CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.4 million and the average price of a co-op was $1.3 million. There were 439 condo sales and 446 co-op sales.
The average sale price of Manhattan apartments remained steady in the four weeks leading up to February 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, as it had been the prior month. The number of recorded sales, 885, was up from the 868 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $756 million in condominium sales. Midtown was the second highest-grossing area, with $248 million in sales. Downtown also had the highest price/ft2, $2,187/ft2, while the Upper West Side had the second-highest, $1,769/ft2.
New development condo prices averaged $2,417/ft2 this month, compared to $1,684/ft2 for non-new development condominium sales. The average price, $5.7 million, was up this month from $5.5 million the prior month, as were the number of sales. There were 138 new development sales this month, compared to 133 in the prior month. The price/ft2 of new apartments was 13% higher than it was a year ago, when it was $2,144/ft2, but 4% less than it was last month, when it was $2,519/ft2. The aggregate sales total of new developments was $782 million.
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