CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.1 million and the average price of a co-op was $1.2 million. There were 376 condo sales and 431 co-op sales.
The average sales price and the number of sales of Manhattan apartments decreased in the four weeks leading up to November 1. The average price for an apartment - taking into account both condo and co-op sales - was $2.1 million, down from $2.4 million the preceding month. The number of recorded sales, 807, was down from the 925 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $452 million in condominium sales. Midtown was the second highest-grossing area, with $397 million in sales. Downtown also had the highest price/ft2, $2,065/ft2, while Midtown had the second-highest, $1,973/ft2.
New development condo prices averaged $2,569/ft2 this month, compared to $1,716/ft2 for non-new development condominium sales. Both prices and the number of sales recorded were down this month. There were 89 new development sales this month, compared to 110 in the prior month. The price/ft2 of new apartments was 17% higher than it was a year ago, when it was $1,979/ft2, but 10.7% lower than it was last month, when it was $2,877/ft2. The average price of a new condo in Manhattan this month was $5.2 million and the aggregate sales total of new developments was $463 million.
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