CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.3 million and the average price of a co-op was $1.3 million. There were 439 condo sales and 429 co-op sales.
The average sale price of Manhattan apartments remained steady in the four weeks leading up to January 1, while the number of sales increased. The average price for an apartment - taking into account both condo and co-op sales - was $2.3 million, unchanged from the prior month. The number of recorded sales, 868, was up from the 746 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $692 million in condominium sales. Midtown was the second highest-grossing area, with $339 million in sales. Downtown also had the highest price/ft2, $2,168/ft2, while the Upper West Side had the second-highest, $1,965/ft2.
New development condo prices averaged $2,519/ft2 this month, compared to $1,684/ft2 for non-new development condominium sales. While the average price went down slightly this month, the number of sales was up. There were 133 new development sales this month, compared to 101 in the prior month. The price/ft22 of new apartments was 27% higher than it was a year ago, when it was $1,979/ft2, but 1% less than it was last month, when it was $2,540/ft2. The average price of a new condo in Manhattan this month was $5.5 million and the aggregate sales total of new developments was $734 million.
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