Price Changes: 279 in Past 7 Days
A: Lets make it a data day until I have to go on appointments. In the past 7 days there were 279 price changes. Unfortunately a price change does NOT necessarily mean a price reduction, although the number of price increases is minimal in comparison to the number of price cuts! I also charted the weekly price changes over the past 8 weeks so you can look for any trends. Other than a 17% increase in total number of price changes, its hard to see any clear trend other than the last 3 weeks have sustained the number of price changes.
Neighborhoods included: Beekman, Carnegie Hill, Central Park South, Chelsea, Clinton, E. Village, Fin District, Flatiron District, Gramercy, G Village, Little Italy/Chinatown, LES, Midtown, Murray Hill, SoHo, Sutton Area, Tribeca, UES, UWS, W. Village
Here is a chart showing the # of price changes per week for the past 2 months!
Umm, Jonathan Miller where are you? I guess the best way to analyze this is to add up the total number per month. When I do that I get:
# Price Changes in March --> 777
# Price Changes in April --> 913
So, there was approximately a 17% increase in total price changes for the neighborhoods mentioned in Manhattan for the month of April compared to the month previous.
Of particular note are these high end price reductions that I see occurred in the past 7 days!
First Came on Market: 10/11/2005
Original Asking Price: $11,000,000
Asking Price NOW: $7,500,000
maintenance: $1,500
RE Taxes: $3,081
Size: 7,000 SFT
PPSF: $1,071 (again, not bad considering product)
Marketed By: Gross, Steinberg, Williams & Senequier of Douglas Elliman
111 East 85th Street; Apt 8DEF - 9E
First Came on Market: 3/19/2007
Original Asking Price: $4,950,000
Asking Price NOW: $4,500,000
maintenance: $3,570
Size: 4,200 SFT
PPSF: $1,071 (not bad considering product)
Marketed By: G. Laurie Cooper
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Comments (4)
Is there any further breakdown of the price changes - i.e. for a specific price range, neighborhoods, etc?
Also, how do these changes compare with the same period(s) in previous years?
Posted by uptowngal | April 30, 2007 2:31 PM
I would love to know this data as well but it would be too time consuming for me to do this for every neighborhood for the past 8 weeks to notice a trend.
Same thing for your second question. Ill shoot an email to Jonathan Miller and see if he has any data on this.
Posted by Noah | April 30, 2007 3:15 PM
Nice work Noah.
It would seem to me that price change frequency, mostly downward could increase when a market begins to weaken. But then again, it could be a sign that sellers are more in tune with current conditions and it doesn't signify a downturn. Thats why I don't track it - it doesn't seem to tell us anything, or at least anything I have been able to figure out. But I am definitely interested in it. I'd love to correlate it over time to listing inventory levels and price changes and look for a pattern, like some sort of leading indicator.
Posted by Jonathan J. Miller | April 30, 2007 3:28 PM
Jonathan - thanks and I agree! I would be very interested in that type of chart!
Perhaps for your next Three Cents Worth? If you need any data from my end just let me know.
Posted by Noah | April 30, 2007 4:09 PM