[Three Cents Worth NY #235] Manhattan Regional Sales in 3D

Posted by Jonathan Miller - Tuesday, June 18, 2013, 5:47 PM

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out this week’s 3CW column on @CurbedNY:

As much as I dislike 3D charts and don’t want Curbed readers to wear 3D glasses smeared with greasy popcorn butter, I thought I’d use them on a simple topic. For each quarterly market report release, I group Manhattan into four distinct geographic regions and measure the market share of their sales during each quarter. This chart shows the market share of each region based on sales activity by region…

[click to expand chart]

My latest Three Cents Worth column on Curbed: Manhattan Regional Sales in 3D [Curbed]
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[Cheesesteak without Hot Sauce] Philadelphia Regional Prices “Uneven” Across Region

This quarterly market report is provided by Dr. Kevin Gillen, an economist and Research Fellow at the University of Pennsylvania’s Institute for Urban Research. He analyzes the Philadelphia and regional real estate markets through Econsult, an economics consulting firm based in Philadelphia PA that provides statistical & econometric analysis in support of litigation as well as business and public policy decision-makers. His results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology.

Kevin does a great job parsing out the market and it is a pleasure to share his results on Matrix …Jonathan Miller

View the report, press release, and Kevin’s commentary.

Observations

“House value changes uneven across region; average decline is 1.7 percent.”

However, the magnitude of this decline has been quite different from one locality to another. In Philadelphia county, the typical home declined in value by an average of 4.2% in Q4. But in the 10 suburban counties surrounding Philadelphia, the average decline was a much more modest 0.8%. However, in both cases, the decline in house prices slowed from the previous quarter.

40% drop in sales since the expiration of the tax credit

16% drop in region’s average sales price since peak

View the original article here