Wednesday, October 3, 2012

Manhattan Apartment Sales Jump While Average Sales Price of $1,377,630 Declines Slightly from a Year Ago


  

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.

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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