Manhattan Apartment Sales Prices Up Slightly from a Year Ago
New York, NY: According to the second quarter Manhattan residential market report released this week by Brown Harris Stevens, the average Manhattan apartment sale price of $1,451,155 was up just 1% from same period in 2011. The number of closings rose 5% when compared to the second quarter of 2011.
The average price for cooperatives sold during the second quarter of 2012 was slightly below the same period last year, at$1,197,949. The average condominium price was $1,811,957, up 8% from a year ago with all size categories seeing an increase in their average price.
“Continued steady growth in activity and stability in both the average and median prices achieved was bolstered by record low interest rates and limited inventory this quarter,” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales. “Employment in New York City continues to best most predictions with over 70,000 private-sector jobs created through May; this bodes well for the City’s economy in the coming months.”
Report highlights include:
- The average condominium price increased 8% over the second of 2011 due in large part to a $70 million deal at 50 Central Park South.
- The average price for 3 bedroom and larger cooperatives was up 15% over the same period last year helped by 2 sales over $40 million.
- Average time on the market for apartments sold this quarter was down 5% from the second quarter of 2011.
- On the East Side, the number of sales of 3 bedroom and larger apartments for over $10 million was more than double the second quarter of 2011.
- While the East Side saw price decreases for all size apartments except 3 bedroom and larger, the West Side experienced the opposite.
- In the Downtown market, the average condo price per square foot rose 9% over the past year to $1,280.