Friday, January 4, 2013

Number of Manhattan Apartment Sales Up 40% from a Year Ago


Hall F. Wilkie

 New York, NY -- According to the fourth quarter Manhattan residential market report released by Brown Harris Stevens, the average Manhattan apartment sale price of $1,486,692 was up 7% from the fourth quarter of 2011 and the median price $836,000 was up 6% over that same period.

At 2,297, the number of closings was up 40% when compared to the fourth quarter of last year.

 Cooperative apartments of all sizes saw increased sales prices over the fourth quarter of 2011.  The average price of $1,285,426 was 12% higher than during the fourth quarter last year with three-bedroom and larger co-ops posting the biggest increase in average price, 34% from a year ago. 

Manhattan Skyline
“With the upcoming changes in tax laws, record low interest rates and the inventory of available apartments at 30% below where it was a year ago, the incredible activity in the fourth quarter was not surprising” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales.

“Our report shows that there was a 44% increase in sales over $10 million when compared to the same period in 2011. This does not include several substantial transactions in the last days of 2012 that closed after the report was produced. This strong demand from both local and international buyers combined with a strong local economy is a hopeful sign for 2013.”

For a complete copy of the company’s news release, please contact:

Alicia Haynes
Rubenstein PR
212.843.9240
                                                           

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