CityRealty's monthly rundown of the Manhattan residential real estate market.
While the average sales price of a Manhattan apartment rose in the four weeks leading up to December 1, the number of sales dropped sharply. The average price for an apartment—taking into account both condo and co-op sales—was $2 million, up from $1.9 million the prior month. The number of recorded sales, 809, represented a large drop from the 924 recorded the preceding month.
The average price of a condo was $2.6 million and the average price of a co-op was $1.4 million. There were 396 condo sales and 413 co-op sales.
30-Day Total Sales by Region
Downtown was the highest-grossing region in Manhattan, with $348 million in condominium sales. Midtown was the second highest-grossing area, with $280 million in sales. Downtown also had the highest price/ft2, $1,893/ft2, while the Upper West Side had the second-highest, $1,811/ft2.
NEW DEVELOPMENTS VS ALL OTHER CONDOS:
New development condo prices averaged $2,064/ft2 this month, compared to $1,625/ft2 for non-new development condominium sales. The average price, $3.5 million, represented a decrease over the average last month, $4.1 million. There were 131 new development sales this month, virtually the same as the 124 recorded in the prior month. The price/ft2 of new apartments was 19% lower than it was a year ago, when it was $2,540/ft2, and down slightly from last month, when it was $2,086/ft2. The aggregate sales total of new developments was $455 million.
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