New York, NY -- According to the first quarter Manhattan residential market report released today by Brown Harris Stevens, the average Manhattan apartment sale price of $1,483,591 was up 9% from same period in 2011. A leading factor in the higher average price was a steep incline of 42% in the number of sales over $10 million when compared to the same period last year.
The average price for cooperatives sold during the first quarter of 2011 was up 10% from a year ago, at $1,181,715.
The average condominium price was $1,889,560 the highest average in three years, up 8% from a year ago with all size categories seeing an increase in price.
There were 1,800 first quarter closings reported at the time of this report, 2% more than a year ago.
“The record-setting sale at 15 Central Park West (middle right map and middle left photo), in which our firm was delighted to represent both the buyer and the seller, had a significant impact on this quarter’s report but it’s important to note that there were 16 additional transactions over $10 million that closed this quarter,” said Hall. F. Willkie (top right photo), president of Brown Harris Stevens Residential Sales.
“Another sign of the improving residential market is that the number of sales was up 2% from the first quarter of 2011.
"New York City’s recovery continues to best most predictions and this combined with a stable inventory of available apartments makes me optimistic about the coming months.”
New developments accounted for 41% of all condo closings, up from 35% in the first quarter of 2011.
On the East Side, larger apartments did better with 2 bedrooms seeing an increase in average price of 3% and three bedroom and larger apartments seeing a 9% increase over the same period last year.
On the West Side three bedroom and larger apartments saw a 52% increase over the first quarter of 2011 due in large part to the $88 million sale at 15 Central Park West.
If this transaction is disregarded the average price for three-bedroom and larger apartments would be $4,384,461, 22% higher than a year ago. The average condo price per square foot was $1,731 but if the same deal is not factored in it would be $1,598, 18% higher than the first quarter of 2011.
In the Downtown market, the average condo price per square foot rose 4% over the past year to $1,241. Smaller apartments showed the biggest gains in average sales price with studios rising 12% over the first quarter of 2011 and one bedrooms up 11%.
Brown Harris Stevens, established in 1873, is the premier provider of residential real estate services in New York.
The company has offices throughout New York City, the Hamptons, and Palm Beach. Brown Harris Stevens offers more luxury residential exclusives than any other Manhattan firm, and serves as the exclusive affiliate of Christie’s International Real Estate Inc., a subsidiary of Christie’s International PLC, the world’s oldest fine arts auctioneer.
For more information, please visit www.BrownHarrisStevens.com.
Contact:
Jennifer Little
Rubenstein Public Relations
212.843.8364
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