square foot increased 4 percent from last quarter and 3 percnt from last year to reach its highest level since First Quarter 2009, according to the Corcoran chart shown at the right.

"Downtown sales increased to 34 percent market share this quarter up from 32 percent a year ago. The East and West Sides declined slightly in market share while Uptown increased to 9 percent of sales, up from 7 percent last year at this time," the Corcoran Report said.

"Market share of studios," it continued, "increased to 15 percent while one- and two-bedrooms contracted slightly in their share of the market. Three-plus bedroom sales increased to 18 percent of the market compared to a year ago."

"Compared to a year ago, the luxury segment," defined as the top 10 percent of all co-op and condo transactions, "decreased 2 percent in median price and 3 percent in average price per square foot, attributable in part to steadily declining available of high-end new development product," according to the Corcoran report.

"Manhattan apartment prices averaged $1,391,745 in the fourth quarter of 2011," according to the reports issued by Brown Harris Stevens and Halstead Property, "3 percent less than a year ago. A leading factor in the lower average price was a steep decline in condo sales, which accounted for 40 percent of all sales, compared to 46 percent in 2011's fourth quarter." The reports said there were 1,645 fourth quarter closings "at the time of this report, 13 percent less than a year ago."

"While the average price for three-bedroom and larger co-ops rose 18 percent over the past year, all other size categories of co-ops saw their average price decline during this time. The overall average co-op price of $1,149 was 1 percent lower than during the fourth quarter of 2010."

The reports found that the average condo price rose 4 percent over the past year to $1,825,728, helped by an 8 percent increase in studio prices. Three-bedroom and larger condos were the only size category to post a decline in average price from the fourth quarter of 2010."