CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.6 million and the average price of a co-op was $1.3 million. There were 442 condo sales and 483 co-op sales.
The average sale price for Manhattan apartments increased in the four weeks leading up to October 1, while the number of sales was down compared to the prior month. The average price for an apartment - taking into account both condo and co-op sales - was $2.4 million, up from $1.9 million the preceding month. The number of recorded sales, 925, was down from the 1,061 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $858 million in condominium sales. Midtown was the second highest-grossing area, with $374 million in sales. Downtown also had the highest price/ft2, $2,397/ft2, while Midtown had the second-highest, $1,996/ft2.
New development condo prices averaged $2,877/ft2 this month, compared to $1,672/ft2 for non-new development condominium sales. Both prices and the number of sales recorded were up this month. There were 107 new development sales this month, compared to 92 in the prior month. The price/ft2 of new apartments was 31% higher than it was a year ago, when it was $1,979/ft2, and 9% higher than it was last month. The average price of a new condo in Manhattan this month was $7.1 million and the aggregate sales total of new developments was $762 million.
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