CityRealty's January Monthly Market Report
revealed that the average sales price for both Manhattan condos and co-ops increased from $2.1 million to $2.3 million in the four weeks leading up to December 1st. However, the number of recorded sales was down from the 807 previously recorded, squaring off at 746.
The average price of a condo was $3.4 million and the average price of a co-op was $1.4 million, with 332 condo sales and 414 co-op sales in total.
The average price of a condo was $3.4 million and the average price of a co-op was $1.4 million, with 332 condo sales and 414 co-op sales in total.
Neighborhood Breakdown Based on Condo Sales
The market data also reports that trendy Downtown was the highest grossing region in Manhattan, with a total of $632 million in condo sales, while Midtown was the second highest with $219 million. Downtown also had the highest price per square foot, which was $2,284/ft2.
The Upper West Side accounted for 14% of the sales, with $158 million, with the Upper East side a close second at $60 million. The Financial District clocked in $45 million for 4% of the city's sales.
The Upper West Side accounted for 14% of the sales, with $158 million, with the Upper East side a close second at $60 million. The Financial District clocked in $45 million for 4% of the city's sales.
Topping off this month's sales is unit 88 in the new Billionaire's Row condo 432 Park Avenue. At $61 million, it was the second most expensive sale recorded in the building. Unit 88 has five bedrooms and is a total of 8,055 square feet, which works out to a sales price of $7,560 per foot.
The second and third most expensive sales were at 551W21 and the prewar co-op 791 Park Avenue, which sold for $35 million and $23 million respectively.
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The new development portion of January's report states that condo prices averaged $2,540/ft2 this month as opposed to $1,693/ft2 for 'older' developments. Average prices went down just slightly this month, whereas median number of sales went up to 101. Additionally, the price/ft2 of new apartments saw a 30% jump from a year ago when it was $1,947/ft2, which wasn't remarkable when compared to last month's $2,569/ft2.
New condos in Manhattan ran for an average price of $5.9 million and the aggregate-total for these new developments was a whopping $594 million.
New Developments vs Other Manhattan Condos via CityRealty's January Monthly Market Report
CityRealty’s January 2017 market report includes all public records data available through December 31, 2016.
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