CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.2 million and the average price of a co-op was $1.3 million. There were 378 condo sales and 411 co-op sales.
The average sales price and number of Manhattan apartment sales both decreased in the four weeks leading up to March 1. The average price for an apartment—taking into account both condo and co-op sales—was $2.2 million, down from $2.3 million the prior month. The number of recorded sales, 789, was down from the 885 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $641 million in condominium sales. Midtown was the second highest-grossing area, with $188 million in sales. Downtown also had the highest price/ft2, $2,176/ft2, while the Upper West Side had the second-highest, $1,766/ft2.
New development condo prices averaged $2,355/ft2 this month, compared to $1,650/ft2 for non-new development condominium sales. The average price, $5.4 million, was down this month from $5.7 million the prior month. There were 123 new development sales this month, compared to 138 in the prior month. The price/ft2 of new apartments was 5% higher than it was a year ago, when it was $2,244/ft2, but 3% less than it was last month, when it was $2,417/ft2. The aggregate sales total of new developments was $658 million.
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