CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $3.1 million and the average price of a co-op was $1.3 million. There were 489 condo sales and 597 co-op sales.
The average sale price for Manhattan apartments was unchanged in the four weeks leading up to August 1, while the number of sales increased substantially compared to last month. The average price for an apartment—taking into account both condo and co-op sales—was $2.1 million, which equaled the average price the preceding month. The number of recorded sales, 1,086, was up a great deal from the 906 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $829 million in condominium sales. Midtown was the second highest-grossing area, with $319 million in sales. Downtown also had the highest price/ft2, $2,225/ft2, while Midtown had the second-highest, $1,761/ft2.
New development condo prices averaged $2,405/ft2 this month, compared to $1,691/ft2 for non-new development condominium sales. While prices rose this month, the total number of new development sales, 137, was down from the prior month, when 164 were recorded. The price/ft2 of new apartments was 16% higher than it was a year ago, when it was $2,016/ft2, and 6% higher than it was last month. The average price of a new condo in Manhattan this month was $4.9 million and the aggregate sales total of new developments was $668 million.
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