CityRealty's monthly rundown of the Manhattan residential real estate market.
The average price of a condo was $2.8 million and the average price of a co-op was $1.3 million. There were 493 condo sales and 413 co-op sales.
While average sale price for Manhattan apartments dropped slightly in the four weeks leading up to July 1, the number of sales increased compared to last month. The average price for an apartment—taking into account both condo and co-op sales—was $2.1 million, down from $2.3 million in the preceding month. The number of recorded sales, 906, was up a great deal from the 801 recorded in the preceding month.
Downtown was the highest-grossing region in Manhattan, with $623 million in condominium sales. Midtown was the second highest-grossing area, with $382 million in sales. Downtown also had the highest price/ft2, $1,999/ft2, while Midtown had the second-highest, $1,843/ft2.
New development condo prices averaged $2,233/ft2 this month, compared to $1,633/ft2 for non-new development condominium sales. The price/ft2 of new apartments was 3% higher than it was a year ago, when it was $2,174/ft2. The average price of a new condo in Manhattan this month was $4.4 million and the aggregate sales total of new developments was $678 million.
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