CityRealty‘s September’s rundown of the Manhattan residential real estate market.
Average Condo and Co-op Prices
The average price of a condo was $3.2 million and the average price of a co-op was $1.3 million. There were 447 condo sales and 476 co-op sales.
The Average Sales Price for Condos and Co-Ops
The average sale price for Manhattan apartments rose slightly in the four weeks leading up to September 1, while the number of sales decreased compared to last month. The average price for an apartment – taking into account both condo and co-op sales – was $2.2 million, up from $2.1 million the preceding month. The number of recorded sales, 923, was down from the 1,086 recorded in the preceding month.
What is the Highest-Grossing Region of Manhattan?
Downtown! Downtown was the highest-grossing region in Manhattan, with $653 million in condominium sales. Midtown was the second highest-grossing area, with $330 million in sales. Downtown also had the highest price per square foot, $2,096 per square foot, while Midtown had the second-highest at $1,897 per square foot.
New Development VS. All Other Condos
New development condo prices averaged $2,480 per square foot this month, compared to $1,695 per square foot for non-new development condominium sales. While prices rose this month, the total number of new development sales, 120, was down from the prior month, when 137 were recorded. The price per square foot of new apartments was 26% higher than it was a year ago, when it was $1,825 per square foot, and 4% higher than it was last month. The average price of a new condo in Manhattan this month was $5.2 million and the aggregate sales total of new developments was $627 million.
**All graphics and information courtesy CityRealty.