Market Reports & Research
CityRealty's monthly rundown of the Manhattan residential real estate market.
The average sales price of a Manhattan apartment fell in the four weeks leading up to October 1, as did the number of sales. The average price for an apartment-taking into account both condo and co-op sales-was $1.9 million, down from $2.1 million the prior month. The number of recorded sales, 935, represented a sharp drop from the 1,264 recorded in the preceding month.
The average price of a condo was $2.6 million and the average price of a co-op was $1.3 million. There were 418 condo sales and 517 co-op sales..
30-Day Total Sales by Region
Downtown was the highest-grossing region in Manhattan, with $320 million in condominium sales. Midtown was the second highest-grossing area, with $285 million in sales. Downtown also had the highest price/ft2, $1,955/ft2, while Midtown had the second-highest, $1,833/ft2.
Downtown was the highest-grossing region in Manhattan, with $320 million in condominium sales. Midtown was the second highest-grossing area, with $285 million in sales. Downtown also had the highest price/ft2, $1,955/ft2, while Midtown had the second-highest, $1,833/ft2.
NEW DEVELOPMENTS VS ALL OTHER CONDOS:
New development condo prices averaged $2,095/ft2 this month, compared to $1,672/ft2 for non-new development condominium sales. The average price, $3.6 million, was down this month from $4.3 million the prior month. There were 127 new development sales this month, virtually the same as the 124 recorded in the prior month. The price/ft2 of new apartments was 27% lower than it was a year ago, when it was $2,877/ft2, and virtually unchanged from last month, when it was $2,084/ft2. The aggregate sales total of new developments was $456 million.