The average sales price of a Manhattan apartment rose substantially in the four weeks leading up to January 1, and the total number of sales also rose. The average price for an apartment—taking into account both condo and co-op sales—was $2.3 million, up from $2 million the prior month. The number of recorded sales, 884, also represented an increase from the 809 recorded the preceding month.
The average price of a condo was $3.3 million and the average price of a co-op was $1.4 million. There were 425 condo sales and 459 co-op sales.
30-Day Total Sales by Region
Downtown was the highest-grossing region in Manhattan, with $499 million in condominium sales. Midtown was the second highest-grossing area, with $392 million in sales. Downtown also had the highest price/ft2, $1,988/ft2, while Midtown had the second-highest, $1,876/ft2.
NEW DEVELOPMENTS VS ALL OTHER CONDOS:
New development condo prices averaged $2,553/ft2 this month, compared to $1,693/ft2 for non-new development condominium sales. While the number of sales was down quite a bit this month—88, as compared to 131 in the prior month—both the average price and price/ft2 were up a great deal. The average price, $6.9 million, was almost double the average price in the preceding month, $3.5 million. The price/ft2 of new apartments was up 24% from the prior month and 1% from a year ago. The aggregate sales total of new developments was $612 million.
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