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| Hall F. Willke |
New York, NY, -- According to the third quarter Manhattan
residential market report released by Brown Harris Stevens, the average
Manhattan apartment sale price of $1,377,630 was down 4% from same period in
2011.
At 2,790, the number of closings was at the highest level
since the collapse of Lehman Brothers four years ago. Closings were up 12% when
compared to the third quarter of 2011.
The average price
for cooperatives sold during the third quarter of 2012 was 6% below the same
period last year, at $1,104,049. The average condominium price was $1,752,994,
virtually unchanged from a year ago.
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| New York City skyline |
“Although there has
been a sharp decline in inventory, it is a healthy sign that there were more
sales in the third quarter of this year than in any quarter since the collapse
of Lehman Brothers” said Hall. F.
Willkie, president of Brown Harris Stevens Residential Sales. “This
combined with record low interest rates, and strong demand from both local and
international buyers is promising.”
Report highlights
include:
· This
quarter there were 3 sales over $20 million while in the third quarter of 2011
there were 7.
· Sales over
$5 million fell 12% from the third quarter of last year.
· The median
sales price, which measures the middle of the market, rose 2% to $865,525 when
compared to the same period of last year.
· While studios on the East Side experienced a
9% increase in their average price over last year’s third quarter, all other
size categories experienced declines.
· All sizes
of apartments on the West Side experienced lower average prices.
· New development sales helped the Downtown
market and brought up the condo price per square foot 10% higher when compared
to the third quarter of 2011.
· New
development sales also impacted average condo prices in Northern Manhattan,
boosting the average price per square foot 16% over the same period of last
year.
For a complete copy
of the company’s news release, please contact:
Jennifer Little,
Rubenstein PR
212.843.8364
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